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> witnessed revenue decline of 12% YoY to ¥206.5B (down 7% on Fx neutral) in Q1FY26 due to a high base effect coupled with delayed purchase decisions.</li>
<li>The company revised full-year forecasts mainly due to the impact of the U.S. tariffs and FDA import alerts.</li>
<li>Olympus entered into an agreement with Revival Healthcare Capital forming a joint venture company named Swan EndoSurgical, dedicated to developing an innovative endoluminal robotic system for less invasive therapeutic treatments.</li>
</ul>



Olympus Corp (7733 JP) witnessed revenue decline of 12% YoY to ¥206.5B (down 7% on Fx neutral) in Q1FY26 due to a high base effect coupled with delayed purchase decisions.
The company revised full-year forecasts mainly due to the impact of the U.S. tariffs and FDA import alerts.
Olympus entered into an agreement with Revival Healthcare Capital forming a joint venture company named Swan EndoSurgical, dedicated to developing an innovative endoluminal robotic system for less invasive therapeutic treatments.


Olympus Corp (7733 JP): Concerns Remain; Green Shoots Appear; Better To Wait and Watch

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In December-2024, this deal was mooted and it came out as expected. But the implied growth in management forecasts was higher than expected so the price came in quite light.</li>
<li>In March when the deal was announced, it seemed like a tough call, but three weeks later Value Act decided they would tender, but would reinvest in the back end.</li>
<li>The deal is now approved, and launches tomorrow. It gets done, I expect, but it is not a model deal other than being one showing the loopholes available to buyers.</li>
</ul>


In December-2024, this deal was mooted and it came out as expected. But the implied growth in management forecasts was higher than expected so the price came in quite light.
In March when the deal was announced, it seemed like a tough call, but three weeks later Value Act decided they would tender, but would reinvest in the back end.
The deal is now approved, and launches tomorrow. It gets done, I expect, but it is not a model deal other than being one showing the loopholes available to buyers.


[Japan M&A] - KKR Launches Still-Too-Light Topcon (7732) Deal

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO.</li>
<li>Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine</li>
<li>In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.</li>
</ul>



Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine
In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.


<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> witnessed revenue grow 8% YoY to ¥997B (3% on Fx neutral basis) in FY25, driven by both the Endoscopic Solutions and Therapeutic Solutions divisions.</li>
<li>North America sales growth continues to be favorable in warding off the decline faced in China. GI Endoscopy (55% of ESD revenue) witnessed its revenue grow 8% to ¥350B.</li>
<li>Olympus guided FY26 revenue to be flat YoY at ¥999B. R&amp;D expenses are expected to rise, scarring the margins. Adjusted operating profit margin is expected to be 17.5% (FY25: 18.9%).</li>
</ul>



Olympus Corp (7733 JP) witnessed revenue grow 8% YoY to ¥997B (3% on Fx neutral basis) in FY25, driven by both the Endoscopic Solutions and Therapeutic Solutions divisions.
North America sales growth continues to be favorable in warding off the decline faced in China. GI Endoscopy (55% of ESD revenue) witnessed its revenue grow 8% to ¥350B.
Olympus guided FY26 revenue to be flat YoY at ¥999B. R&amp;D expenses are expected to rise, scarring the margins. Adjusted operating profit margin is expected to be 17.5% (FY25: 18.9%).


Olympus Corp (7733 JP): Forex Holds FY25 Together; FY26 Guidance Does Not Offer Much Respite

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.</li>
<li>Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.</li>
<li>In our previous note, we looked at its past performance and other deal dynamics that might impact the listing. In this note, look at the firm’s valuation.</li>
</ul>



Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
In our previous note, we looked at its past performance and other deal dynamics that might impact the listing. In this note, look at the firm’s valuation.


Kitazato IPO - Isn’t Particularly Enticing Apart from the Dividend Yield

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 Corp (7733 JP): Concerns Remain; Green Shoots Appear; Better To Wait and Watch

Olympus reported 12% revenue decline in Q1FY26. The company has revised FY26 forecasts due to U.S. tariffs and FDA alerts. It formed joint venture...

Tina Banerjee

[Japan M&A] - KKR Launches Still-Too-Light Topcon (7732) Deal

The KKR/JIC/ValueAct deal for Topcon launches tomorrow as the timeline would have expected. There is no deal for Oasis shares that I can see....

Travis Lundy

Kitazato IPO Trading - Demand Was Strong

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO. In this...

Sumeet Singh

Olympus Corp (7733 JP): Forex Holds FY25 Together; FY26 Guidance Does Not Offer Much Respite

Olympus met FY25 revenue, operating profit, and net profit guidance. Favorable Fx contributed positively to FY25 result. FY26 revenue expected to...

Tina Banerjee

Kitazato IPO - Isn’t Particularly Enticing Apart from the Dividend Yield

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Olympus Corp (7733 JP): Concerns Remain; Green Shoots Appear; Better To Wait and Watch

​Olympus reported 12% revenue decline in Q1FY26. The company has revised FY26 forecasts due to U.S. tariffs and FDA alerts. It formed joint venture...

Tina Banerjee

[Japan M&A] - KKR Launches Still-Too-Light Topcon (7732) Deal

The KKR/JIC/ValueAct deal for Topcon launches tomorrow as the timeline would have expected. There is no deal for Oasis shares that I can see....

Travis Lundy

Kitazato IPO Trading - Demand Was Strong

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO. In this...

Sumeet Singh

Olympus Corp (7733 JP): Forex Holds FY25 Together; FY26 Guidance Does Not Offer Much Respite

​Olympus met FY25 revenue, operating profit, and net profit guidance. Favorable Fx contributed positively to FY25 result. FY26 revenue expected to...

Tina Banerjee

Kitazato IPO - Isn’t Particularly Enticing Apart from the Dividend Yield

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.

Sumeet Singh

Olympus reported 12% revenue decline in Q1FY26. The company has revised FY26 forecasts due to U.S. tariffs and FDA alerts. It formed joint venture...

Olympus met FY25 revenue, operating profit, and net profit guidance. Favorable Fx contributed positively to FY25 result. FY26 revenue expected to...