FUJIFILM Holdings: Japan Summit 2026 Feedback: High Investor Interest in the Semiconductor Materials Business

研报英文原文证据摘录

FUJIFILM Holdings: Japan Summit 2026 Feedback: High Investor Interest in the Semiconductor Materials Business

Update

May 21, 2026 12:30 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MFUJIFILM Holdings (4901) | Japan Mie Yamazaki

Equity Analyst

Japan Summit 2026 Feedback: Mie.Yamazaki@morganstanleymufg.com +81 3 6836-8899

High Investor Interest in the

Semiconductor Materials

FUJIFILM Holdings (4901.T, 4901 JT)

Precision Instruments | Japan

Business Stock Rating Overweight

Industry View In-Line

Price target ¥4,600

A group meeting was held at our Japan Summit 2026. While investor interest Shr price, close (May 21, 2026) ¥3,196

remains centered on the CDMO business, attention to the semiconductor materials Mkt cap, curr, basic (bn) ¥3,852.1

Avg daily trading value (bn) ¥13.7

business appears to have increased by comparison with before.

Mixed assessment of the mid-term plan: Relative to KPIs in the current mid-term

plan (F3/25-F3/27), the company expects P&L items (OP and OPM) to exceed

targets, while efficiency metrics (ROE and ROIC) are slightly below target. The main

reason cited is delays in profitability in the CDMO business, and the company aims

in the current fiscal year to narrow the gap with targets through upside in business

performance. For the underperforming CDMO and BI businesses, measures are being

implemented to catch up toward the F3/31 long-term vision targets.

Semiconductor materials business: The F3/27 sales plan calls for modest 5% YoY

growth, but the company attributes this to limited visibility on customer forecasts

and does not see excessive downside risk to earnings. Demand remains strong for

advanced logic and China, and CMP slurry is also showing high growth, driven by

increased use in back-end processes (copper interconnects).