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Toppan Printing Co
(7911)
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Rating:50Neutral
Price Target:
¥5,231.00
▲(12.16% Upside)
Action:Reiterated
Date:06/12/26
The score is held back primarily by weakening cash-flow quality (two years of negative free cash flow) and softer margins, with bearish technical momentum adding further pressure. Valuation is reasonable but not compelling enough, and the dividend yield is modest, so it does not offset the fundamental and technical risks.
Positive Factors
Steady Revenue Growth
Consistent top-line growth (5.48% in 2026) indicates durable demand across Toppan's end markets. Sustained revenue expansion supports economies of scale, allows continued investment in technology and service offerings, and underpins medium-term strategic initiatives.
Negative Factors
Weak Cash Generation
Two consecutive years of negative free cash flow and OCF covering a small fraction of net income indicate profits are not converting to cash. This reduces internal funding for capex, dividends or debt paydown, raising reliance on external financing and constraining long-term flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady Revenue Growth
Consistent top-line growth (5.48% in 2026) indicates durable demand across Toppan's end markets. Sustained revenue expansion supports economies of scale, allows continued investment in technology and service offerings, and underpins medium-term strategic initiatives.
Read all positive factors
Toppan Printing Co (7911) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥1.43T
Dividend Yield1.07%
Average Volume (3M)1.05M
Price to Earnings (P/E)23.1
Beta (1Y)0.97
Revenue Growth5.07%
EPS Growth-24.25%
CountryJP
Employees53,712
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)227.88
Shares Outstanding294,706,240
10 Day Avg. Volume1,089,770
30 Day Avg. Volume1,053,650
Financial Highlights & Ratios
PEG Ratio-0.78
Price to Book (P/B)0.88
Price to Sales (P/S)0.65
P/FCF Ratio-27.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)259.57
Revenue Forecast (FY)¥1.89T
Toppan Printing Co Business Overview & Revenue Model
Company Description
Toppan Inc. delivers a wide array of global solutions, leveraging its sophisticated printing technologies. The company's portfolio features security documents, business forms, data processing services, and various card solutions, including smart c...
How the Company Makes Money
Toppan generates revenue primarily by manufacturing and selling printed and processed products and by providing related services across several major business areas. (1) Packaging and related materials: the company earns sales from supplying packa...
Toppan Printing Co Earnings Call Summary
Earnings Call Date:Nov 13, 2024
(Q2-2024)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive and negative aspects. While the semiconductor segment showed significant growth and there was an improvement in cash flow, the overall decline in profit and challenges in the Information & Communications segment are concerning. The strategic reduction of shareholdings and confidence in achieving full-year targets provide a positive outlook.Positive Updates
Growth in Semiconductor Segment
Semiconductor profits expanded by JPY 7.4 billion, led mainly by FC-BGA and photomasks. Sales of FC-BGA substrates and photomasks increased significantly.
Negative Updates
Decline in Overall Profit
Operating profit was down 11.4% to JPY 25.3 billion, and ordinary profit was down 13.4% to JPY 32.5 billion. Profit attributable to owners of the parent decreased by 66.1% to JPY 18 billion.
Read all updates
Q2-2024 Updates
Positive
Negative
Growth in Semiconductor Segment
Semiconductor profits expanded by JPY 7.4 billion, led mainly by FC-BGA and photomasks. Sales of FC-BGA substrates and photomasks increased significantly.
