2025-05-15-Jefferies-柯尼卡美能达（4902）_2026财年3月的新起点_9页_222kb

Rating and Price Target: The equity research recommends a "BUY" rating with a price target of ¥650 for Konica Minolta (ticker: 4902 JP). This is based on a theoretical price-to-book value (P/B) of 0.86x and a 3/27 fiscal year-end ROE of 5.2% against a cost of equity (COE) of 6.0%.

Recent Financial Results (FY3/25): Sales for FY3/25 reached ¥1.1279 trillion, representing a +2% year-on-year increase and a -2% decrease excluding forex effects. Business contribution profit was ¥31.9 billion (+1% YoY, -2% ex-fx), but this missed by ¥11.1 billion due to accounting adjustments and unrealized gains. Operating profit (OP) was negative ¥64.0 billion, primarily due to restructuring expenses (-¥21.6 billion), impairments (-¥51.1 billion), and portfolio focus costs (-¥23.2 billion). Net profit (NP) was negative ¥47.5 billion. Dividends per share (DPS) were zero for the fiscal year.

Future Guidance (FY3/26): The company's FY3/26 guidance remains unchanged, with sales expected at ¥1.05 trillion (-7% YoY), business contribution profit at ¥52.5 billion (+22% YoY), OP at ¥48.0 billion (+¥101.0 billion YoY), NP at ¥24.0 billion (+¥62.0 billion YoY), and ROE at 5%. This aligns with the medium-term plan announced in April 2024. The company aims to restore annual DPS to ¥10. Assumptions include ¥145/$ and ¥150/€ exchange rates, with reciprocal tariffs estimated at ¥16.0 billion expected to be offset by price adjustments and cost cuts.

Segment Analysis: Key segments include Digital Workplace (sales ¥600.0 billion, business contribution profit projected for FY3/26), Professional Printing (FY3/26 sales guidance ¥244.0 billion, profit guidance with risks due to external conditions), and Healthcare (negative DPS impact, with Precision Medicine and Medical Imaging areas highlighted for growth or concern). Restructuring benefits and functional materials like SANUQI are noted as positive contributors.

Valuation and Risks: Valuation is P/B-based at ¥650, with risks encompassing forex volatility, slower office equipment market recovery post-COVID, and uncertain outcomes from healthcare acquisitions. Tariff impacts are not factored but are considered in scenario analyses.

Analyst and Company Notes: Analysts Masahiro Nakanomyo and Hisako Furusumi provide the report. The company description notes Konica Minolta in manufacturing photo films and office equipment. The investment recommendation emphasizes the BUY rating and price target based on improved restructuring benefits and market position.