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>Nippo produced record earnings in FY24, with OP of ¥1,970mil (+2.7% YoY) on sales of ¥44,890mil (+7.1% YoY).</li><li>Thanks primarily to solid growth in order for print circuit boards [PCBs] used in generative AI servers and wafer polishing jigs manufactured in Nippo’s Okinawa factory, sales landed above the firm’s guidance of ¥42,000mil.</li><li>FY25 is the final year of Nippo’s medium-term plan [MTP] which calls for an OP target of ¥2,000mil.</li></ul>

Nippo produced record earnings in FY24, with OP of ¥1,970mil (+2.7% YoY) on sales of ¥44,890mil (+7.1% YoY).Thanks primarily to solid growth in order for print circuit boards [PCBs] used in generative AI servers and wafer polishing jigs manufactured in Nippo’s Okinawa factory, sales landed above the firm’s guidance of ¥42,000mil.FY25 is the final year of Nippo’s medium-term plan [MTP] which calls for an OP target of ¥2,000mil.

Nippo Ltd

Nippo Ltd. (9913 JP): Research Update