Unipres Corp FY3 27 Guidance Below Market Expectations

Goldman Sachs maintains its Sell rating on Unipres Corp with a target price of ¥1,000, as FY3/27 guidance missed consensus despite a FY3/26 operational beat. The firm cites structural risks related to Nissan's performance in China and technological shifts.

Key Takeaways

• 1.FY3/27 operating profit guidance of ¥11.5 bn missed market consensus of ¥12.5 bn.
• 2.Despite a FY3/26 operating profit beat, the company booked a net loss of ¥8.3 bn due to massive impairment and reorganization losses.
• 3.Maintained Sell rating due to concerns over key customer Nissan's weakness in China and the threat of GigaPress technology.

Table of Contents

• Operating profit beats, but net profit below expectations
• Guidance below market expectations
• SELL
• Key Data
• GS Forecast
• GS Factor Profile
• Ratios & Valuation
• Growth & Margins (%)
• Income Statement (¥ bn)
• Balance Sheet (¥ bn)
• Cash Flow (¥ bn)
• Maintain bearish stance
• Exhibit 1: We revise our estimates
• Investment Thesis - Unipres Corp
• Price Target Risks and Methodology - Unipres Corp
• Disclosure Appendix

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