Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The difference between an LBO (Leveraged Buy Out) and an MBO (Management Buy Out) is that an MBO is usually just an LBO where the buyers don't replace the CEO.</li>
<li>After 4+mos  of speculation/noise since a Bloomberg article said Topcon was weighing takeover bids, we have a deal. KKR and JIC will buy out Topcon in an "MBO" at ¥3,300/share.</li>
<li>Unusually, the lower limit is 50.1%. This is an OK exit for the "<a href="https://www.smartkarma.com/insights/thinking-about-topcon-7732-and-the-new-meti-enabled-bad-cop-good-cop-routine" target="_blank" rel="noopener">Bad Cops</a>" but not a great one. It should be higher. Start delayed for 4 months.</li>
</ul>


The difference between an LBO (Leveraged Buy Out) and an MBO (Management Buy Out) is that an MBO is usually just an LBO where the buyers don't replace the CEO.
After 4+mos  of speculation/noise since a Bloomberg article said Topcon was weighing takeover bids, we have a deal. KKR and JIC will buy out Topcon in an "MBO" at ¥3,300/share.
Unusually, the lower limit is 50.1%. This is an OK exit for the "Bad Cops" but not a great one. It should be higher. Start delayed for 4 months.


[Japan Activism] - KKR and JIC Buy Out Topcon (7732 JP) At ¥3,300/Share

Global Healthcare Analyst

Tina Banerjee

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> reported record high revenue, operating profit, and net profit for both Q3FY25 and Q3 YTD. Global demand continues to expand, driven by the U.S.</li>
<li>In terms of segments, TIS and blood center business drove the growth. Steady progress in pricing measures and profit improvement measures led the bottomline outperforming topline, thereby improving profitability.</li>
<li>FY25 guidance implies Q4FY25 revenue of ¥238B, flat YoY and down 10% QoQ. Mainstay C&amp;V business revenue is expected to decline 6% YoY to ¥139B due to seasonality.</li>
</ul>



Terumo Corp (4543 JP) reported record high revenue, operating profit, and net profit for both Q3FY25 and Q3 YTD. Global demand continues to expand, driven by the U.S.
In terms of segments, TIS and blood center business drove the growth. Steady progress in pricing measures and profit improvement measures led the bottomline outperforming topline, thereby improving profitability.
FY25 guidance implies Q4FY25 revenue of ¥238B, flat YoY and down 10% QoQ. Mainstay C&amp;V business revenue is expected to decline 6% YoY to ¥139B due to seasonality.


Terumo Corp (4543 JP): Strong Demand Drives Q3FY25 Performance; FY25 Guidance Reiterated

Thematic (Sector/Industry)

<ul>
<li>Daiichi Sankyo has announced that Dato-DXd has been recommended for approval in EU. Astellas Pharma has submitted new drug application for conditional approval of Izervay for Geographic Atrophy in Japan.</li>
<li>SanBio has successfully secured the planned production yield for the second commercial production run to meet the approval conditions for the shipment of Akuugo suspension for intracranial implantation.</li>
<li>IHH Healthcare is seeking compensation of INR109.3B from Daiichi Sankyo for its stake buy in Fortis Healthcare. Dr. Reddy’s Laboratories entered licensing agreement with Shanghai Henlius Biotech for Darzalex biosimilar.</li>
</ul>


Daiichi Sankyo has announced that Dato-DXd has been recommended for approval in EU. Astellas Pharma has submitted new drug application for conditional approval of Izervay for Geographic Atrophy in Japan.
SanBio has successfully secured the planned production yield for the second commercial production run to meet the approval conditions for the shipment of Akuugo suspension for intracranial implantation.
IHH Healthcare is seeking compensation of INR109.3B from Daiichi Sankyo for its stake buy in Fortis Healthcare. Dr. Reddy’s Laboratories entered licensing agreement with Shanghai Henlius Biotech for Darzalex biosimilar.


APAC Healthcare Weekly (Feb 9)- Daiichi Sankyo, Astellas, SanBio, IHH, Henlius Biotech, Dr. Reddy’s

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Tech and Semi's rebounding sharply which should see related names in JP trade better after yesterdays persistent weakness.</li>
<li>Da Vinci procedures seeing strong growth...will Sysmex's Hinotori also fly? </li>
<li>Tourist numbers surging in JP should see YTD losers back in the spotlight.</li>
</ul>


Tech and Semi's rebounding sharply which should see related names in JP trade better after yesterdays persistent weakness.
Da Vinci procedures seeing strong growth...will Sysmex's Hinotori also fly? 
Tourist numbers surging in JP should see YTD losers back in the spotlight.


