Nihon Kohden: F3/26 4Q Results: F3/27 Guidance In Line With Market Expectations

研报英文原文证据摘录

Nihon Kohden: F3/26 4Q Results: F3/27 Guidance In Line With Market Expectations

Update

May 14, 2026 12:57 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MNihon Kohden (6849) | Japan Ryotaro Hayashi

Equity Analyst

F3/26 4Q Results: F3/27 Ryotaro.Hayashi@morganstanleymufg.comErina Tokunaga +81 3 6836-8409

Research Associate

Erina.Tokunaga@morganstanleymufg.com +81 3 6836-8418

Guidance In Line With Market

Nihon Kohden (6849.T, 6849 JT)

Medical Technology | JapanExpectations

Stock Rating Equal-weight

Industry View In-Line

Price target ¥1,800

Reaction to earnings Shr price, close (May 14, 2026) ¥1,433

Mkt cap, curr, basic (bn) ¥232.7

Unchanged Modest shortfall Largely unchanged Avg daily trading value (bn) ¥1.0

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research Related report

Medical Technology: Preview of F3/27 Guidance

Key Takeaways & Potential Share Buyback Announcements (27

Mar 2026)

4Q OP, as we expected, fell short of the company's plan and came in below

consensus (Exhibit 1).

F3/27 OP guidance is close to our forecast and the consensus estimate (Exhibit 1).

For F3/27, the company expects domestic sales to grow 8% YoY on an organic

basis; however, the sales decline resulting from termination of Abbott product

sales is substantial.

It estimates ongoing company-wide profitability reforms, implemented with the

aim of raising OPM by 5ppt in F3/25-27, will improve OPM by 1.5ppt in F3/27, for a

cumulative improvement of 4.5ppt.

However, due to subsequent events, guidance indicated that F3/27 OPM will fall

short of the medium-term plan target of 15% and remain at 10%.

Exhibit 1: F3/26 4Q results highlights

F3/26 F3/27

Q1 Q2 Q3 Q4 Full-year Full-year