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FUJIFILM Holdings:富士胶片控股(4901):2025年日本峰会生物CDMO将推动2027财年利润增长-20250522
Morgan Stanley· 2025-05-22 00:45
Investment Rating - The investment rating for FUJIFILM Holdings is Overweight with a price target of ¥4,200, while the stock price was ¥3,188 as of May 20, 2025 [4]. Core Insights - The healthcare segment, particularly bio CDMO, is expected to drive profit growth, with operating profit projected to increase from ¥331 billion in F3/26 to ¥360 billion in F3/27 [3]. - The company is on track to achieve its goals in the current medium-term plan despite mixed results in F3/25, with improved margins anticipated from rising operating rates at large-scale facilities in Denmark and the US [3]. - High-margin endoscopes in the medical systems segment are performing well, attributed to increased market share and competitiveness, influenced by advancements in AI and IT [3]. Summary by Sections Investment Rating - Stock Rating: Overweight [4] - Price Target: ¥4,200 [4] - Current Market Cap: ¥3,840.9 billion [4] Financial Projections - F3/27 expected EPS: ¥235.9 with a P/E ratio of 18.0x, reflecting historical averages and growth prospects [7]. Business Segments - Bio CDMO is a key driver for profit growth, with significant contributions expected from improved operational efficiencies [3]. - Medical systems, particularly endoscopes, are seeing strong performance due to competitive advantages [3].