Nihon Kohden (6849): Earnings model update: Signs of recovery in domestic hospital capex

研报英文原文证据摘录

Nihon Kohden (6849): Earnings model update: Signs of recovery in domestic hospital capex

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

17 June 2026

Nihon Kohden (6849) Overweight

6849.T, 6849 JP

Earnings model update: Signs of recovery in domestic Price (16 Jun 26):¥1,358

hospital capex Price Target (Dec-26):¥2,100

We revise our earnings estimates. We maintain our end-2026 price target of ¥2,100 Japan Equity Research

and Overweight rating. The stock market appears concerned about the risk of

Medical Technologies & Services

missing FY2026 guidance. However, we expect domestic government subsidies

and domestic hospital medical fee revisions to start yielding benefits from July– Naoko Saito AC

Augus, and look for the share price to rise heading into 2Q FY2026 results. (81-3) 6736-8693

naoko.saito@jpmorgan.com

• Earnings estimates: Our only changes are minor sales estimate revisions on Seiji Wakao, Ph.D.

the discontinuing of domestic Abbott product sales in FY2026. Our FY2026– (81-3) 6736-8612

seiji.wakao@jpmorgan.com

27 operating profit estimates are broadly unchanged. We forecast 1Q FY2026 JPMorgan Securities Japan Co., Ltd.

operating profit of ¥2.3 billion (Bloomberg consensus ¥1.5 billion).

• Medium-term growth potential: The CEO meeting for sell-side analysts Style Exposure

June 12 covered (1) visibility on achieving FY2026 domestic sales guidance;

(2) measures to improve operating margin in the next medium-term plan

(MTP); (3) potential earnings contribution from digital health solutions

(DHS); and (4) issues in disclosure and guidance preparation. (1) Nihon

Kohden expects domestic sales to recover in 2H FY2026 and overseas business

to enter an upgrade cycle in FY2027–28. It issued strong FY2026 guidance for