NISSHA (7915) 1Q results: Operating profit off to a good start, above guidance

研报英文原文证据摘录

NISSHA (7915) 1Q results: Operating profit off to a good start, above guidance

J P M O R G A N Asia Pacific Equity Research

13 May 2026

NISSHA (7915) Neutral

7915.T, 7915 JP

1Q results: Operating profit off to a good start, above Price (12 May 26):¥1,288

guidance Price Target (Dec-26):¥1,340

Positive: The company avoided a 1Q loss, posting a profit that was above our Japan Equity Research

forecast. Results in the medical segment were strong, with earnings from devices

Technology - Electronic

and industrial materials exceeding expectations. We look for earnings Components

improvement to continue. AC Akinori Kanemoto

• Results summary: 1Q operating profit was ¥750 million, above our estimate (81-3) 6736 8628

of ¥410 million and the Bloomberg consensus estimate of ¥400 million. akinori.kanemoto@jpmorgan.com

Guidance was for a loss, so the results significantly beat guidance. Ikki Shibata

(81-3) 6736 8641

Management raised 1H operating profit guidance from ¥900 million to ¥1.8 ikki.shibata@jpmorgan.com

billion (2Q fguidance ¥10.5 billion) and for the full year from ¥6.6 billion to JPMorgan Securities Japan Co., Ltd.

¥7.0 billion (forex assumptions for 2Q ¥155/USD; ¥145/USD for 2H,

unchanged from initial guidance). It raised 1H guidance following better-than-

expected 1Q results, but noted that guidance for 2Q and beyond factors in the

risk of rising costs due to the Middle East conflict.

• Key points: (1) Sales of metalized paper increased QoQ in 1Q, and demand is

expected to recover heading into 2Q. The mobility segment also remains

strong. Sales of exterior functional components are expected to continue to

increase. (2) Devices: Although 1Q demand declined, primarily for tablets,

profits were maintained through normalized production and efficiency

improvements.