Shimadzu (7701): CEO meeting: Tescan growth target above our estimate

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Shimadzu (7701): CEO meeting: Tescan growth target above our estimate

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Shimadzu (7701)

CEO meeting: Tescan growth target above

our estimate

Maintain Rating: BUY | PO: 5,100 JPY | Price: 4,170 JPY

13 July 2026

CEO meeting held, positive impression Equity

The company held a product tour and CEO meeting at its Tonomachi office from 15:00

to 17:00 on 13 July. The meeting came immediately after Shimadzu announced the Kei Takeuchi >>

Research Analyst

completion of its Tescan acquisition on 10 July (see Shimadzu Corporation (7701): BofAS Japan

Tescan acquisition completed; focus on 13 July CEO meeting, 10 July 2026), and investor +81 3 6225 8104 kei.takeuchi@bofa.com

attention centered on Tescan’s earnings profile and growth strategy in the Ritsuo Watanabe >>

semiconductor market. Quantitative targets were above our expectations, and we Research Analyst

confirmed that Tescan has already built a certain customer base in semiconductors. We BofAS Japan +81 3 6225 6259

summarize the event as positive. ritsuo.watanabe@bofa.com

Tescan targets rapid 18% sales CAGR over 3 years

The company plans to announce its revised guidance, including goodwill amortization, at Stock Data

the time of 1Q results. The key points of quantitative disclosure on Tescan at this

briefing (Exhibit 1) were: (1) FY12/25 sales of $193mn, or ¥30.9bn at $1=¥160, and Price 4,170 JPY

EBITDA of $38mn, or ¥6.1bn, broadly in line with prior expectations; and (2) FY12/28 Price Objective 5,100 JPY

sales of $320mn, or ¥51.2bn, and EBITDA of $70mn, or ¥11.2bn, implying rapid three- Date Established 26-May-2026

year CAGRs of 18% and 23%, respectively. FY12/28 sales of ¥51.2bn are above our Investment Opinion B-1-7

FY3/29 Tescan sales forecast of ¥36.8bn, leaving a positive impression.