Key Focus Points for Apr-Jun Earnings: Printers

Research evidence excerpt

Key Focus Points for Apr-Jun Earnings: Printers

Idea

July 24, 2026 03:50 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MPrecision Instruments | Japan Mie Yamazaki

Equity Analyst

Key Focus Points for Apr-Jun Mie.Yamazaki@morganstanleymufg.com +81 3 6836-8899

Earnings: Printers

Near-term risk of undershooting targets is subsiding, but active

Precision Instruments

buying incentives are few. Our focus in results will be on any Japan

Industry View In-Line

information announcements to lift the earnings trajectory for

What’s Changed

the following business year.

FUJIFILM Holdings (4901.T) From To

Price Target ¥4,600 ¥4,700

Apr-Jun results for 5 office equipment makers: Rising semiconductor memory and

commodity prices seem likely to have squeezed profit in Apr-Jun, but we expect Konica Minolta (4902.T) From To

Price Target ¥500 ¥550

support from a weak yen and overheads curbs among others. On the demand side,

we expect healthy business for AI semiconductors and data center products in Seiko Epson (6724.T) From To

Price Target ¥1,600 ¥1,800

contrast to weakness in printers, and resulting boosts to earnings at companies with

exposure. For digital cameras we will be watching effects of rising selling prices on Ricoh (7752.T) From To

Price Target ¥1,300 ¥1,400

demand as May CIPA industry data indicated a slowdown.

Downside risks to full-year plans are receding: We infer that the surge in

semiconductor memory prices is exceeding companies’ assumptions, but that while

this could be a factor to prompt downward revisions to full-year plans, additional

upside factors such as further yen depreciation and tariff refunds can also be

expected. As a result, we believe the risk of downward revisions to plans is receding

at many companies.