Kirin Holdings (2503): 1Q: Positive, constructive on pricing; guidance conservative (notes attached)

研报英文原文证据摘录

Kirin Holdings (2503): 1Q: Positive, constructive on pricing; guidance conservative (notes attached)

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Kirin Holdings (2503)

1Q: Positive, constructive on pricing;

guidance conservative (notes attached)

Maintain Rating: BUY | PO: 2,800 JPY | Price: 2,525 JPY

14 May 2026

1Q FY12/26: Well above our estimates and consensus Equity

Kirin HD announced its results at 15:30 on May 14, followed by an earnings briefing at

16:00 the same day. 1Q FY12/26 business profit came in at JPY50.0bn (+38% YoY), Manabu Sumoge >>

significantly exceeding our estimates of JPY28.9bn and the Visible Alpha consensus of Research Analyst BofAS Japan

JPY44.0bn. Excluding Kyowa Kirin, results still beat our estimates by JPY9.6bn (41%) and +81 3 6225 8855

consensus by JPY7.9bn. Almost all segments outperformed our estimates, with Health manabu.sumoge@bofa.com

Science standing out; while some cost timing shifts appear to have occurred, both YuxiResearchDai >>Analyst

Blackmores and FANCL delivered solid progress on the top line as well. BofAS Japan

yuxi.dai@bofa.com

Guidance unchanged, but we see upside potential

Kirin HD kept its FY12/26 business profit guidance unchanged at JPY235.0bn. While

Kyowa Kirin (4151) raised core operating profit by JPY30.0bn, this appears excluded, Stock Data

reflecting additional Middle East–related costs (JPY10.0–20.0bn) and the Four Roses

Price 2,525 JPY

divestiture impact (JPY7.0–8.0bn).

Price Objective 2,800 JPY

Management noted limited visibility but stated that “the company will strive to absorb Date Established 12-Feb-2026

cost increases, and if the impact of the Middle East situation remains within Investment Opinion A-1-7

assumptions and can be managed by Kirin HD, this would represent upside.” Regarding 52-Week Range 1,966-2,742 JPY