F3/27 1Q Results: Solid Start, Contrary to Market Expectations

Research evidence excerpt

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M

Update

August 5, 2026 10:33 AM GMT

Morgan Stanley MUFG Securities Co., Ltd.+

JMDC (4483) | Japan

Ryotaro Hayashi

Equity Analyst

F3/27 1Q Results: Solid Start,

Contrary to Market

Expectations

Erina Tokunaga

Research Associate

AlphaSignals Earnings Reaction

JMDC (4483.T, 4483 JP)

Strengthens our thesis

Meaningful upside

Modest revision higher

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Medical Technology | Japan

Stock Rating

Industry View

Price target

Shr price, close (Aug 5, 2026)

Mkt cap, curr, basic (bn)

Avg daily trading value (bn)

Source: Company data, Morgan Stanley Research

Key Takeaways

Overweight

In-Line

¥4,400

¥3,070

¥200.9

¥1.5

1Q OP far exceeded consensus/our forecast (Exhibit 1). In May, management

indicated a weak 1Q, making the strong start a sharp contrast to earlier guidance.

Upfront investment appears to have progressed as planned, suggesting that the

upside mainly came from sales, particularly industry-related sales.

Though this segment included ¥0.4bn of sales frontloaded from 2Q, sales to

pharma makers & life/non-life insurers beat our forecast even without this.

Business with pharma companies’ medical divisions also recovered faster than

JMDC expected. Results overall should help dispel concerns from F3/26 4Q

results.

Based on the new 1H guidance released this time, implied 2Q guidance calls for

sales on par with our forecast but a higher profit margin than we expect.

Exhibit 1:

F3/27 1Q results highlights

Q1

F3/27

Q3

Q2

Q4

Full-year

Con

e

Actual

e

Ce

Sales

Healthcare BD

For industry

For payers & individuals

For medical service providers

Others

12.1

11.5

9.9

3.6

2.1

4.3

1.6

12.6

11.0

4.6

1.9

4.6

1.7

14.8

13.0

4.7

4.1

4.4

1.8

15.9

14.1

6.3

2.8

5.1

1.8

16.7

15.0

5.9

3.7

5.6

1.6

60.5

54.0

20.7

12.8

20.3

6.5

60.3

58.8

52.0

20.5

12.6

19.3

6.8

70.1

68.0

60.8

25.4

14.4

21.4

7.3

YoY % change

Healthcare BD

For industry

For payers & individuals

For medical service providers

13%

7%

-1%

16%

12%

18%

19%

26%

4%

20%

22%

39%

16%

12%

18%

20%

28%

16%

12%

19%

21%

34%

16%

12%

20%

23%

27%

18%

19%

17%

18%

25%

16%

12%

16%

17%

24%

14%

11%

…