FUJIFILM Holdings (4901) Key takeaways from CEO meeting with sell-side analysts

Research evidence excerpt

FUJIFILM Holdings (4901) Key takeaways from CEO meeting with sell-side analysts

J P M O R G A N Asia Pacific Equity Research

19 June 2026

FUJIFILM Holdings (4901) Overweight

4901.T, 4901 JP

Key takeaways from CEO meeting with sell-side Price (17 Jun 26):¥3,377

analysts Price Target (Dec-26):¥5,000

CEO Goto held a dinner meeting with sell-side analysts on June 18. Discussion Japan Equity Research

from the CEO included (1) higher-than-expected growth for semiconductor

Biotechnology & Pharmaceuticals/

materials, (2) LTO business expansion backed by AI and cybersecurity demand, Medical Technologies & Services

(3) medical system and CDMO trends, and (4) business portfolio optimization. We AC Seiji Wakao, Ph.D.

reaffirmed that several businesses, including imaging, are currently generating

(81-3) 6736-8612

profit thanks to management’s perseverance over the years. While we think the seiji.wakao@jpmorgan.com

stock market still has concerns regarding the CDMO business, we got the Yugo R. Kamimura, Ph.D.

impression that this business’s position as a longer-term earnings growth driver is (81-3) 6736-8635

largely unchanged. yugo.kamimura@jpmorgan.com

Naoko Saito

• For semiconductor materials, Mr. Goto commented that he did not expect the (81-3) 6736-8693

business to grow as much as it has, indicating that growth continues to be higher naoko.saito@jpmorgan.com

than expected thanks to rising AI semiconductor investment. The company has JPMorgan Securities Japan Co., Ltd.

the second-highest share of the global CMP slurry market and a roughly 50%

share of the copper CMP slurry market. He suggested there is room to raise

prices for highly competitive products, particularly unique ones. He also cited

the high hurdle for customer certification as a strength, noting that once