NISSHA (7915) Earnings model update: Profit improvement in industrial materials, medical segments, but downside risk to demand for tablet-related products

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NISSHA (7915) Earnings model update: Profit improvement in industrial materials, medical segments, but downside risk to demand for tablet-related products

J P M O R G A N Asia Pacific Equity Research

03 July 2026

NISSHA (7915)

Earnings model update: Profit improvement in industrial Neutral

materials, medical segments, but downside risk to 7915.T, 7915 JP

demand for tablet-related products Price (02 Jul 26):¥1,359

▲Price Target (Dec-27):¥1,460

Prior (Dec-26):¥1,340

We extend the time horizon of our price target from December 2026 to December

2027, and although we lower our earnings forecasts in light of downside risk in Japan Equity Research

touch sensors for tablets versus the company plan , we raise our price target from Technology - Electronic

¥1,340 to ¥1,460 given the rise in sector-average valuations. We maintain our Components

Neutral rating. Although there are signs that profitability in the industrial materials AC Akinori Kanemoto

and medical segments is bottoming/improving, the downside risk in the device (81-3) 6736 8628

segment is reason for concern. akinori.kanemoto@jpmorgan.com

Ikki Shibata

• Earnings forecasts: We lower our operating profit forecasts in light of current (81-3) 6736 8641

market trends and product price hikes on tablets. We lower our operating profit ikki.shibata@jpmorgan.com

forecasts from ¥7.2 billion to ¥5.9 billion for FY2026 (Bloomberg consensus JPMorgan Securities Japan Co., Ltd.

¥6.9 billion, guidance ¥7.0 billion), from ¥9.1 billion to ¥8.0 billion for

FY2027 (Bloomberg consensus ¥7.9 billion), and from ¥11.6 billion to ¥10.8

Key Changes (FYE Dec)

billion for FY2028 (Bloomberg consensus ¥9.4 billion).

Prev Cur Δ

• The main factor behind the downward revisions is touch sensors for tablets Adj. EPS - 26E (¥) 86.80 70.34 -19.0%