Nippon Investment Bespoke Research UK Ltd

Nippon Investment Bespoke Research UK

We provide sponsored research reports on up to 15 Japanese listed companies that have no coverage by sell side analysts or are very thinly covered.

Equity Bottom-Up

<ul>
<li>Milbon Co., Ltd (4919 JP) reported FY25 (Dec year-end) earnings, coming in with gross profit [GP] of ¥33,176mil (+1.8% YoY) and operating profit [OP] of ¥5,652mil (-17.4% YoY) on sales of ¥52,863mil (+3.0% YoY).</li>
<li>Both sales and OP surpassed FY25 guidance for sales of ¥52,300mil and OP of ¥5,300mill which was revised down in August, respectively.</li>
<li>Milbon guides for FY26 OP of ¥6,300mil (+11.4% YoY) on sales of ¥54,800mil (+3.7% YoY) based on the following assumptions: (1) Domestic OP of ¥5,090mil (+7.0% YoY) on sales of ¥39,880mil (+1.7% YoY), generating an OPM of 12.8% (+0.7ppt YoY) and (2) solid overseas sales growth, especially in the US and Europe, both of which have achieved higher-than-expected growth in FY25.</li>
</ul>


Milbon Co., Ltd (4919 JP) reported FY25 (Dec year-end) earnings, coming in with gross profit [GP] of ¥33,176mil (+1.8% YoY) and operating profit [OP] of ¥5,652mil (-17.4% YoY) on sales of ¥52,863mil (+3.0% YoY).
Both sales and OP surpassed FY25 guidance for sales of ¥52,300mil and OP of ¥5,300mill which was revised down in August, respectively.
Milbon guides for FY26 OP of ¥6,300mil (+11.4% YoY) on sales of ¥54,800mil (+3.7% YoY) based on the following assumptions: (1) Domestic OP of ¥5,090mil (+7.0% YoY) on sales of ¥39,880mil (+1.7% YoY), generating an OPM of 12.8% (+0.7ppt YoY) and (2) solid overseas sales growth, especially in the US and Europe, both of which have achieved higher-than-expected growth in FY25.


Milbon Co., Ltd (4919 Jp): Research Update

Milbon Co Ltd

Milbon Co., Ltd (4919 Jp): Research Update