Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Since the BoJ interest rate hike in July, the Yen appreciated ~5% to ¥142.74. Considerable amount of appreciation may be dilutive on the overall performance of export-oriented industry.</li>
<li>Top healthcare players have assumed a higher exchange rate (than the current prevailing rate) for their respective full-year FY25 guidance.</li>
<li>With benefit of favorable foreign exchange gradually fading and potentially diminishing guidance, investors need to be selective in picking healthcare bets in Japan.</li>
</ul>


Since the BoJ interest rate hike in July, the Yen appreciated ~5% to ¥142.74. Considerable amount of appreciation may be dilutive on the overall performance of export-oriented industry.
Top healthcare players have assumed a higher exchange rate (than the current prevailing rate) for their respective full-year FY25 guidance.
With benefit of favorable foreign exchange gradually fading and potentially diminishing guidance, investors need to be selective in picking healthcare bets in Japan.


Japan Healthcare: Strong Yen to Negatively Impact Financial Performance; Volatility to Continue

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> was able to hang in well after the announcement, up until the day or two before pricing date, then the shares were walloped into Pricing. </li>
<li>After pricing, they have fallen and erased most of the discount. That's an opportunity. </li>
<li>The shares have underperformed Peers, and there is flow to come. This deal was, as advertised, smaller than it first appeared. </li>
</ul>



Terumo Corp (4543 JP) was able to hang in well after the announcement, up until the day or two before pricing date, then the shares were walloped into Pricing. 
After pricing, they have fallen and erased most of the discount. That's an opportunity. 
The shares have underperformed Peers, and there is flow to come. This deal was, as advertised, smaller than it first appeared. 


Taking Advantage of Terumo (4543) Weakness And After-Offering Flow

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> has reported record high quarterly revenue and profit in Q1FY25, thanks to strong demand across all the business segments, effects of pricing measures, and favorable Fx.</li>
<li>With the steady progress in profit improvement measures, Q1FY25 gross profit margin (53.3%) reached to its highest level since Q2FY22. Operating and net profit growth outpaced that of revenue.</li>
<li>Amid currency uncertainties and inflation, Terumo has maintained its full-year FY25 guidance issued in May. Growth will be driven by US and Europe owing to the sustained increase in demand.</li>
</ul>



Terumo Corp (4543 JP) has reported record high quarterly revenue and profit in Q1FY25, thanks to strong demand across all the business segments, effects of pricing measures, and favorable Fx.
With the steady progress in profit improvement measures, Q1FY25 gross profit margin (53.3%) reached to its highest level since Q2FY22. Operating and net profit growth outpaced that of revenue.
Amid currency uncertainties and inflation, Terumo has maintained its full-year FY25 guidance issued in May. Growth will be driven by US and Europe owing to the sustained increase in demand.


Terumo Corp (4543 JP): Stellar Performance in Q1; Cost Control Measures Are Bearing Fruits

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Upbeat results briefing from <a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" rel="noopener">Asahi Intecc</a> on Friday continues to make this look oversold with GPM bottoming, its MTP 1-year ahead of plan and strong growth outlooks for key markets China and US.</li>
<li>With numbers out for <a href="https://www.smartkarma.com/compose/insight/155896/Pan%20Pacific%20International%20Holdings%20(7532%20JP)" target="_blank" rel="noopener">PPIH</a> on Friday and the outlook reassuringly steady, this may start to get more attention as NKY225 inclusion candidate given it comes from the under-represented consumer goods segment.</li>
<li>AMAT numbers showing a decline in China revenues a red flag for Japanese SPE names overly reliant on China sales?</li>
</ul>


Upbeat results briefing from Asahi Intecc on Friday continues to make this look oversold with GPM bottoming, its MTP 1-year ahead of plan and strong growth outlooks for key markets China and US.
With numbers out for PPIH on Friday and the outlook reassuringly steady, this may start to get more attention as NKY225 inclusion candidate given it comes from the under-represented consumer goods segment.
AMAT numbers showing a decline in China revenues a red flag for Japanese SPE names overly reliant on China sales?


