<div id="readability-page-1"><div><p>FP Corporation, founded in 1962 and is headquartered in Hiroshima, Japan, manufactures and sells food containers, packaging materials, and machines. It offers catalog mail order services, storage, picking, and delivery. The company also exports and imports products, operates franchise chains, and sells recycled plastic products, cardboards, and machinery, including leasing services.</p><p> FP Corporation reported robust H1 26 results, with net sales up 4.0% y/y, driven by price revisions, steady product volumes, and OPET contributions boosting ordinary profit by JPY 2.7bn, despite headwinds from raw material costs (-JPY 400m) and logistics (+JPY 350m rise). Full-year guidance unchanged: net sales JPY 245.3bn (up 4.1% y/y), operating profit JPY 19.8bn (up 7.1% y/y).</p><h2> Improved gearing</h2><p> FP Corporation posted strong performance over FY 22-25, achieving a revenue CAGR of 6.4%, reaching JPY 236bn in FY 25, driven by volume growth in core food packaging and joint venture contributions. EBITDA rose at a CAGR of 4.0% to JPY 33.2bn, with margins contracting from 15.1% to 14.1%.</p><p> Over FY 22-25, FCF transitioned from minus JPY 4.4bn to +JPY 10.8bn, supported by growth in cash inflow from operations, rising from JPY 23.2bn to JPY 27.9bn. In addition, the gearing improved from 60.5% to 52.2%.</p><p> In comparison, ZACROS Corporation, a local peer, reported a revenue CAGR of 5.7% over FY 22-25, reaching JPY 151bn in FY 25. EBITDA rose at CAGR of 1% to JPY 16.2bn, with margin contracting from 12.3% to 10.7%.</p><h2> Optimistic outlook</h2><p> The company declared annual dividends of JPY 61.5 in FY 25, resulting in a dividend yield of 2.2%.<br/>FP Corporation is currently trading at a P/E of 14.3x, based on the FY 26 estimated EPS of JPY 183.6, which is lower than its 3-year historical average of 20.3x but higher than ZACROS Corporation's valuation of 12.9x. The company is currently trading at an EV/EBITDA multiple of 7.4x, based on FY 26 estimated EBITDA of JPY 36.6bn, which is lower than its 3-year historical average of 9.7x but higher than ZACROS Corporation (4.3x).</p><p> FP Corporation is mostly liked by analysts who cover it, with five having 'Buy' ratings and one has 'Hold' rating for an average target price of JPY 3,401.7, implying an upside of 30.0% over the current market price.</p><p> Consensus estimated EBITDA to rise at a CAGR of 2.7% to JPY 255.2bn with margins expanding by 100bp to 15.1% over FY 25-28. In addition, net profit CAGR of 5.0% to JPY 38.4bn. Likewise, for ZACROS Corporation, analysts estimate an EBITDA CAGR of 3.1% and a net profit CAGR of 5.4%.</p><p>Overall, FP Corporation shows strong growth potential with robust financial performance and positive analyst sentiment. Despite challenges, its strategic initiatives and market position suggest a promising outlook, making it an attractive investment compared to its local peer, ZACROS Corporation. However, it faces risks from volatile raw material costs, capex execution, credit refinancing, margin pressure, macroeconomic factors, and equity valuation, mitigated by strong cash flow and strategic debt management.</p></div></div>

7947

<p>FP Corporation 是一家日本食品容器和包装制造商，报告了 2026 年上半年的强劲业绩，净销售额增长了 4.0%。该公司维持了全年业绩指引，并在 2022 至 2025 财年表现稳健。分析师对其前景持乐观态度，目标价暗示有 30% 的上涨空间。尽管面临原材料成本和宏观经济因素的风险，FP Corporation 的战略举措和市场地位表明，与其同行 ZACROS Corporation 相比，仍然是一个有前景的投资</p>

FP 公司：高涨之际，风险显现