Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/nihon-kohden-corp" target="_blank" data-smartkarma-citation="entities:7668:1" rel="noopener">Nihon Kohden (6849 JP)</a> reiterated previous guidance for overall revenue to be ¥240B in FY26 (+6.5% YoY). Domestic sales have been slightly revised downwards while overseas revenue witnessed upward revision.</li>
<li>North America to be near-term growth driver. H1FY26 revenue from North America increased 16% YoY to ¥22.3B. Expected to grow 18% YoY to ¥49.5B (55% of overseas sales) in FY26.</li>
<li>Nihon Kohden has a sustainable long-term growth prospect. The three-year business plan further enhances conviction on the same.</li>
</ul>



Nihon Kohden (6849 JP) reiterated previous guidance for overall revenue to be ¥240B in FY26 (+6.5% YoY). Domestic sales have been slightly revised downwards while overseas revenue witnessed upward revision.
North America to be near-term growth driver. H1FY26 revenue from North America increased 16% YoY to ¥22.3B. Expected to grow 18% YoY to ¥49.5B (55% of overseas sales) in FY26.
Nihon Kohden has a sustainable long-term growth prospect. The three-year business plan further enhances conviction on the same.


Nihon Kohden (6849 JP): Stable Japan, Growing US; ¥5B Share Buyback Plan Augurs Well

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<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" data-smartkarma-citation="entities:15915:1" rel="noopener">Asahi Intecc (7747 JP)</a> reported 12% YoY revenue growth in FY25, driven by the continued strong trajectory of medical division. FY25 gross profit margin improved to 67.7% (FY24: 64.2%).</li>
<li>The company expects 9% YoY revenue growth to ¥131B in FY26, while gross profit margin is expected to contract 140bps to 66.3% due to the impact of the U.S. tariffs.</li>
<li>The company has set a goal of achieving revenue of ¥180B and operating profit margin of 28% in FY30. Strengthening profitability of existing businesses will help to meet this target.</li>
</ul>



Asahi Intecc (7747 JP) reported 12% YoY revenue growth in FY25, driven by the continued strong trajectory of medical division. FY25 gross profit margin improved to 67.7% (FY24: 64.2%).
The company expects 9% YoY revenue growth to ¥131B in FY26, while gross profit margin is expected to contract 140bps to 66.3% due to the impact of the U.S. tariffs.
The company has set a goal of achieving revenue of ¥180B and operating profit margin of 28% in FY30. Strengthening profitability of existing businesses will help to meet this target.


Asahi Intecc (7747 JP): Strong FY25 Result; FY26 Guidance Initiation; New Business Plan Announced

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

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<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" rel="noopener">7747 Asahi Intec</a> announced FY06/25 OP guidance of Y25.2bn, close to street expectations, pointing to substantial upside. GPM guidance has increased and continuation of strong 4Q YoY sales is expected.</li>
<li>Seven days of short interest outstanding could lead to a short squeeze; Earnings briefing tomorrow reinforcing these trends should be a further catalyst for upside.</li>
<li>With short interest now low and limited potential for further gains after the recent rebound, <a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" rel="noopener">7733 Olympus</a> appears to be losing momentum, especially with China sales continuing to flag.</li>
</ul>



7747 Asahi Intec announced FY06/25 OP guidance of Y25.2bn, close to street expectations, pointing to substantial upside. GPM guidance has increased and continuation of strong 4Q YoY sales is expected.
Seven days of short interest outstanding could lead to a short squeeze; Earnings briefing tomorrow reinforcing these trends should be a further catalyst for upside.
With short interest now low and limited potential for further gains after the recent rebound, 7733 Olympus appears to be losing momentum, especially with China sales continuing to flag.


Long 7747 Asahi Intec | Short 7733 Olympus

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<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" data-smartkarma-citation="entities:15915:1" rel="noopener">Asahi Intecc (7747 JP)</a> is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.</li>
<li>In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.</li>
<li>Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.</li>
</ul>



Asahi Intecc (7747 JP) is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.
In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.
Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.


2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

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<li>
<a target="_blank">Hogy Medical (3593 JP)</a> has recommended a tender offer from Carlyle at JPY6,700, a 2.1% premium to the last close and a 69.2% premium to the undisturbed price.</li>
<li>The offer, resulting from an auction, represents an all-time high and is above the midpoint of the IFA DCF valuation range. </li>
<li>Dalton (27.58% ownership ratio) has provided an irrevocable and will reinvest to take a 20% stake in the relevant Carlyle Fund. This is a done deal. </li>
</ul>



Hogy Medical (3593 JP) has recommended a tender offer from Carlyle at JPY6,700, a 2.1% premium to the last close and a 69.2% premium to the undisturbed price.
The offer, resulting from an auction, represents an all-time high and is above the midpoint of the IFA DCF valuation range. 
Dalton (27.58% ownership ratio) has provided an irrevocable and will reinvest to take a 20% stake in the relevant Carlyle Fund. This is a done deal. 


Hogy Medical (3593 JP): After Months of Speculation, Carlyle Lobs a Tender Offer at JPY6,700

Japan

ASAHI INTECC CO., LTD. manufactures medical tools as well as both medical and industrial-use stainless wire rope.  The Company's main products include catheters, guidewires, and miniature coils for endoscopic devices.

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Asahi Intecc (7747 JP)