J P M O R G A N Asia Pacific Equity Research 13 July 2026 COSMOS Pharmaceutical (3349) 4Q FY5/26: Results, new guidance both in line with estimates; only limited improvement in profitability expected in FY5/27 Neutral: 4Q operating profit grew 17.7% to ¥10.3 billion. This was somewhat below our June 23 forecast of ¥11.2 billion but in line with the latest market forecasts in real terms, in our view. Only slight operating profit growth is expected in FY5/27. According to management, (1) it has started to ide ...