Toppan Holdings: Briefing: Management focused on earnings

Research evidence excerpt

Toppan Holdings: Briefing: Management focused on earnings

Global Markets Research

23 June 2026Toppan Holdings

7911.T 7911 JP / EQUITY: JAPAN PAPER & PULP

RatingBriefing: Management focused on earnings Buy

Target price JPY 5,300Quick Note

Closing price

23 June 2026 JPY 5,025Focusing on margins, aiming to increase earnings from next-generation packages

at electronics segment (Note: Quick Note reports are not a

Toppan Holdings hosted a briefing from 16:00 JST on 23 June featuring COO Satoshi Oya vehicle for changes to ratings, target

and CFO Takashi Kurobe. The briefing provided fresh evidence of management’s focus prices, or earnings forecasts)

on companywide margins and its aim to increase earnings via next-generation packages

at the electronics segment. Our first impression is neutral. We expect margins at the living

& industry segment to rise as a result of increased bargaining clout following a rise in the

SX weighting.

Research Analysts

Company does not envision any major M&A in near term Japan chemicals & textiles

The main takeaways from the briefing were as follows. (1) For the portfolio as a whole,

Yusho Yoshitake - NSCmanagement thinks it needs to boost margins at individual businesses. The information yusho.yoshitake@nomura.com

solutions and living & industry segments are cash cow businesses, and it thinks the +81 3 6703 1169

portfolio balance is not bad from a financial perspective as it can use the proceeds from

Japan glass, cement, paper & pulpthese two segments to invest in the electronics segment. Management also thinks the

Takaomi Kono - NSCcurrent portfolio is a good one from the perspective of sustained growth in corporate value.

takaomi.kono@nomura.com

It is not considering any major M&A in the near term. (2) Physical constraints on +81 3 6703 1207