普通外文研报

Shimadzu: F3/26 4Q Briefing Takeaways

发布日期: 2026-05-13研究机构: Morgan Stanley公司 / 股票: 7701.T报告页数: 7原文语言: 英语证据页码: 1

研报英文原文证据摘录

Update

May 13, 2026 01:42 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MShimadzu (7701) | Japan Mie Yamazaki

Equity Analyst

F3/26 4Q Briefing Takeaways Mie.Yamazaki@morganstanleymufg.comKazuo Yoshikawa, CFA +81 3 6836-8899

Kazuo.Yoshikawa@morganstanleymufg.com +81 3 6836-8408

Key Takeaways Hidetaka Suzuki

Research Associate

F3/27 plan for improved profitability, with value-added gains (new products, Hidetaka.Suzuki@morganstanleymufg.com +81 3 6836-8402

revised pricing, higher recurring revenue) offsetting larger growth investments

Shimadzu (7701.T, 7701 JT)

(R&D, DX).

Precision Instruments | Japan

Projected Middle East impact in F3/27 is based on conservative assumptions for Stock Rating Underweight

Industry View In-Line

cost rises to Jun and the risk of curtailed customer investment, but management Price target ¥3,400

indicated prolonged tensions could lead to a greater impact. Shr price, close (May 13, 2026) ¥3,498

Mkt cap, curr, basic (bn) ¥1,010.7

Demand conditions for measurement instruments are generally firm for Avg daily trading value (bn) ¥3.7

semiconductors and CRO. By region, demand is weak in China, investment

remains strong in India, while N America is seeing a gradual recovery in

pharmaceuticals.

Management takes a decline in profitability seriously, and plans to strengthen

this in the next mid-term plan, including by optimizing pricing for new products,

enhancing recurring revenue, and reviewing unprofitable products.

Neutral impression of briefing: During the briefing, management presented its

assumptions for F3/27 guidance and its thoughts on the next mid-term plan due out

Jun. The share price receded following yesterday's results, and we believe the

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