柯尼卡美能达（4902）：2026财年3月的新起点

YoY (-1% in FY3/25). Hardware Masahiro Nakanomyo * | Equity Analyst813 5251 6142 | mnakanomyo@jefferies.comHisako Furusumi * | Equity Associate+813 5251 6158 | hfurusumi@jefferies.com Table 1 - Konica Minolta Earnings Trends and Estimates.Full-yearFY3/21ActualIFRSSales863.4Digital Workplace465.2Office388.6DW-DXProfessional Print169.6Production print109.7Industrial printMarketing servicesHealthcare109.1Medical imagingPresion medicineAmbryreserveInvicroIndustry118.2Visual solutionsImaging-IoT solutionsOptical componentsIJT componentsPersormance materialsSensingFocus businessImaging SolutionsMedical imagingImaging-IoT solutionsVisual solutionsCorporateBusiness profitDigital WorkplaceProfessional PrintHealthcarePrecision MedicineIndustryImaging SolutionsCorporateOperating profits-16.3Digital WorkplaceProfessional PrintHealthcarePrecision MedicineIndustryImaging SolutiosCorporate-14.9Fx$/¥ rate (JPY)€/¥ rate (JPY)Source: Jefferies estimates, company dataPlease see important disclosure information on pages 4 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionKonica MinoltaKonica Minolta manufactures photo films for medical, printing, office, and general use. The company also manufactures copiers, personalcomputer peripherals, optical lenses, and measuring instruments.Company Valuation/RisksKonica MinoltaPrice target of ¥650 based on theoretical P/B of 0.86x (3/27E ROE 5.2%/COE 6.0%) applied to our adjusted BPS estimates of ¥750. Risksinclude forex swings, faster/slower deceleration in the office equipment market after COVID-19, and lagging/growing investment returns (profitgeneration) from healthcare acquisitions.Analyst Certification:I, Masahiro Nakanomyo, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies)and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendationsor views expressed in this research report.I, Hisako Furusumi, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report.Registration of non-US analysts:Masahiro Nakanomyo is employed by Jefferies (Japan) Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.Registration of non-US analysts:Hisako Furusumi is employed by Jefferies (Japan) Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or morewithin a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average securityprice consistently below $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperformrated securities with an average security price