Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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> announced double-digit growth across all the key parameters in H1FY25. Market share expansion of medical division and favorable Fx drove growth.</li>
<li>Reiteration of FY25 guidance implies a softer H2 performance. In H2FY25, revenue is expected to increase 4% YoY, while both operating and net profit are likely to decline.</li>
<li>The U.S. contributes ~20% of medical division’s revenue of Asahi Intecc, which is lower than other large Japanese medtech companies. This should limit tariff exposure.</li>
</ul>



Asahi Intecc (7747 JP) announced double-digit growth across all the key parameters in H1FY25. Market share expansion of medical division and favorable Fx drove growth.
Reiteration of FY25 guidance implies a softer H2 performance. In H2FY25, revenue is expected to increase 4% YoY, while both operating and net profit are likely to decline.
The U.S. contributes ~20% of medical division’s revenue of Asahi Intecc, which is lower than other large Japanese medtech companies. This should limit tariff exposure.


Asahi Intecc (7747 JP): Softer H2 Expected; Positive Long-Term Outlook Amid Tariff Noises

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Tech rebound into NVDA print, which came in slightly ahead of estimates. Server related up on SMCI gains.</li>
<li>Expect this to be enough to spark dip buying for Japan SPE plays such as TEL, Disco, as well as likes of Fujikura and MHI.</li>
<li>Hoya has bottomed in the last 2-days and looks primed for more upside after excessive weakness.</li>
</ul>


Tech rebound into NVDA print, which came in slightly ahead of estimates. Server related up on SMCI gains.
Expect this to be enough to spark dip buying for Japan SPE plays such as TEL, Disco, as well as likes of Fujikura and MHI.
Hoya has bottomed in the last 2-days and looks primed for more upside after excessive weakness.


Japan Morning Connection: NVDA Results Enough to Quell Concerns over AI Slowdown

<ul>
<li>Daiichi Sankyo received seventh FDA approval for Enhertu in certain types of breast cancers. Eisai received FDA approval for Leqembi’s intravenous monthly maintenance dosing.</li>
<li>Nippon Shinyaku entered into an option agreement with AB2 BIO for the rights of commercialization of Tadekinig alfa in the U.S. for certain rare autoinflammatory diseases.</li>
<li>Shionogi announced positive results from Phase 2 trial of its novel investigational RSV oral antiviral candidate S-337395. Celltrion has received FDA approval for Actemra biosimilar.</li>
</ul>


Daiichi Sankyo received seventh FDA approval for Enhertu in certain types of breast cancers. Eisai received FDA approval for Leqembi’s intravenous monthly maintenance dosing.
Nippon Shinyaku entered into an option agreement with AB2 BIO for the rights of commercialization of Tadekinig alfa in the U.S. for certain rare autoinflammatory diseases.
Shionogi announced positive results from Phase 2 trial of its novel investigational RSV oral antiviral candidate S-337395. Celltrion has received FDA approval for Actemra biosimilar.


APAC Healthcare Weekly (Feb 2)- Daiichi Sankyo, Eisai, Nippon Shinyaku, Shionogi, Celltrion

<ul>
<li>Huge print from ASML set a positive tone, but the potential for tighter NVDA restrictions weighed on sentiment.</li>
<li>Big selling for Corning off the highs as guidance not enough to justify the run... may see weakness in Fujikura and Furukawa.</li>
<li>Strong numbers from Advantest will also help sentiment for Japan SPE.</li>
</ul>


Huge print from ASML set a positive tone, but the potential for tighter NVDA restrictions weighed on sentiment.
Big selling for Corning off the highs as guidance not enough to justify the run... may see weakness in Fujikura and Furukawa.
Strong numbers from Advantest will also help sentiment for Japan SPE.


Japan Morning Connection: Mixed Signals from Tech and Semi's but After-Mkt Moves Pointing Higher

<ul>
<li>Big gains in the US semi and DC related should translate into continued upside in Japan despite some BIG gains yesterday.</li>
<li>Wire and cable plays are all surging, yet the smaller side of the sector underperforms. Nidec good risk/reward into numbers.</li>
<li>HAMR rollout helping Seagate higher should also help memory/HDD component plays.</li>
</ul>


Big gains in the US semi and DC related should translate into continued upside in Japan despite some BIG gains yesterday.
Wire and cable plays are all surging, yet the smaller side of the sector underperforms. Nidec good risk/reward into numbers.
HAMR rollout helping Seagate higher should also help memory/HDD component plays.


Japan Morning Connection: AI Binge Buying Should Continue in Japan

Japan

Hoya Corp manufactures electro-optics products such as mask blanks for semiconductors, photomasks for LCD panels, optical glasses, glass memory disks for HDDs, medical flexible endoscopes, eyeglasses, and contact lenses. The Company also provides information system architecture.

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Hoya Corp (7741 JP)

Asahi Intecc (7747 JP): Softer H2 Expected; Positive Long-Term Outlook Amid Tariff Noises

Asahi Intecc sees strong H1FY25 growth, but FY25 guidance suggests softer H2 performance with revenue up 4% YoY and profit decline. U.S. revenue...

Tina Banerjee

Japan Morning Connection: NVDA Results Enough to Quell Concerns over AI Slowdown

Tech rebound into NVDA print slightly ahead of estimates may spark dip buying for Japan SPE. Hoya has bottomed in the last 2 days but looks primed...

Andrew Jackson

APAC Healthcare Weekly (Feb 2)- Daiichi Sankyo, Eisai, Nippon Shinyaku, Shionogi, Celltrion

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

Japan Morning Connection: Mixed Signals from Tech and Semi's but After-Mkt Moves Pointing Higher

ASML's strong print boosts sentiment but weighed by NVDA restriction concerns. Corning off the highs; may see weakness in Fujikura and Furukara....

Andrew Jackson

Japan Morning Connection: AI Binge Buying Should Continue in Japan

US gains in semiconductor and DC related should drive continued upside in Japan. Surges in wire and cable plays. HAMR rollout should boost memory...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asahi Intecc (7747 JP): Softer H2 Expected; Positive Long-Term Outlook Amid Tariff Noises

​Asahi Intecc sees strong H1FY25 growth, but FY25 guidance suggests softer H2 performance with revenue up 4% YoY and profit decline. U.S. revenue...

Tina Banerjee

Japan Morning Connection: NVDA Results Enough to Quell Concerns over AI Slowdown

​Tech rebound into NVDA print slightly ahead of estimates may spark dip buying for Japan SPE. Hoya has bottomed in the last 2 days but looks primed...

Andrew Jackson

APAC Healthcare Weekly (Feb 2)- Daiichi Sankyo, Eisai, Nippon Shinyaku, Shionogi, Celltrion

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

Japan Morning Connection: Mixed Signals from Tech and Semi's but After-Mkt Moves Pointing Higher

​ASML's strong print boosts sentiment but weighed by NVDA restriction concerns. Corning off the highs; may see weakness in Fujikura and Furukara....

Andrew Jackson

Japan Morning Connection: AI Binge Buying Should Continue in Japan

US gains in semiconductor and DC related should drive continued upside in Japan. Surges in wire and cable plays. HAMR rollout should boost memory...

Andrew Jackson

Asahi Intecc sees strong H1FY25 growth, but FY25 guidance suggests softer H2 performance with revenue up 4% YoY and profit decline. U.S. revenue...

Tech rebound into NVDA print slightly ahead of estimates may spark dip buying for Japan SPE. Hoya has bottomed in the last 2 days but looks primed...

ASML's strong print boosts sentiment but weighed by NVDA restriction concerns. Corning off the highs; may see weakness in Fujikura and Furukara....