Nippon Investment Bespoke Research UK Ltd

Nippon Investment Bespoke Research UK

We provide sponsored research reports on up to 15 Japanese listed companies that have no coverage by sell side analysts or are very thinly covered.

Equity Bottom-Up

<ul><li>JLL produced semi-annual record earnings in FY25 1H with 1H OP of ¥6,620mil (+5.7% YoY) on sales of ¥29,285mil (+4.6% YoY).</li><li>Although there were primarily a couple of external negative factors that affected earnings such as, (1) sales of some of JLL’s products were affected by competition with Pulse Field Ablation [PFA] devices, and (2) YoY decline in sale prices of devices in April and May 2025 compared to pre-revision prices.</li><li>The revised reimbursement prices were applied from June 2024.</li></ul>

JLL produced semi-annual record earnings in FY25 1H with 1H OP of ¥6,620mil (+5.7% YoY) on sales of ¥29,285mil (+4.6% YoY).Although there were primarily a couple of external negative factors that affected earnings such as, (1) sales of some of JLL’s products were affected by competition with Pulse Field Ablation [PFA] devices, and (2) YoY decline in sale prices of devices in April and May 2025 compared to pre-revision prices.The revised reimbursement prices were applied from June 2024.

JAPAN LIFELINE CO., LTD (7575 JP): RESEARCH UPDATE

Japan Lifeline

JAPAN LIFELINE CO., LTD (7575 JP): RESEARCH UPDATE