Japan Morning Connection: Asahi Intecc, PPIH

<ul>
<li>
<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 strong FY24 result, with all key parameters beating estimates. FY24 revenue exceeds ¥100B, a significant milestone of the mid-term management plan.</li>
<li>For FY25, Asahi Intecc has guided for revenue of ¥117B (up 9% YoY), operating profit of ¥25B (up 14% YoY), and net profit of ¥19B (up 19% YoY).</li>
<li>Growth will be driven by increase in overseas revenue in medical division despite the impact of stronger yen. Positive environment and strong demand enhance conviction on the long-term growth prospect.</li>
</ul>



Asahi Intecc (7747 JP) reported strong FY24 result, with all key parameters beating estimates. FY24 revenue exceeds ¥100B, a significant milestone of the mid-term management plan.
For FY25, Asahi Intecc has guided for revenue of ¥117B (up 9% YoY), operating profit of ¥25B (up 14% YoY), and net profit of ¥19B (up 19% YoY).
Growth will be driven by increase in overseas revenue in medical division despite the impact of stronger yen. Positive environment and strong demand enhance conviction on the long-term growth prospect.


2024 High Conviction Update: Asahi Intecc (7747 JP)- FY24 Result Tops Guidance; Positive Outlook

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)

Japan Healthcare: Strong Yen to Negatively Impact Financial Performance; Volatility to Continue

Healthcare players in Japan are expected to adjust FY25 guidance due to exchange rate appreciation, requiring investors to be cautious in their...

Tina Banerjee

Taking Advantage of Terumo (4543) Weakness And After-Offering Flow

The Terumo offering saw shares slammed into Pricing, then price at a discount, then trade down on the day following pricing (today). It's cheaper...

Travis Lundy

Terumo Corp (4543 JP): Stellar Performance in Q1; Cost Control Measures Are Bearing Fruits

Terumo announced buyback of 15K shares (~1% of total outstanding shares) for ¥30B. The company will also conduct a secondary offering of 73M shares...

Tina Banerjee

Japan Morning Connection: Asahi Intecc, PPIH

Positive results from Asahi Intecc show oversold potential; PPIH's steady outlook may indicate NKY225 cadidate; AMAT numbers showing decline in...

Andrew Jackson

2024 High Conviction Update: Asahi Intecc (7747 JP)- FY24 Result Tops Guidance; Positive Outlook

Asahi Intecc reported ¥100B revenue for FY24, a significant milestone of the mid-term management plan. Even after excluding Fx, the company sees...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Japan Healthcare: Strong Yen to Negatively Impact Financial Performance; Volatility to Continue

Healthcare players in Japan are expected to adjust FY25 guidance due to exchange rate appreciation, requiring investors to be cautious in their...

Tina Banerjee

Taking Advantage of Terumo (4543) Weakness And After-Offering Flow

The Terumo offering saw shares slammed into Pricing, then price at a discount, then trade down on the day following pricing (today). It's cheaper...

Travis Lundy

Terumo Corp (4543 JP): Stellar Performance in Q1; Cost Control Measures Are Bearing Fruits

Terumo announced buyback of 15K shares (~1% of total outstanding shares) for ¥30B. The company will also conduct a secondary offering of 73M shares...

Tina Banerjee

Japan Morning Connection: Asahi Intecc, PPIH

​Positive results from Asahi Intecc show oversold potential; PPIH's steady outlook may indicate NKY225 cadidate; AMAT numbers showing decline in...

Andrew Jackson

2024 High Conviction Update: Asahi Intecc (7747 JP)- FY24 Result Tops Guidance; Positive Outlook

Asahi Intecc reported ¥100B revenue for FY24, a significant milestone of the mid-term management plan. Even after excluding Fx, the company sees...

Tina Banerjee

Positive results from Asahi Intecc show oversold potential; PPIH's steady outlook may indicate NKY225 cadidate; AMAT numbers showing decline in...