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> shares retreated 17% over the last one month, dragged by resignation of the CEO and weak H1FY25 result. No definite time for CEO succession is announced.</li>
<li>Favorable Fx inflated H1FY25 result. On a Fx neutral basis, revenue growth is only 3% YoY, while adjusted operating profit growth is just 4% YoY.</li>
<li>Olympus has guided for 9% YoY revenue growth to ¥1,009B in FY25, indicating H2FY25 revenue of ¥535B (-9% YoY). ESD revenue guidance seems to be aggressive amid current macro backdrop.</li>
</ul>



Olympus Corp (7733 JP) shares retreated 17% over the last one month, dragged by resignation of the CEO and weak H1FY25 result. No definite time for CEO succession is announced.
Favorable Fx inflated H1FY25 result. On a Fx neutral basis, revenue growth is only 3% YoY, while adjusted operating profit growth is just 4% YoY.
Olympus has guided for 9% YoY revenue growth to ¥1,009B in FY25, indicating H2FY25 revenue of ¥535B (-9% YoY). ESD revenue guidance seems to be aggressive amid current macro backdrop.


Olympus Corp (7733 JP): One-Off Events Boost H1FY25 Result; Not Optimistic About FY25 Guidance

Equity Capital Markets

<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> has announced a buyback plan for up to 60M shares, representing 5.15% of outstanding shares, by spending ¥100B from May 13 to December 31, 2024.</li>
<li>The company has posted mixed FY24 results, with revenue beating and operating and net profits missing guidance. Olympus has guided for just 9% revenue growth for FY25.</li>
<li>Overall business outlook of the company seems to be bleak. With limited upside potential expected, it will be wise to tender shares through the company’s buyback offer.</li>
</ul>



Olympus Corp (7733 JP) has announced a buyback plan for up to 60M shares, representing 5.15% of outstanding shares, by spending ¥100B from May 13 to December 31, 2024.
The company has posted mixed FY24 results, with revenue beating and operating and net profits missing guidance. Olympus has guided for just 9% revenue growth for FY25.
Overall business outlook of the company seems to be bleak. With limited upside potential expected, it will be wise to tender shares through the company’s buyback offer.


Olympus Corp (7733 JP): ¥100B Buyback Plan Offers an Attractive Exit Opportunity Amid Bleak Outlook

<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> announced disappointing Q3FY24 result. Although revenue increased 7% YoY to ¥239B, beating estimate of ¥236B, operating profit declined 30% YoY to ¥34B, below estimate of ¥43B.</li>
<li>The company cut FY24 operating profit guidance for second time and reduced revenue guidance after raising it in November. Noto Peninsula earthquake is the main reason for reducing revenue guidance.</li>
<li>Although both revenue and profits are expected to improve in FY25, it will be difficult to achieve an operating margin of 20% and sales growth of 5%.</li>
</ul>



Olympus Corp (7733 JP) announced disappointing Q3FY24 result. Although revenue increased 7% YoY to ¥239B, beating estimate of ¥236B, operating profit declined 30% YoY to ¥34B, below estimate of ¥43B.
The company cut FY24 operating profit guidance for second time and reduced revenue guidance after raising it in November. Noto Peninsula earthquake is the main reason for reducing revenue guidance.
Although both revenue and profits are expected to improve in FY25, it will be difficult to achieve an operating margin of 20% and sales growth of 5%.


Olympus Corp (7733 JP): Q3 Operating Profit Misses Estimates Despite Sales Beat; FY24 Guidance Cut

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Forensic Accounting

<ul>
<li>Perhaps the most important factor for any investment in Asia is assessing corporate governance.</li>
<li>There are few books on the subject, making it difficult to navigate.</li>
<li>I was thrilled to read Chinhwee Tan and Tom Robinson’s Asian Financial Statement Analysis.</li>
</ul>


Perhaps the most important factor for any investment in Asia is assessing corporate governance.
There are few books on the subject, making it difficult to navigate.
I was thrilled to read Chinhwee Tan and Tom Robinson’s Asian Financial Statement Analysis.


Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" rel="noopener">7747 Asahi Intec</a> announced FY06/25 OP guidance of Y25.2bn, close to street expectations, pointing to substantial upside. GPM guidance has increased and continuation of strong 4Q YoY sales is expected.</li>
<li>Seven days of short interest outstanding could lead to a short squeeze; Earnings briefing tomorrow reinforcing these trends should be a further catalyst for upside.</li>
<li>With short interest now low and limited potential for further gains after the recent rebound, <a href="https://www.smartkarma.com/entities/olympus-corp" target="_blank" rel="noopener">7733 Olympus</a> appears to be losing momentum, especially with China sales continuing to flag.</li>
</ul>



7747 Asahi Intec announced FY06/25 OP guidance of Y25.2bn, close to street expectations, pointing to substantial upside. GPM guidance has increased and continuation of strong 4Q YoY sales is expected.
Seven days of short interest outstanding could lead to a short squeeze; Earnings briefing tomorrow reinforcing these trends should be a further catalyst for upside.
With short interest now low and limited potential for further gains after the recent rebound, 7733 Olympus appears to be losing momentum, especially with China sales continuing to flag.


Long 7747 Asahi Intec | Short 7733 Olympus

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): One-Off Events Boost H1FY25 Result; Not Optimistic About FY25 Guidance

Olympus recorded H1FY25 revenue growth of only 3% YoY on Fx neutral basis, while adjusted operating profit growth is just 4% YoY. FY25 guidance...

Tina Banerjee

Olympus Corp (7733 JP): ¥100B Buyback Plan Offers an Attractive Exit Opportunity Amid Bleak Outlook

Olympus announces ¥100B buyback plan through December 2024. The company guided for 5% (ex-Fx) sales growth in FY25. With bleak outlook and limited...

Tina Banerjee

Olympus Corp (7733 JP): Q3 Operating Profit Misses Estimates Despite Sales Beat; FY24 Guidance Cut

Olympus announces disappointing Q3 results with revenue beating estimates but operating profit declining 30% YoY. The company has cut FY24 sales...

Tina Banerjee

Fraud in Asia

Perhaps the most important factor for any investment in Asia is assessing corporate governance. There are few books on the subject, making it...

Asian Century Stocks

Long 7747 Asahi Intec | Short 7733 Olympus

Asahi Intec announces strong FY06/25 guidance, potential for short squeeze and upside; Olympus losing momentum with declining domestic sales.

Andrew Jackson

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Olympus Corp (7733 JP): One-Off Events Boost H1FY25 Result; Not Optimistic About FY25 Guidance

​Olympus recorded H1FY25 revenue growth of only 3% YoY on Fx neutral basis, while adjusted operating profit growth is just 4% YoY. FY25 guidance...

Tina Banerjee

Olympus Corp (7733 JP): ¥100B Buyback Plan Offers an Attractive Exit Opportunity Amid Bleak Outlook

​Olympus announces ¥100B buyback plan through December 2024. The company guided for 5% (ex-Fx) sales growth in FY25. With bleak outlook and limited...

Tina Banerjee

Olympus Corp (7733 JP): Q3 Operating Profit Misses Estimates Despite Sales Beat; FY24 Guidance Cut

​Olympus announces disappointing Q3 results with revenue beating estimates but operating profit declining 30% YoY. The company has cut FY24 sales...

Tina Banerjee

Fraud in Asia

Perhaps the most important factor for any investment in Asia is assessing corporate governance. There are few books on the subject, making it...

Asian Century Stocks

Long 7747 Asahi Intec | Short 7733 Olympus

​Asahi Intec announces strong FY06/25 guidance, potential for short squeeze and upside; Olympus losing momentum with declining domestic sales.

Andrew Jackson

Olympus recorded H1FY25 revenue growth of only 3% YoY on Fx neutral basis, while adjusted operating profit growth is just 4% YoY. FY25 guidance...

Olympus announces ¥100B buyback plan through December 2024. The company guided for 5% (ex-Fx) sales growth in FY25. With bleak outlook and limited...

Olympus announces disappointing Q3 results with revenue beating estimates but operating profit declining 30% YoY. The company has cut FY24 sales...

Asahi Intec announces strong FY06/25 guidance, potential for short squeeze and upside; Olympus losing momentum with declining domestic sales.