Nippon Sanso Holdings (4091): Briefing: 4Q capex order backlog up sharply

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Nippon Sanso Holdings (4091): Briefing: 4Q capex order backlog up sharply

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Nippon Sanso Holdings (4091)

Briefing: 4Q capex order backlog up

sharply

Reiterate Rating: BUY | PO: 6,800 JPY | Price: 6,199 JPY

11 May 2026

4Q FY3/26 results: Profitability in Japan and the US Equity

improved more than expected

Core operating profit in 4Q came in at ¥56.8bn, exceeding our forecast of ¥52.8bn. TakashiResearch EnomotoAnalyst >>

Profitability in both Japan and the US was stronger than anticipated. In Japan, BofAS Japan

electronics-related engineering and equipment businesses made a solid contribution. In +81takashi.enomoto@bofa.com3 6225 8362

the US, pricing discipline and tight cost control more than offset the negative impact Niima Komura >>

from the severe cold wave, leading to a notable improvement. The profitability uplift in Research Analyst

4Q is viewed positively. FY3/27 company guidance for core operating profit is ¥208bn, BofAS+81 3 6225Japan7725

within our prior forecast range of ¥205–210bn. niima.komura@bofa.com

Kyoji Chiba >>

Briefing: Sharp rise in 4Q capex order backlog (see Page 3) ResearchBofAS JapanAnalyst

The company announced that the capex order backlog at the end of FY3/26 4Q rose +81 3 6225 7189

kyoji.chiba@bofa.com

sharply to ¥180bn (QoQ +¥30bn), driven by contributions from multiple large-scale

projects. At the briefing, management also highlighted growing expectations for

engineering and equipment businesses and electronic materials gases amid a buoyant

semiconductor market. Overall, the company’s guidance appears conservative, and the Stock Data

briefing was seen as fostering expectations for growth toward FY3/27. We view this Price 6,199 JPY

positively and reiterate our Buy rating. Price Objective 6,800 JPY