Shimadzu "Focus shifts to profitability, customer orientation" (Buy) Yoshihara

研报英文原文证据摘录

Shimadzu "Focus shifts to profitability, customer orientation" (Buy) Yoshihara

Global Research

4 June 2026ab

Shimadzu Equities

JapanFocus shifts to profitability, customer orientation

Medical Supplies

12-month rating Buy

Our impression of the new medium-term plan is positive

Shimadzu disclosed its medium-term management plan (link; Japanese only) for FY3/27- 12m price target ¥4,900

FY3/29 at 11:00 on 4 June, followed by a briefing at 15:30. We view the new medium-

term plan positively, as it focuses on improving profitability and customer orientation,

Price (04 Jun 2026) ¥4,057

signalling that the company is entering a transformative period. Notably, we confirmed

several new initiatives to improve profitability. The company plans to increase prices for RIC: 7701.T BBG: 7701 JP

existing products gradually, in addition to launching new products. In the recurring

Trading data and key metrics

business, Shimadzu intends to expand its internally developed columns in China and the

52-wk range ¥4,471-3,237

US. Regarding share buybacks, the company did not provide any specific numerical

targets, which was somewhat disappointing. However, the company outlined concrete Market cap. ¥1,172b/US$7.33b

measures for profit growth, and we believe that expectations for the company will grow Shares o/s 289m (ORD)

in the equity market. Free float 60%

Avg. daily volume ('000) 2,002

FY3/29 OP target is higher than our forecast Avg. daily value (m) ¥7,569.8

The company's FY3/29 OP target is ¥100bn (IFRS), including TESCAN, which Shimadzu Common s/h equity (03/27E) ¥600b

plans to acquire. Our FY3/29 forecast is ¥90.5bn based on Japan standards (including P/BV (03/27E) 2.0x

TESCAN). As the acquisition is incomplete, the company refrained from disclosing Net debt to EBITDA (03/27E) NM