Sysmex Earnings Review Results In Line

Sysmex's FY3/26 results met expectations on an underlying basis, but FY3/27 guidance missed consensus due to risks in China and inflation. Goldman Sachs maintains a Buy rating with a reduced target price of ¥1,700.

Key Takeaways

• 1.FY3/26 results were broadly in line with expectations, excluding a one-time impairment loss.
• 2.FY3/27 operating profit guidance is below consensus due to price pressure in China and rising SG&A costs.
• 3.Goldman Sachs maintains a Buy rating but has lowered the 12-month target price to ¥1,700.

Table of Contents

• Earnings overview and GSe revisions
• GS Forecast
• GS Factor Profile
• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement (¥ bn)
• Balance Sheet (¥ bn)
• Cash Flow (¥ bn)
• Price Target Risks and Methodology - Sysmex
• Investment Thesis - Sysmex
• Disclosure Appendix

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