Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>New highs for Intuitive Surgical on the success on its Da Vinci surgical robot sets a good tone for Sysmex.</li>
<li>R/E related plays including homebuilders jumping with Blackstone +8% in 2-sessions Thurs/Fri.</li>
<li>Recruit is rapidly running out of buyback bullets, and while it may reload it is priced to perfection and is looking vulnerable to correction.</li>
</ul>


New highs for Intuitive Surgical on the success on its Da Vinci surgical robot sets a good tone for Sysmex.
R/E related plays including homebuilders jumping with Blackstone +8% in 2-sessions Thurs/Fri.
Recruit is rapidly running out of buyback bullets, and while it may reload it is priced to perfection and is looking vulnerable to correction.


Japan Morning Connection: Recruit's 20% ADV Buyback Should Run Out of Bullets Early Nov

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Since the BoJ interest rate hike in July, the Yen appreciated ~5% to ¥142.74. Considerable amount of appreciation may be dilutive on the overall performance of export-oriented industry.</li>
<li>Top healthcare players have assumed a higher exchange rate (than the current prevailing rate) for their respective full-year FY25 guidance.</li>
<li>With benefit of favorable foreign exchange gradually fading and potentially diminishing guidance, investors need to be selective in picking healthcare bets in Japan.</li>
</ul>


Since the BoJ interest rate hike in July, the Yen appreciated ~5% to ¥142.74. Considerable amount of appreciation may be dilutive on the overall performance of export-oriented industry.
Top healthcare players have assumed a higher exchange rate (than the current prevailing rate) for their respective full-year FY25 guidance.
With benefit of favorable foreign exchange gradually fading and potentially diminishing guidance, investors need to be selective in picking healthcare bets in Japan.


Japan Healthcare: Strong Yen to Negatively Impact Financial Performance; Volatility to Continue

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<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> was able to hang in well after the announcement, up until the day or two before pricing date, then the shares were walloped into Pricing. </li>
<li>After pricing, they have fallen and erased most of the discount. That's an opportunity. </li>
<li>The shares have underperformed Peers, and there is flow to come. This deal was, as advertised, smaller than it first appeared. </li>
</ul>



Terumo Corp (4543 JP) was able to hang in well after the announcement, up until the day or two before pricing date, then the shares were walloped into Pricing. 
After pricing, they have fallen and erased most of the discount. That's an opportunity. 
The shares have underperformed Peers, and there is flow to come. This deal was, as advertised, smaller than it first appeared. 


Taking Advantage of Terumo (4543) Weakness And After-Offering Flow

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> has reported record high quarterly revenue and profit in Q1FY25, thanks to strong demand across all the business segments, effects of pricing measures, and favorable Fx.</li>
<li>With the steady progress in profit improvement measures, Q1FY25 gross profit margin (53.3%) reached to its highest level since Q2FY22. Operating and net profit growth outpaced that of revenue.</li>
<li>Amid currency uncertainties and inflation, Terumo has maintained its full-year FY25 guidance issued in May. Growth will be driven by US and Europe owing to the sustained increase in demand.</li>
</ul>



Terumo Corp (4543 JP) has reported record high quarterly revenue and profit in Q1FY25, thanks to strong demand across all the business segments, effects of pricing measures, and favorable Fx.
With the steady progress in profit improvement measures, Q1FY25 gross profit margin (53.3%) reached to its highest level since Q2FY22. Operating and net profit growth outpaced that of revenue.
Amid currency uncertainties and inflation, Terumo has maintained its full-year FY25 guidance issued in May. Growth will be driven by US and Europe owing to the sustained increase in demand.


