Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Tension between China and Japan look set to rise further with talks failing to ease frictions.</li>
<li>Travel names remain vulnerable despite Govt. run tour groups having less clout than they used to.</li>
<li>Medtech may do better on defensive bid and Medtronic, but Sysmex continues to slide.</li>
</ul>


Tension between China and Japan look set to rise further with talks failing to ease frictions.
Travel names remain vulnerable despite Govt. run tour groups having less clout than they used to.
Medtech may do better on defensive bid and Medtronic, but Sysmex continues to slide.


Japan Morning Connection: More AI and Tech Pain Ahead of NVDA Tomorrow

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Celltrion inlicensed two antibody-based new drug candidates for the treatment of autoimmune diseases in KRW1T deal. Dong-A ST received approval for epilepsy drug, Xcopri, developed by SK Biopharmaceuticals in Korea.</li>
<li>Hanmi Pharmaceutical will distribute and sell three major COPD treatments developed by Boehringer Ingelheim. Shandong Boan Biotechnology’s marketing application for denosumab biosimilar has been accepted in the UK.  </li>
<li>Eisai has settled patent infringement litigation with Torrent Pharmaceuticals related to Lenvima in the U.S. Otsuka Holdings initiated Phase 3 clinical trial evaluating quabodepistat, for the treatment of multidrug-resistant tuberculosis.</li>
</ul>


Celltrion inlicensed two antibody-based new drug candidates for the treatment of autoimmune diseases in KRW1T deal. Dong-A ST received approval for epilepsy drug, Xcopri, developed by SK Biopharmaceuticals in Korea.
Hanmi Pharmaceutical will distribute and sell three major COPD treatments developed by Boehringer Ingelheim. Shandong Boan Biotechnology’s marketing application for denosumab biosimilar has been accepted in the UK.  
Eisai has settled patent infringement litigation with Torrent Pharmaceuticals related to Lenvima in the U.S. Otsuka Holdings initiated Phase 3 clinical trial evaluating quabodepistat, for the treatment of multidrug-resistant tuberculosis.


APAC Healthcare Weekly (November 9) – Celltrion, Dong-A ST, Hanmi Pharm, Boan Bio, Eisai, Otsuka

<ul>
<li>Intel keeping the tech tape green on the news it has also reached out to TSMC for partnership</li>
<li>Memory names seeing further profit taking while filing shows Toshiba has made a small sale of its Kioxia holdings.</li>
<li>Medtech and trucks the latest victims of tariff uncertainty after announcements overnight</li>
</ul>


Intel keeping the tech tape green on the news it has also reached out to TSMC for partnership
Memory names seeing further profit taking while filing shows Toshiba has made a small sale of its Kioxia holdings.
Medtech and trucks the latest victims of tariff uncertainty after announcements overnight


Japan Morning Connection: AI and Tech Strength Cooling Ahead of Potential Govt Shutdown and EoQ

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In Friday's Monetary Policy Statement, the BOJ announced it would start selling down its holdings in ETFs and J-REITs at the pace of ¥620bn and ¥5.5bn/year, respectively. <strong>BIG NEWS!</strong>
</li>
<li>That is US$17mm of ETFs and US$150k of J-REITs per day. The BOJ suggests it is 0.05% of volume per day. That's close. <strong>SMALL EFFECT. </strong>
</li>
<li>Given ¥15trln of buybacks and ¥5trln+ of dividend reinvestment + NISA account buys, plus ¥trlns of cross-holding selldowns/year, this is a total nothingburger, even if they up the pace.</li>
</ul>


In Friday's Monetary Policy Statement, the BOJ announced it would start selling down its holdings in ETFs and J-REITs at the pace of ¥620bn and ¥5.5bn/year, respectively. BIG NEWS!

That is US$17mm of ETFs and US$150k of J-REITs per day. The BOJ suggests it is 0.05% of volume per day. That's close. SMALL EFFECT. 

Given ¥15trln of buybacks and ¥5trln+ of dividend reinvestment + NISA account buys, plus ¥trlns of cross-holding selldowns/year, this is a total nothingburger, even if they up the pace.


