Konica Minolta: Takeaways from Management Meeting

研报英文原文证据摘录

Konica Minolta: Takeaways from Management Meeting

Update

May 27, 2026 03:30 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MKonica Minolta (4902) | Japan Mie Yamazaki

Equity Analyst

Takeaways from Management Mie.Yamazaki@morganstanleymufg.com +81 3 6836-8899

Meeting

KM held a small group meeting with the CEO for sell-side analysts: The current

Konica Minolta (4902.T, 4902 JT)

medium-term plan (F3/27-29) that started this year suggests a strong focus on

Precision Instruments | Japan

restructuring that relies on ROIC-WACC as benchmarks. KM indicated it will manage

Stock Rating Equal-weight

ROIC by business unit and approach this with strong commitment. In DWP Industry View In-Line

(including office business, DW-DX), the F3/26 business contribution profit target of Price target ¥500

Shr price, close (May 27, 2026) ¥595

¥40.0bn under the previous medium-term plan was not met. The decline in MIF Mkt cap, curr, basic (bn) ¥294.1

(installed base) was cited as one factor, and KM indicated a shift in strategy toward Avg daily trading value (bn) ¥1.7

prioritizing market share and presence going forward. The current medium-term

plan assumes declines of 1% on the hardware side and -2% in non-hardware.

Internally, the company is promoting various initiatives to improve profitability,

taking into account additional declines in non-hardware, and plans to present more

concrete profitability improvement measures around Nov-Dec once visibility

improves.

Our view: Neutral. We have long believed that achieving the ROE target of 8%

requires not only growth in KM's Industry segment but also fundamental

improvement in profitability in the Office business. Given the ongoing decline in MIF,

the hurdle for earnings improvement now appear higher than before. We assume