TOPPAN Holdings (7911.T): Sell-side analyst meeting: Reaffirming clear direction on various strategies; Buy

Research evidence excerpt

TOPPAN Holdings (7911.T): Sell-side analyst meeting: Reaffirming clear direction on various strategies; Buy

Equity Research

23 June 2026 | 10:34PM JST

TOPPAN Holdings (7911.T): Sell-side analyst meeting: Reaffirming clear

direction on various strategies; Buy

TOPPAN Holdings held a meeting for sell-side analysts on June 23. COO Satoshi Oya Mitsuhiro Icho

+81(3)4587-9836 |

and CFO Takashi Kurobe delivered detailed presentations on each business, the mitsuhiro.x.icho@gs.com

Goldman Sachs Japan Co., Ltd.

business portfolio, and the financial strategy. Key points were as follows. (1) TOPPAN

Daiki Takayama

is well-positioned in cutting-edge FC-BGA technology, and its stance is to compete +81(3)4587-9870 |

on technology rather than engaging in a capex race to expand production capacity. daiki.takayama@gs.comGoldman Sachs Japan Co., Ltd.

In next-generation packaging, the company has intentionally established a versatile

development framework capable of producing a diverse range of products, including

glass cores, thick cores, and interposers. Management views downside risks to the

business as limited, with strong customer demand to pull forward production

schedules for next-generation semiconductor packages. (2) TOPPAN’s digital

business previously struggled with fragmented resources, due to its order-taking

model and an overabundance of individual solutions. To address this, it has set about

redefining its business sub-segments, shifting from a product-centric approach to

one focused on value proposition and customer pain points. This shift will

systematically drive transformation, cascading in sequence from organization to

KPIs, and ultimately to individual behavior. (3) In its packaging business, the company