NIPRO Corporation: APAC Focus: Entering a period of transformation

研报英文原文证据摘录

NIPRO Corporation: APAC Focus: Entering a period of transformation

Global Research

23 July 2026ab

NIPRO Corporation Equities

JapanAPAC Focus: Entering a period of transformationPlease

Medical Supplies

12-month rating Buy

12m price target ¥2,510.0

Prior : ¥2,180

Price (22 Jul 2026) ¥1,591

RIC: 8086.T BBG: 8086 JP

Trading data and key metrics

52-wk range ¥1,750-1,351

Market cap. ¥259b/US$1.59b

Shares o/s 163m (ORD)

Free float 87%Weexpect reforms by Nipro’s new management team to result in operational Avg. daily volume ('000) 728

efficiency and profitability improvements exceeding current street expectations. We Avg. daily value (m) ¥1,185.9

raise our FY3/28 operating margin forecast from 6.1% to 7.0% and increase our Common s/h equity (03/27E) ¥283b

price target to ¥2,510 from ¥2,180. Based on our theoretical value analysis, we P/BV (03/27E) 0.9x

believe the share price implies an FY3/28 OP margin of 3.0%, and see the potential

Net debt to EBITDA (03/27E) 4.8x

for consensus upward revisions and a higher multiple.

EPS (reported, basic) (¥)

Strengthened governance to drive achievement of company-wide KPIs From To % ch Cons.

03/27E 75.4 89.5 19 93.6

The new management team implemented a wide range of reforms over the last year,

03/28E 90.5 134.5 49 113.8

including strengthening governance, formulating efficiency improvement initiatives, 03/29E 116.3 170.3 47 137.3

and introducing ROIC-based management. It also presented concrete measures such as

price revisions, production efficiency improvements, and cost reductions, which we Tomoko Yoshihara

believe will help the company achieve its OP margin target of 7% by FY3/28. Previously, Analyst

individual business units had authority, and accountability for KPIs was unclear. Going tomoko.yoshihara@ubs.com

+81-3-5208 6212