The BOJ Announces the Start of ETF/JREIT Selldowns - Basically a Nothing-Burger

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> reported 12% YoY revenue growth in FY25, driven by the continued strong trajectory of medical division. FY25 gross profit margin improved to 67.7% (FY24: 64.2%).</li>
<li>The company expects 9% YoY revenue growth to ¥131B in FY26, while gross profit margin is expected to contract 140bps to 66.3% due to the impact of the U.S. tariffs.</li>
<li>The company has set a goal of achieving revenue of ¥180B and operating profit margin of 28% in FY30. Strengthening profitability of existing businesses will help to meet this target.</li>
</ul>



Asahi Intecc (7747 JP) reported 12% YoY revenue growth in FY25, driven by the continued strong trajectory of medical division. FY25 gross profit margin improved to 67.7% (FY24: 64.2%).
The company expects 9% YoY revenue growth to ¥131B in FY26, while gross profit margin is expected to contract 140bps to 66.3% due to the impact of the U.S. tariffs.
The company has set a goal of achieving revenue of ¥180B and operating profit margin of 28% in FY30. Strengthening profitability of existing businesses will help to meet this target.


Asahi Intecc (7747 JP): Strong FY25 Result; FY26 Guidance Initiation; New Business Plan Announced

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)

Japan Morning Connection: More AI and Tech Pain Ahead of NVDA Tomorrow

Some big moves down for SPE and AI related. Diplomatic tensions continue between Japan and China. JP Medtech names may get a lift from Medtronic's...

Andrew Jackson

APAC Healthcare Weekly (November 9) – Celltrion, Dong-A ST, Hanmi Pharm, Boan Bio, Eisai, Otsuka

Celltrion inlicensed two antibody drug candidates in KRW1T deal. Dong-A got domestic approval for Xcopri. Hanmi Pharm will distribute Boehringer...

Tina Banerjee

Japan Morning Connection: AI and Tech Strength Cooling Ahead of Potential Govt Shutdown and EoQ

Memory names took a leg lower, setting a poor tone for JP peers. Medtech names took a hit with potential tarriffs and price capping pressures.

Andrew Jackson

The BOJ Announces the Start of ETF/JREIT Selldowns - Basically a Nothing-Burger

The BOJ announced Friday 19 Sep 2025 it would start to sell its portfolio of ¥80trln of ETFs. That seems like a lot, but the pace is very slow to...

Travis Lundy

Asahi Intecc (7747 JP): Strong FY25 Result; FY26 Guidance Initiation; New Business Plan Announced

Asahi Intecc reports 12% revenue growth in FY25 driven by medical division. The company aims for revenue of ¥180B and operating profit margin of...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

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Japan Morning Connection: More AI and Tech Pain Ahead of NVDA Tomorrow

Some big moves down for SPE and AI related. Diplomatic tensions continue between Japan and China. JP Medtech names may get a lift from Medtronic's...

Andrew Jackson

APAC Healthcare Weekly (November 9) – Celltrion, Dong-A ST, Hanmi Pharm, Boan Bio, Eisai, Otsuka

Celltrion inlicensed two antibody drug candidates in KRW1T deal. Dong-A got domestic approval for Xcopri. Hanmi Pharm will distribute Boehringer...

Tina Banerjee

Japan Morning Connection: AI and Tech Strength Cooling Ahead of Potential Govt Shutdown and EoQ

Memory names took a leg lower, setting a poor tone for JP peers. Medtech names took a hit with potential tarriffs and price capping pressures.

Andrew Jackson

The BOJ Announces the Start of ETF/JREIT Selldowns - Basically a Nothing-Burger

The BOJ announced Friday 19 Sep 2025 it would start to sell its portfolio of ¥80trln of ETFs. That seems like a lot, but the pace is very slow to...

Travis Lundy

Asahi Intecc (7747 JP): Strong FY25 Result; FY26 Guidance Initiation; New Business Plan Announced

​Asahi Intecc reports 12% revenue growth in FY25 driven by medical division. The company aims for revenue of ¥180B and operating profit margin of...

Tina Banerjee

Asahi Intecc reports 12% revenue growth in FY25 driven by medical division. The company aims for revenue of ¥180B and operating profit margin of...