Toppan Holdings Broadcom Earnings Read-Across

This report reaffirms a Buy rating on TOPPAN Holdings following Broadcom's earnings results. Despite temporary share price volatility, the outlook for TOPPAN's AI-related FC-BGA business remains strong.

Key Takeaways

• 1.Broadcom's 2Q AI-related sales met expectations, and management provided strong 3Q guidance, supporting the outlook for TOPPAN's FC-BGA business.
• 2.TOPPAN's current share price is considered attractive, trading below 1.0x P/B, with a forecasted FC-BGA sales CAGR of +35% over FY25-29E.

Table of Contents

• TOPPAN Holdings (7911.T): Broadcom earnings read-across: Solid AI-related results/guidance positive; share price looks attractive
• Price Target Risks and Methodology - TOPPAN Holdings
• Disclosure Appendix