纵横研报
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#Conglomerate discount

02Reports
4901.TSE logo
·多元化工业 ·内部研究

FUJIFILM Holdings: A Proven Reinventor Now Tested on Returns, Not Survival

FUJIFILM Holdings is a diversified Japanese technology group earning ¥3.36 trillion of FY2026 revenue across healthcare and Bio CDMO, semiconductor materials, imaging (instax) and office systems. Electronics and Imaging already supply about ¥260.9 billion, roughly three-quarters of segment operating profit, yet Healthcare ROIC is only 1.6%, FY2026 free cash flow is negative amid a capex bulge, and owner earnings near 23 times sit well above the 15.7 times headline P/E. Rating Hold: the transformation from film survivor to multi-engine compounder is real, but healthcare returns and owner earnings still lag the price, leaving no margin of safety until below ¥2,650.

4901.TSE FUJIFILM Holdings Corporation #Bio CDMO#Semiconductor materials#Imaging franchise#Owner earnings#Conglomerate discount
Hold
MRK.XETRA logo
·生命科学工具 ·In-house Research

Merck KGaA: A Diversified Science Platform in Transition

Merck KGaA, Darmstadt is a family-controlled German science-and-technology group whose €21.1 billion of 2025 sales come from three very different engines: a patent-exposed Healthcare arm, a high-quality Life Science tools franchise and a semiconductor-materials Electronics business. The 2026 stock is a tug of war, because a known Mavenclad U.S. patent cliff drags Healthcare while Process Solutions compounds near 10% organically and Electronics rides advanced-node AI demand, leaving the shares near 15.9 times 2025 EPS pre and a 3.5% free-cash-flow yield after a May rebound to €133.05. Rating Hold: genuinely strong Life Science and semiconductor-materials engines offset a credibility-damaged Healthcare arm, but a permanent KGaA governance discount and only-fair valuation keep upside limited.

MRK.XETRA Merck KGaA, Darmstadt, Germany #Life Science Tools#Semiconductor Materials#Pharmaceuticals#KGaA Governance#Conglomerate Discount#Valuation
Hold