First Read: NIPRO Corporation "President small meeting" (Buy) Yoshihara

研报英文原文证据摘录

First Read: NIPRO Corporation "President small meeting" (Buy) Yoshihara

Global Research

22 May 2026ab

First Read

EquitiesNIPRO Corporation

President small meeting Japan

Medical Supplies

12-month rating Buy

Reforms progressing at a pace exceeding expectations

UBS hosted a small meeting with the president of Nipro, Mr. Tsuyoshi Yamazaki, on 21 12m price target ¥1,940.0

May. Since the launch of the new management structure in June 2025, various reforms

have been implemented, resulting in achievements in FY3/26 business performance.

Price (21 May 2026) ¥1,714

President Yamazaki commented that he wants to further enhance the company's

evaluation in the stock market. He explained that the company is advancing new RIC: 8086.T BBG: 8086 JP

initiatives such as governance reforms and the introduction of ROIC management. Trading data and key metrics

Furthermore, to achieve early results, the company will actively appoint external

52-wk range ¥1,727-1,240

personnel in areas such as human resources and corporate planning starting from

Market cap. ¥279b/US$1.76b

FY3/27. We noted that the company's initiatives are progressing at a pace exceeding

Shares o/s 163m (ORD)

expectations, leaving a positive impression.

Free float 87%

In FY3/26, a strong emphasis was placed on prioritising profits Avg. daily volume ('000) 836

OP for FY3/26 was ¥37.6bn, a 41.5% increase yoy, reaching a level comparable to the Avg. daily value (m) ¥1,322

initial plan of ¥37.0bn—which the stock market considered difficult to achieve—and Common s/h equity (03/26E) ¥263b

well above the IFIS consensus of ¥33.5bn. President Yamazaki explained that after P/BV (03/26E) 1.1x

taking office in June, he shifted the company to a profit-focused policy, and that price Net debt to EBITDA (03/26E) 4.9x