Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Yesterday, <a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" data-smartkarma-citation="entities:356:1" rel="noopener">Olympus Corp (7733 JP)</a> announced Q2 earnings which were  trifle light, and announced a sharp downward revision to full-year OP despite higher revs on weaker yen.</li>
<li>OP takes a hit because of expenses related to the shutdown of Veran Medical device sales (announced 6 Sep, "causing" a 2.4% share price fall the next day).</li>
<li>They also announced an ¥80bn buyback. That should be worth 3.0-3.5% of shares out, but overhang exists. The label is the label. The details are inside. They matter.</li>
</ul>


Yesterday, Olympus Corp (7733 JP) announced Q2 earnings which were  trifle light, and announced a sharp downward revision to full-year OP despite higher revs on weaker yen.
OP takes a hit because of expenses related to the shutdown of Veran Medical device sales (announced 6 Sep, "causing" a 2.4% share price fall the next day).
They also announced an ¥80bn buyback. That should be worth 3.0-3.5% of shares out, but overhang exists. The label is the label. The details are inside. They matter.


Olympus (7733) - OP Hit but Additional Buyback; Positive Dynamics but Flow Risks Persist

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>The <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 INDEX</a> fell -5.77% during July and August (CC=-2). Currently the index is down for September: this month's negative Close would be = <strong>CC=-3</strong>, a strong <strong>LONG</strong> signal.</li>
<li>The index reached a low = 31275.25 in August, right in the middle of the 32391-30600 support price band indicated in our <a href="https://www.smartkarma.com/insights/eqd-nikkei-225-nky-monthly-trajectories" target="_blank" rel="noopener">previous MONTHLY Trajectories Analysis</a>,  50%-75% reversal probability.</li>
<li>LONG Support levels are confirmed, in this insight we will analyze the new, re-calculated Resistance levels, to evaluate how far/how long the index could rise, if it rallies.</li>
</ul>


The Nikkei 225 INDEX fell -5.77% during July and August (CC=-2). Currently the index is down for September: this month's negative Close would be = CC=-3, a strong LONG signal.
The index reached a low = 31275.25 in August, right in the middle of the 32391-30600 support price band indicated in our previous MONTHLY Trajectories Analysis,  50%-75% reversal probability.
LONG Support levels are confirmed, in this insight we will analyze the new, re-calculated Resistance levels, to evaluate how far/how long the index could rise, if it rallies.


EQD | Nikkei 225 (NKY) MONTHLY Trajectories Analysis

Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>OVERSEAS:  Strong ISM, Higher Yields, Strong USD = Equity Sell off; Oaktree's Marks sees rise in default from higher rates; Germany Industrial Orders fall; China bans iPhones in Govt offices</li>
<li>JAPAN: NKY Futs -0.2% vs Cash; USDJPY 147.7; JP Govt official raises threat of FX intervention with weakening Yen; Inflation fears drive Gold purchases; Japan Defense Agency courting new Tech</li>
<li>JAPAN X: Panasonic CEO Aims to Triple P/B Ratio, Focusing on EV Battery Growth. Other Japanese firms should take heed. </li>
</ul>


OVERSEAS:  Strong ISM, Higher Yields, Strong USD = Equity Sell off; Oaktree's Marks sees rise in default from higher rates; Germany Industrial Orders fall; China bans iPhones in Govt offices
JAPAN: NKY Futs -0.2% vs Cash; USDJPY 147.7; JP Govt official raises threat of FX intervention with weakening Yen; Inflation fears drive Gold purchases; Japan Defense Agency courting new Tech
JAPAN X: Panasonic CEO Aims to Triple P/B Ratio, Focusing on EV Battery Growth. Other Japanese firms should take heed. 


Ohayo Japan|Strong ISM, Rate Fears Sinks Stocks; JAPAN X: Panasonic Tgts 3x PBR with EV Batteries

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> announced muted Q1FY24 result. Revenue increased 8% YoY to ¥208B, while operating profit declined 50% YoY to ¥22B. A one-time gain has inflated the net profit.</li>
<li>Revenue missed about 3% compared to the plan. Product shipment hold and parts supply shortages represented about 1.5% points out of the total miss of 3%.</li>
<li>Olympus has reiterated FY24 guidance and expects FY24 revenue of ¥914B (+4% YoY) and operating profit of ¥163B (-13% YoY). In FY23, the company missed operating profit guidance.</li>
</ul>



Olympus Corp (7733 JP) announced muted Q1FY24 result. Revenue increased 8% YoY to ¥208B, while operating profit declined 50% YoY to ¥22B. A one-time gain has inflated the net profit.
Revenue missed about 3% compared to the plan. Product shipment hold and parts supply shortages represented about 1.5% points out of the total miss of 3%.
Olympus has reiterated FY24 guidance and expects FY24 revenue of ¥914B (+4% YoY) and operating profit of ¥163B (-13% YoY). In FY23, the company missed operating profit guidance.


