CEO Small Meeting Takeaways

Research evidence excerpt

CEO Small Meeting Takeaways

Update

June 19, 2026 12:26 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MFUJIFILM Holdings (4901) | Japan Mie Yamazaki

Equity Analyst

CEO Small Meeting Takeaways Mie.Yamazaki@morganstanleymufg.com +81 3 6836-8899

The company held a small meeting with President Goto for sell-side analysts,

reaffirming its confidence in its earnings for F3/27. For the next medium-term plan

starting F3/28, we focus on progress in addressing challenges in CDMO and BI

identified in the current MTP. FUJIFILM Holdings (4901.T, 4901 JT)

Precision Instruments | Japan

Intent of share buyback: The company explained that the share buyback announced Stock Rating Overweight

in Mar (total amount ¥30.0bn, completed by May) was intended to demonstrate Industry View In-Line

Price target ¥4,600

externally its strong degree of confidence in achieving positive FCF in F3/27. Shr price, close (Jun 18, 2026) ¥3,424

Mkt cap, curr, basic (bn) ¥4,126.9

Next medium-term plan: For the next MTP starting in F3/28, the company Avg daily trading value (bn) ¥14.6

confirmed its plan to enhance corporate value through the pillars set out in its long-

term vision “VISION2030,” namely growth investment and profitability,

improvement in capital efficiency, R&D management, and creation of investment

returns. Quantitative targets are sales of ¥4trn in F3/31, OP margin above 15% (OP

of at least ¥600bn), ROE above 10%, and ROIC above 9%. We infer that recovery of

investments in Bio CDMO holds the key. For CDMO, there appears to be no change

in the demand environment or medium to long term margin outlook, but the

company is listing key challenges and implementing measures to improve

profitability. In the near term, it will prioritize raising utilization of existing tanks