Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" data-smartkarma-citation="entities:356:1" rel="noopener">Olympus Corp (7733 JP)</a> registered 16% YoY rise in revenue to ¥240.4 in Q1FY27 while the adjusted operating profit witnessed 133% YoY increase to ¥30.7B (margin up 640bps to 12.8%).</li>
<li>The company expects FY27 revenue to be ¥1055-1076B (up 4.4%-6.5% YoY), adjusted operating profit to be ¥160.5-179.5B (up 12%-25.3% YoY) and profit to be ¥95.5B-109B (EPS of ¥90-102).</li>
<li>The Q1FY27 earnings is a positive. We now expect a slow, steady and decent recovery starting FY27. We reiterate our bullish stance on the name. </li>
</ul>



Olympus Corp (7733 JP) registered 16% YoY rise in revenue to ¥240.4 in Q1FY27 while the adjusted operating profit witnessed 133% YoY increase to ¥30.7B (margin up 640bps to 12.8%).
The company expects FY27 revenue to be ¥1055-1076B (up 4.4%-6.5% YoY), adjusted operating profit to be ¥160.5-179.5B (up 12%-25.3% YoY) and profit to be ¥95.5B-109B (EPS of ¥90-102).
The Q1FY27 earnings is a positive. We now expect a slow, steady and decent recovery starting FY27. We reiterate our bullish stance on the name. 


Olympus Corp (7733 JP): Q1FY27 Shines, Guidance Reiterated, Recovery On Track

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>
<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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense Technology (2498 HK)</a> raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.</li>
<li>The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Robosense Technology (2498 HK) raised around US$126m in its Hong Kong IPO in Jan 2024. The lockup on its shareholders will expire soon.
The company provides LiDAR and perception solutions to its customers. As of March 2024, it had design wins for mass production of LiDAR products with 22 automotive OEMs and suppliers.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Robosense IPO Lock-Up Expiry - US$2.8bn Lockup Expiry for 99% of the Stock, CCASS Movement

Mitsubishi UFJ Financial (MUFG) / Event-Driven

Mitsubishi UFJ Financial (MUFG) (8306 JP)

<ul>
<li>Following up on our earlier cross-shareholding notes, in this note we look at <a href="https://www.smartkarma.com/entities/mitsubishi-ufj-financial-group" target="_blank" data-smartkarma-citation="entities:218:1" rel="noopener">Mitsubishi UFJ Financial (MUFG) (8306 JP)</a>’s cross-shareholding.</li>
<li>MUFG had a stake over US$100m in at least 47 listed Japanese stocks, amounting to a total of around US$19bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


Following up on our earlier cross-shareholding notes, in this note we look at Mitsubishi UFJ Financial (MUFG) (8306 JP)’s cross-shareholding.
MUFG had a stake over US$100m in at least 47 listed Japanese stocks, amounting to a total of around US$19bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


MUFG Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell, Taking It Slow

<ul>
<li>
<a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" data-smartkarma-citation="entities:356:1" rel="noopener">Olympus Corp (7733 JP)</a> registered 1% YoY rise in revenue to ¥1010.7B in FY26 while the adjusted operating profit witnessed 24% YoY decrease to ¥143.3B (margin down 470bps to 14.2%).</li>
<li>The company expects FY27 revenue to be ¥1055-1076B (up 4.4%-6.5% YoY), adjusted operating profit to be ¥160.5-179.5B (up 12%-25.3% YoY) and profit to be ¥95.5B-109B (EPS of ¥90-102).</li>
<li>The Q4FY26 earnings definitely offers some green shoots. We now expect a slow, steady and decent recovery starting FY27.</li>
</ul>



Olympus Corp (7733 JP) registered 1% YoY rise in revenue to ¥1010.7B in FY26 while the adjusted operating profit witnessed 24% YoY decrease to ¥143.3B (margin down 470bps to 14.2%).
The company expects FY27 revenue to be ¥1055-1076B (up 4.4%-6.5% YoY), adjusted operating profit to be ¥160.5-179.5B (up 12%-25.3% YoY) and profit to be ¥95.5B-109B (EPS of ¥90-102).
The Q4FY26 earnings definitely offers some green shoots. We now expect a slow, steady and decent recovery starting FY27.


Olympus Corp (7733 JP): Positive Q4FY26 Stabilizes FY26, FY27 Guidance Signals Gradual Recovery

Japan

OLYMPUS CORPORATION manufactures optoelectronic products.  The Company's products include cameras, video sets, endoscopes for medicine and industrial use, microscopes, analytical equipment, office communication systems, laseroptical scanners, and ionic printers.

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Olympus Corp (7733 JP)