Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Sahajanand Medical Technologies / Equity Capital Markets

Sahajanand Medical Technologies (2585275D IN)

<ul>
<li>Sahajanand Medical Technologies has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details are yet to be announced.</li>
<li>SMT is a medical device company, with focus on vascular intervention and structural heart products. The company markets its products in 76 countries, with international markets contributing ~70% of revenue.</li>
<li>SMT is well-positioned for sustainable long-term growth, driven by wide portfolio of superior products, market leadership in India and key international markets, strong commercial execution capability amid favorable industry tailwinds.</li>
</ul>


Sahajanand Medical Technologies has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details are yet to be announced.
SMT is a medical device company, with focus on vascular intervention and structural heart products. The company markets its products in 76 countries, with international markets contributing ~70% of revenue.
SMT is well-positioned for sustainable long-term growth, driven by wide portfolio of superior products, market leadership in India and key international markets, strong commercial execution capability amid favorable industry tailwinds.


Sahajanand Medical Pre-IPO: Superior Product Amid Favorable Industry Make the Issue Heartwarming

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 strong Q1FY26 result, with better-than-expected profitability. Despite of flat revenue, Q1FY26 operating and net profit increased 20%+, through pricing measures and continuous cost control.</li>
<li>The company lowered FY26 tariff impact to ¥10B from ¥17B. Impact now is primarily expected in the second half (¥4 each for Q3 and Q4).</li>
<li>Terumo reiterated FY26 guidance. Q1FY26 revenue, operating profit, and net profit represent progress rate of 25%, 29%, and 29%, respectively.</li>
</ul>



Terumo Corp (4543 JP) reported strong Q1FY26 result, with better-than-expected profitability. Despite of flat revenue, Q1FY26 operating and net profit increased 20%+, through pricing measures and continuous cost control.
The company lowered FY26 tariff impact to ¥10B from ¥17B. Impact now is primarily expected in the second half (¥4 each for Q3 and Q4).
Terumo reiterated FY26 guidance. Q1FY26 revenue, operating profit, and net profit represent progress rate of 25%, 29%, and 29%, respectively.


Terumo Corp (4543 JP): Record High Profits in Q1FY26; Tariff Impact Lowered; FY Guidance Reiterated

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

<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> has reported FY25 result, with revenue and adjusted operating profit beating and operating and net profits missing guidance. TIS and GBS remained two brightest spots.</li>
<li>FY26 guidance calls for a decelerated revenue growth of just 1% YoY (FY25 revenue growth rate was 12%). Foreign exchange will impact the revenue negatively.</li>
<li>Implementation of the U.S. tariff poses downside risk to guidance, while better-than-expected foreign exchange rate and C&amp;V business growth are the upside risks.</li>
</ul>



Terumo Corp (4543 JP) has reported FY25 result, with revenue and adjusted operating profit beating and operating and net profits missing guidance. TIS and GBS remained two brightest spots.
FY26 guidance calls for a decelerated revenue growth of just 1% YoY (FY25 revenue growth rate was 12%). Foreign exchange will impact the revenue negatively.
Implementation of the U.S. tariff poses downside risk to guidance, while better-than-expected foreign exchange rate and C&amp;V business growth are the upside risks.


Terumo Corp (4543 JP): Mixed Performance in FY25; Revenue Growth to Decelerate in FY26

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gmo-internet-inc-919fd60b-ad2a-4c5f-b333-167a849b67b0" target="_blank" data-smartkarma-citation="entities:9029:1" rel="noopener">GMO Internet (4784 JP)</a> has announced a secondary offering of 91.7 million shares, worth around US$1.9 billion.</li>
<li>The selling shareholder is <a href="https://www.smartkarma.com/entities/gmo-internet-group-inc" target="_blank" data-smartkarma-citation="entities:13631:1" rel="noopener">GMO Internet Group (9449 JP)</a>. The secondary offering aims to increase the tradable share ratio to satisfy the TSE Prime Market's continued listing criteria.</li>
<li>The offering represents 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Pricing is likely to be on 5 June.</li>
</ul>



GMO Internet (4784 JP) has announced a secondary offering of 91.7 million shares, worth around US$1.9 billion.
The selling shareholder is GMO Internet Group (9449 JP). The secondary offering aims to increase the tradable share ratio to satisfy the TSE Prime Market's continued listing criteria.
The offering represents 239.4 days of the 1-year ADV, the highest compared to the recent large Japanese placements. Pricing is likely to be on 5 June.


GMO Internet (4784 JP): A Huge US$1.9 Billion Secondary Offering

Japan

TERUMO CORPORATION is a manufacturer and supplier of pharmaceuticals and medical tools and equipment.  The Company's products include health foods, transfusion and infusion equipment, disposable medical supply, clinical testing systems, artificial organs, and electronic thermometers.  Terumo markets the products through its subsidiaries and sales offices in the US, Europe, and Asia.

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Terumo Corp (4543 JP)

Sahajanand Medical Pre-IPO: Superior Product Amid Favorable Industry Make the Issue Heartwarming

Sahajanand Medical has re-filed DRHP for its Indian IPO consisting entirely an offer for sale of up to 27.6M equity shares. Key details like IPO...

Tina Banerjee