Takeaways from briefing with company president: Quick Note

Research evidence excerpt

Takeaways from briefing with company president: Quick Note

Global Markets Research

14 July 2026Shimadzu

7701.T 7701 JP / EQUITY: JAPAN SEMICONDUCTOR PRODUCTION EQUIPMENT

Takeaways from briefing with company president Rating Buy

Quick Note Target price JPY 6,200

Much of the attention was on Tescan, a wholly owned subsidiary as of 10 July Closing price 13 July 2026 JPY 4,170On the afternoon of 13 July, Shimadzu hosted a sell-side analyst tour of the Shimadzu

Tokyo Innovation Plaza located at the Tonomachi Branch in Kawasaki City. In addition to (Note: Quick Note reports are not a

the tour, there was a briefing attended by president and CEO Yasunori Yamamoto. Below vehicle for changes to ratings, target

are our main takeaways. prices, or earnings forecasts)

(1) Tescan was not factored into initial guidance, but following the acquisition's completion

announced on 10 July, Tescan's balance sheet will be included in consolidated accounts

from Q2 (as of end-September) and its income statement will be incorporated from Q3

(Oct–Dec). Shimadzu's medium-term business plan released in June calls for sales in the Research Analysts

semiconductor business (turbomolecular pumps, measuring instruments) to rise from Japan pharmaceuticals &

¥22.0bn in 26/3 to ¥42.0bn in 29/3. Tescan should make a significant contribution. healthcare

(2) Tescan's customers are a wide range of major global semiconductor manufacturers. Takahiro Mori - NSC

Tescan's competitive edge lies in its proprietary FIB-SEM systems (focused ion beam takahiro.mori@nomura.com

+81 3 6703 1227scanning electron microscope systems) and high-priced TEM systems (transmission

electron microscope systems), which are known their high maneuverability, fast image

processing, and remote demonstration and maintenance capabilities.