Terumo Corp (4543 JP): Stellar Performance in Q1; Cost Control Measures Are Bearing Fruits

Equity Capital Markets

<ul>
<li>In FY25, <a href="https://www.smartkarma.com/entities/nihon-kohden-corp" target="_blank" data-smartkarma-citation="entities:7668:1" rel="noopener">Nihon Kohden (6849 JP)</a> guided for domestic revenue of ¥147B, up 3% YoY. The demand for patient monitors and treatment equipment is expected to remain steady.</li>
<li>Nihon Kohden expects North America business to report a revenue CAGR of 11% (fastest among all the other regions) during FY24–27, outpacing mid-single-digit growth of the market.</li>
<li>The company announced ¥10B buyback plan to repurchase up to 6M shares, representing 3.57% of total number of issued shares from August 5, 2024, to March 31, 2025.</li>
</ul>


In FY25, Nihon Kohden (6849 JP) guided for domestic revenue of ¥147B, up 3% YoY. The demand for patient monitors and treatment equipment is expected to remain steady.
Nihon Kohden expects North America business to report a revenue CAGR of 11% (fastest among all the other regions) during FY24–27, outpacing mid-single-digit growth of the market.
The company announced ¥10B buyback plan to repurchase up to 6M shares, representing 3.57% of total number of issued shares from August 5, 2024, to March 31, 2025.


Nihon Kohden (6849 JP): ¥10B Buyback Plan And Stock Split; Japan and US to Drive Business Growth

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)

Japan Morning Connection: Recruit's 20% ADV Buyback Should Run Out of Bullets Early Nov

Intuitive Surgical's success with Da Vinci robot sets good tone for Sysmex; R/E related surge with Blackstone; Recruit's buyback potential may be...

Andrew Jackson

Japan Healthcare: Strong Yen to Negatively Impact Financial Performance; Volatility to Continue

Healthcare players in Japan are expected to adjust FY25 guidance due to exchange rate appreciation, requiring investors to be cautious in their...

Tina Banerjee

Taking Advantage of Terumo (4543) Weakness And After-Offering Flow

The Terumo offering saw shares slammed into Pricing, then price at a discount, then trade down on the day following pricing (today). It's cheaper...

Travis Lundy

Terumo Corp (4543 JP): Stellar Performance in Q1; Cost Control Measures Are Bearing Fruits

Terumo announced buyback of 15K shares (~1% of total outstanding shares) for ¥30B. The company will also conduct a secondary offering of 73M shares...

Tina Banerjee

Nihon Kohden (6849 JP): ¥10B Buyback Plan And Stock Split; Japan and US to Drive Business Growth

Nihon Kohden has announced ¥10B buyback plan amid long-term growth prospect. The company guided for 3% and 11% revenue CAGR in Japan and North...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

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Japan Morning Connection: Recruit's 20% ADV Buyback Should Run Out of Bullets Early Nov

​Intuitive Surgical's success with Da Vinci robot sets good tone for Sysmex; R/E related surge with Blackstone; Recruit's buyback potential may be...

Andrew Jackson

Japan Healthcare: Strong Yen to Negatively Impact Financial Performance; Volatility to Continue

Healthcare players in Japan are expected to adjust FY25 guidance due to exchange rate appreciation, requiring investors to be cautious in their...

Tina Banerjee

Taking Advantage of Terumo (4543) Weakness And After-Offering Flow

The Terumo offering saw shares slammed into Pricing, then price at a discount, then trade down on the day following pricing (today). It's cheaper...

Travis Lundy

Terumo Corp (4543 JP): Stellar Performance in Q1; Cost Control Measures Are Bearing Fruits

Terumo announced buyback of 15K shares (~1% of total outstanding shares) for ¥30B. The company will also conduct a secondary offering of 73M shares...

Tina Banerjee

Nihon Kohden (6849 JP): ¥10B Buyback Plan And Stock Split; Japan and US to Drive Business Growth

​Nihon Kohden has announced ¥10B buyback plan amid long-term growth prospect. The company guided for 3% and 11% revenue CAGR in Japan and North...

Tina Banerjee

Intuitive Surgical's success with Da Vinci robot sets good tone for Sysmex; R/E related surge with Blackstone; Recruit's buyback potential may be...

Nihon Kohden has announced ¥10B buyback plan amid long-term growth prospect. The company guided for 3% and 11% revenue CAGR in Japan and North...