Japan Morning Connection: CPI to the Rescue for Risk-On Growth Style Plays

<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> reported better-than-expected H1FY25 result, with revenue, operating profit, and net profit all reached record highs for the first half. Profit margins continued to improve.</li>
<li>Revenue from C&amp;V business grew 15% YoY to ¥306B (~60% of total revenue). More than 60% of the growth came from TIS (catheter) division, which grew 14% YoY to ¥201B.</li>
<li>Terumo has revised FY25 guidance upward, reflecting strong performance and changes in foreign exchange assumptions. Both revenue and profits are expected to reach record high in FY25.</li>
</ul>



Terumo Corp (4543 JP) reported better-than-expected H1FY25 result, with revenue, operating profit, and net profit all reached record highs for the first half. Profit margins continued to improve.
Revenue from C&amp;V business grew 15% YoY to ¥306B (~60% of total revenue). More than 60% of the growth came from TIS (catheter) division, which grew 14% YoY to ¥201B.
Terumo has revised FY25 guidance upward, reflecting strong performance and changes in foreign exchange assumptions. Both revenue and profits are expected to reach record high in FY25.


Terumo Corp (4543 JP): Strong H1 Result Triggers Guidance Raise; Product Pipeline Entails Visibility

Japan

SYSMEX CORPORATION manufactures reagents and equipment for clinical tests including hematologic (blood) and immune tests. The Company also develops, manufactures, and trades particle analyzers such as blood coagulation analyzer and related software. Manufacturing and sales outside Japan include the United States, EMEA, China and Asia Pacific regions.

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Sysmex Corp (6869 JP)

Terumo Corp (4543 JP): Strong Demand Drives Q3FY25 Performance; FY25 Guidance Reiterated

Terumo reports record high revenue, operating profit, and net profit for Q3FY25 and Q3 YTD, driven by global demand, mainly US, with profitability...

Tina Banerjee

APAC Healthcare Weekly (Feb 9)- Daiichi Sankyo, Astellas, SanBio, IHH, Henlius Biotech, Dr. Reddy’s

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: CPI to the Rescue for Risk-On Growth Style Plays

Tech and Semi's rebounding should be positive for related JP names. Da Vinci procedures show strong numbers - what of Hinotori? JP tourist numbers...

Andrew Jackson

Terumo Corp (4543 JP): Strong H1 Result Triggers Guidance Raise; Product Pipeline Entails Visibility

Terumo reports record high H1FY25 revenue, operating profit, and net profit, driven by strong growth in C&V and blood center business. FY25...

Tina Banerjee

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[Japan Activism] - KKR and JIC Buy Out Topcon (7732 JP) At ¥3,300/Share

The Topcon Deal is out. ¥3,300/share. This may or may not please activists. It is light given extreme confidence in the eyecare biz. But if...

Travis Lundy

Terumo Corp (4543 JP): Strong Demand Drives Q3FY25 Performance; FY25 Guidance Reiterated

​Terumo reports record high revenue, operating profit, and net profit for Q3FY25 and Q3 YTD, driven by global demand, mainly US, with profitability...

Tina Banerjee

APAC Healthcare Weekly (Feb 9)- Daiichi Sankyo, Astellas, SanBio, IHH, Henlius Biotech, Dr. Reddy’s

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: CPI to the Rescue for Risk-On Growth Style Plays

​Tech and Semi's rebounding should be positive for related JP names. Da Vinci procedures show strong numbers - what of Hinotori? JP tourist numbers...

Andrew Jackson

Terumo Corp (4543 JP): Strong H1 Result Triggers Guidance Raise; Product Pipeline Entails Visibility

​Terumo reports record high H1FY25 revenue, operating profit, and net profit, driven by strong growth in C&V and blood center business. FY25...

Tina Banerjee

Terumo reports record high revenue, operating profit, and net profit for Q3FY25 and Q3 YTD, driven by global demand, mainly US, with profitability...

Tech and Semi's rebounding should be positive for related JP names. Da Vinci procedures show strong numbers - what of Hinotori? JP tourist numbers...

Terumo reports record high H1FY25 revenue, operating profit, and net profit, driven by strong growth in C&V and blood center business. FY25...