Read all positive updates
Company Guidance
During the earnings call for the first half of fiscal 2023, the company reported a slight decline in net sales by 0.2% year-on-year to JPY 800.2 billion, with operating profit decreasing by 11.4% to JPY 25.3 billion. Ordinary profit fell by 13.4% to JPY 32.5 billion, and profit attributable to owners of the parent plunged by 66.1% to JPY 18 billion. Despite these declines, the semiconductor segment saw a significant profit boost of JPY 7.4 billion, driven by increased sales of FC-BGA substrates and photomasks. The Information & Communications segment experienced a 2.4% drop in sales to JPY 414 billion, with operating profit down 7.8% to JPY 11 billion. Conversely, the Electronics business segment reported a 4.1% increase in sales to JPY 133.8 billion and a 7.4% rise in operating profit to JPY 22.4 billion. The company maintained a positive outlook for the full fiscal year, revising the profit attributable to owners of the parent upwards to JPY 68 billion, influenced by currency fluctuations and strategic business expansions. They also announced cash flow from operating activities at JPY 65.2 billion, a year-on-year increase of JPY 26.7 billion, and a free cash flow of JPY 32.7 billion.Toppan Printing Co Financial Statement Overview
Summary
Income Statement
67
Positive
Balance Sheet
61
Positive
Cash Flow
35
Negative
| Breakdown | Mar 2026 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.81T | 1.72T | 1.68T | 1.64T | 1.55T |
| Gross Profit | 424.25B | 413.04B | 387.41B | 362.16B | 334.76B |
| EBITDA | 201.99B | 258.59B | 218.12B | 189.33B | 251.51B |
| Net Income | 64.80B | 89.35B | 74.39B | 60.87B | 123.18B |
Balance Sheet | |||||
| Total Assets | 2.56T | 2.52T | 2.43T | 2.24T | 2.29T |
| Cash, Cash Equivalents and Short-Term Investments | 441.37B | 778.59B | 558.03B | 504.92B | 464.65B |
| Total Debt | 522.24B | 487.83B | 227.22B | 239.04B | 262.80B |
| Total Liabilities | 1.15T | 1.10T | 865.58B | 786.65B | 850.98B |
| Stockholders Equity | 1.34T | 1.29T | 1.42T | 1.33T | 1.37T |
Cash Flow | |||||
| Free Cash Flow | -42.67B | -58.33B | 75.35B | 40.69B | 22.21B |
| Operating Cash Flow | 86.12B | 64.80B | 157.13B | 106.08B | 64.75B |
| Investing Cash Flow | -382.16B | 47.02B | -3.78B | -29.95B | 32.80B |
| Financing Cash Flow | -28.93B | 120.33B | -90.17B | -51.59B | -186.96B |
Toppan Printing Co Technical Analysis
Positive
4664.00
Price Trends
4791.76
Positive
4770.87
Positive
4529.38
Positive
Market Momentum
194.58
Negative
60.17
Neutral
58.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:7911, the sentiment is Positive. The current price of 4664 is below the 20-day moving average (MA) of 4976.55, below the 50-day MA of 4791.76, and above the 200-day MA of 4529.38, indicating a bullish trend. The MACD of 194.58 indicates Negative momentum. The RSI at 60.17 is Neutral, neither overbought nor oversold. The STOCH value of 58.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JP:7911.
Toppan Printing Co Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
66 Neutral | ¥1.35T | 13.46 | 7.04% | 1.47% | 3.77% | -0.65% | |
64 Neutral | ¥41.37B | 11.44 | ― | 3.71% | -1.77% | 22.87% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
55 Neutral | ¥3.32B | 8.79 | ― | 3.69% | -3.80% | -29.56% | |
54 Neutral | ¥5.54B | 15.73 | ― | 2.72% | -4.22% | 400.57% | |
50 Neutral | ¥1.43T | 23.13 | 6.28% | 1.07% | 5.07% | -24.25% |
* Industrials Sector Average
JP:7911
Toppan Printing Co
5,247.00
1,336.61
34.18%
JP:7912
Dai Nippon Printing Co
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45.14%
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8.70%
Toppan Printing Co Corporate Events
Toppan Advances Share Buyback Under ¥50 Billion Authorization
Jul 1, 2026
Toppan Holdings has disclosed the progress of its ongoing share buyback program authorized by its board in mid-May 2026 under Article 459 of the Companies Act. Between June 1 and June 30, the company repurchased 1,144,300 common shares on the Toky...
TOPPAN Finalizes Delayed Share Transfer of Giantplus Subsidiary
Jun 26, 2026
TOPPAN Holdings has completed the transfer of all its shares in former consolidated and specified subsidiary Giantplus Technology Co., Ltd. to Ju Yi Investment Ltd., finalizing a multi-stage divestment first announced in early 2026. The second-sta...
TOPPAN Advances Share Buyback With ¥1.44 Billion Repurchase
Jun 1, 2026
TOPPAN Holdings has disclosed the status of its ongoing share buyback, reporting the acquisition of 310,100 of its own common shares on the Tokyo Stock Exchange between May 15 and May 31, 2026. The purchases totaled approximately ¥1.44 billio...
TOPPAN to Sell Shares of Untraceable Shareholders and Convert Them to Treasury Stock
Apr 28, 2026
TOPPAN Holdings has resolved to sell shares held by shareholders whose whereabouts are unknown, as defined under Japan’s Companies Act, to streamline and optimize its share administration. The company will publicly disclose details of the re...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.