First Read: Shimadzu "Made Tescan wholly owned subsidiary" (Buy) Yoshihara

研报英文原文证据摘录

First Read: Shimadzu "Made Tescan wholly owned subsidiary" (Buy) Yoshihara

Global Research

10 July 2026ab

First Read

EquitiesShimadzu

Made Tescan wholly owned subsidiary Japan

Medical Supplies

12-month rating Buy

Purchase price broadly in line with December 2025 estimate

Shimadzu announced at 10:00 JST on 10 July that it had made Tescan a wholly owned 12m price target ¥4,900

subsidiary. The final purchase price was US$711mn (¥115.2bn at ¥162/US$), in line with

the planned purchase price (US$680mn) announced in December 2025. The company

Price (10 Jul 2026) ¥4,140

explained that it planned to announce the acquisition’s impact on earnings at the Q1

(Apr-Jun) FY3/27 results announcement scheduled after the 6 August market close. We RIC: 7701.T BBG: 7701 JP

see a high likelihood of the company revising up FY3/27 OP guidance. Trading data and key metrics

52-wk range ¥4,471-3,237

We expect full-year guidance to be revised up at Q1 results announcement

Market cap. ¥1,196b/US$7.41b

We assume Tescan will be consolidated from Q2 (Jul-Sep). Shimadzu plans to reflect

Shares o/s 289m (ORD)

Tescan in its income statement in Q3 (Oct-Dec), and we think negative impact of the

Free float 60%

Tescan acquisition (our estimate: ¥4bn) could decrease slightly. OP guidance announced

Avg. daily volume ('000) 2,101

in May 2026 (¥76bn) does not include Tescan. Guidance reflects a ¥4bn negative impact

from the Middle East conflict, but we do not think this is likely to materialise based on Avg. daily value (m) ¥7,969.8

the current situation. We also expect demand for turbo molecular pumps for Common s/h equity (03/27E) ¥600b

semiconductor manufacturing equipment to grow, and expect the company to raise P/BV (03/27E) 2.0x

full-year guidance to a level near our estimates when it reports Q1 results.