Olympus Corp (7733 JP): Slow Start of FY24; Unfavorable Macro Backdrop Continues to Hurt Business

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fujifilm-holdings-corp" target="_blank" data-smartkarma-citation="entities:16353:1" rel="noopener">FUJIFILM Holdings (4901 JP)</a> reported 1QFY03/24 results today. Both revenue and OP increased 5.6% and 5.2% YoY to ¥660.8bn (vs consensus ¥649bn) and ¥52.2bn (vs consensus ¥52.1bn) respectively.</li>
<li>Materials segment’s earnings were negatively impacted during the quarter due to a stagnant semiconductor market, however, we expect segment’s earnings to improve with the completion of Entegris acquisition.</li>
<li>Despite the company successfully transitioning into a healthcare player, Fujifilm is still trading in line with imaging/photocopy players and there is significant upside to the company’s current share price.</li>
</ul>



FUJIFILM Holdings (4901 JP) reported 1QFY03/24 results today. Both revenue and OP increased 5.6% and 5.2% YoY to ¥660.8bn (vs consensus ¥649bn) and ¥52.2bn (vs consensus ¥52.1bn) respectively.
Materials segment’s earnings were negatively impacted during the quarter due to a stagnant semiconductor market, however, we expect segment’s earnings to improve with the completion of Entegris acquisition.
Despite the company successfully transitioning into a healthcare player, Fujifilm is still trading in line with imaging/photocopy players and there is significant upside to the company’s current share price.


Fujifilm: Earnings Beat; Yet to Trade in Line with Healthcare Players

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, and laseroptical scanners.

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Olympus (7733 JT)

Olympus (7733) - OP Hit but Additional Buyback; Positive Dynamics but Flow Risks Persist

Olympus reported lower earnings guidance on a revision to due to costs of closing Veran. To offset, and use the proceeds from the Evident sale, we...

Travis Lundy

EQD | Nikkei 225 (NKY) MONTHLY Trajectories Analysis

The Nikkei 225 INDEX fell in July/August. Currently down also in September, could reach OVERSOLD condition. Newly-generated resistance levels are...

Nico Rosti

Ohayo Japan|Strong ISM, Rate Fears Sinks Stocks; JAPAN X: Panasonic Tgts 3x PBR with EV Batteries

Strong ISM Print sparks rate/inflation fears - US stocks sinks. NKY Futs -0.2% vs Cash; USDJPY 147.7; JP Govt official raises threat of FX...

Mark Chadwick

Olympus Corp (7733 JP): Slow Start of FY24; Unfavorable Macro Backdrop Continues to Hurt Business

Q1FY24 revenue, operating profit, and profit from continuing operations represented 23%, 14%, and 12% of FY24 guidance, which calls for...

Tina Banerjee

Fujifilm: Earnings Beat; Yet to Trade in Line with Healthcare Players

Fujifilm's 1QFY24 earnings beat consensus. The company's transition into a healthcare player is yet to fully pay-off, and we expect recent M&As to...

Shifara Samsudeen, FCMA, CGMA

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52-week Range

Market Cap (USDm)

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Olympus (7733) - OP Hit but Additional Buyback; Positive Dynamics but Flow Risks Persist

Olympus reported lower earnings guidance on a revision to due to costs of closing Veran. To offset, and use the proceeds from the Evident sale, we...

Travis Lundy

EQD | Nikkei 225 (NKY) MONTHLY Trajectories Analysis

​The Nikkei 225 INDEX fell in July/August. Currently down also in September, could reach OVERSOLD condition. Newly-generated resistance levels are...

Nico Rosti

Ohayo Japan|Strong ISM, Rate Fears Sinks Stocks; JAPAN X: Panasonic Tgts 3x PBR with EV Batteries

Strong ISM Print sparks rate/inflation fears - US stocks sinks. NKY Futs -0.2% vs Cash; USDJPY 147.7; JP Govt official raises threat of FX...

Mark Chadwick

Olympus Corp (7733 JP): Slow Start of FY24; Unfavorable Macro Backdrop Continues to Hurt Business

Q1FY24 revenue, operating profit, and profit from continuing operations represented 23%, 14%, and 12% of FY24 guidance, which calls for...

Tina Banerjee

Fujifilm: Earnings Beat; Yet to Trade in Line with Healthcare Players

Fujifilm's 1QFY24 earnings beat consensus. The company's transition into a healthcare player is yet to fully pay-off, and we expect recent M&As to...

Shifara Samsudeen, FCMA, CGMA

The Nikkei 225 INDEX fell in July/August. Currently down also in September, could reach OVERSOLD condition. Newly-generated resistance levels are...