Toppan Holdings Results Guidance and Medium Term Plan

TOPPAN Holdings missed FY3/26 estimates and provided conservative FY3/27 guidance, but its new Medium-Term Plan promises aggressive shareholder returns with a 100% total payout floor.

Key Takeaways

• 1.TOPPAN's FY3/26 operating profit of ¥67.1 bn missed consensus due to takt time adjustments in the FC-BGA business.
• 2.The new Medium-Term Plan (FY3/27-FY3/29) targets an 8% ROE and a 100% total payout ratio cumulative floor for shareholder returns.
• 3.Substantial profit growth in the Electronics segment is delayed until FY3/30 due to high upfront investment in FC-BGA technology.

Table of Contents

• Ratios & Valuation
• Growth & Margins (%)
• Price Performance
• Income Statement (¥ bn)
• Balance Sheet (¥ bn)
• Cash Flow (¥ bn)
• Details from the medium-term plan
• Earnings, target price
• Investment Thesis - TOPPAN Holdings
• Price Target Risks and Methodology - TOPPAN Holdings
• Disclosure Appendix

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