Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" data-smartkarma-citation="entities:15915:1" rel="noopener">Asahi Intecc (7747 JP)</a> announced better-than-expected result in H1FY24, with double-digit growth across all major parameters. Growth was driven by favorable Fx, recovery and expansion of cases, and strong demand.</li>
<li>Revenue from medical division increased 22% YoY to ¥48B. Operating income of the medical division increased 52% YoY to ¥13B, representing 540bps YoY margin expansion to 27.3%.</li>
<li>Asahi Intecc has not revised FY24 guidance as it is difficult to forecast currency movements and revenue from distributors in medical division due to volatility of quarterly transactions.</li>
</ul>



Asahi Intecc (7747 JP) announced better-than-expected result in H1FY24, with double-digit growth across all major parameters. Growth was driven by favorable Fx, recovery and expansion of cases, and strong demand.
Revenue from medical division increased 22% YoY to ¥48B. Operating income of the medical division increased 52% YoY to ¥13B, representing 540bps YoY margin expansion to 27.3%.
Asahi Intecc has not revised FY24 guidance as it is difficult to forecast currency movements and revenue from distributors in medical division due to volatility of quarterly transactions.


2024 High Conviction Update: Asahi Intecc (7747 JP)- Strong H1 Performance; FY24 Guidance Reaffirmed

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" data-smartkarma-citation="entities:15915:1" rel="noopener">Asahi Intecc (7747 JP)</a> reported 27% y/y revenue growth during first nine months of FY22. For full-year FY22 and FY23, the company expects 22% and 11% revenue growth, respectively.</li>
<li>The company targets a consolidated revenue of more than ¥100 billion in FY26 through continued growth in the existing business and introduction of new business.</li>
<li>Asahi Intecc enjoys dominant market share in PTCA guide wires in major global markets. The company’s direct distribution strategy is further expanding its market share.</li>
</ul>



Asahi Intecc (7747 JP) reported 27% y/y revenue growth during first nine months of FY22. For full-year FY22 and FY23, the company expects 22% and 11% revenue growth, respectively.
The company targets a consolidated revenue of more than ¥100 billion in FY26 through continued growth in the existing business and introduction of new business.
Asahi Intecc enjoys dominant market share in PTCA guide wires in major global markets. The company’s direct distribution strategy is further expanding its market share.


Asahi Intecc (7747 JP): Recovery From COVID-19 to Drive Double-Digit Revenue Growth in Near-Term

Ortus Advisors

Andrew Jackson

Independent Insight Provider

Thematic (Sector/Industry)

<ul>
<li>Tech laggards bought in the US showing many in the market scrambling to catch the upside after the rapid snapback from last weeks drop.</li>
<li>Server related strength after Cisco numbers may see sentiment for Nidec finally improving with its cooling modules business emerging as an earnings driver.</li>
<li>Strong numbers for Coherent confirm the positive trends for its optical transceiver business which points to continued upside for AI data center plays</li>
</ul>


Tech laggards bought in the US showing many in the market scrambling to catch the upside after the rapid snapback from last weeks drop.
Server related strength after Cisco numbers may see sentiment for Nidec finally improving with its cooling modules business emerging as an earnings driver.
Strong numbers for Coherent confirm the positive trends for its optical transceiver business which points to continued upside for AI data center plays


Japan Morning Connection: Sanken Electric, Nidec, Asahi Intecc

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are 15 stocks in Japan that will be sold by passive trackers at the close on 31 May.</li>
<li>Short interest has been increasing in these stocks over the last few months and there will be covering on implementation date.</li>
<li>Cumulative excess volume on all stocks has risen in the last couple of months though the pace of the increase has varied.</li>
</ul>


There are 15 stocks in Japan that will be sold by passive trackers at the close on 31 May.
Short interest has been increasing in these stocks over the last few months and there will be covering on implementation date.
Cumulative excess volume on all stocks has risen in the last couple of months though the pace of the increase has varied.


Japan - Another Big Round of Passive Selling

<ul>
<li>Upbeat results briefing from <a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" rel="noopener">Asahi Intecc</a> on Friday continues to make this look oversold with GPM bottoming, its MTP 1-year ahead of plan and strong growth outlooks for key markets China and US.</li>
<li>With numbers out for <a href="https://www.smartkarma.com/compose/insight/155896/Pan%20Pacific%20International%20Holdings%20(7532%20JP)" target="_blank" rel="noopener">PPIH</a> on Friday and the outlook reassuringly steady, this may start to get more attention as NKY225 inclusion candidate given it comes from the under-represented consumer goods segment.</li>
<li>AMAT numbers showing a decline in China revenues a red flag for Japanese SPE names overly reliant on China sales?</li>
</ul>


Upbeat results briefing from Asahi Intecc on Friday continues to make this look oversold with GPM bottoming, its MTP 1-year ahead of plan and strong growth outlooks for key markets China and US.
With numbers out for PPIH on Friday and the outlook reassuringly steady, this may start to get more attention as NKY225 inclusion candidate given it comes from the under-represented consumer goods segment.
AMAT numbers showing a decline in China revenues a red flag for Japanese SPE names overly reliant on China sales?


Japan Morning Connection: Asahi Intecc, PPIH

Japan

ASAHI INTECC CO., LTD. manufactures medical tools as well as both medical and industrial-use stainless wire rope.  The Company's main products include catheters, guidewires, and miniature coils for endoscopic devices.

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Asahi Intecc (7747 JP)

2024 High Conviction Update: Asahi Intecc (7747 JP)- Strong H1 Performance; FY24 Guidance Reaffirmed

Asahi Intecc reports strong H1FY24 results with double-digit revenue and profit growth driven by favorable Fx and strong demand. No FY24 guidance...

Tina Banerjee