Catalyst Calendar - Japan Equity May 21 Issue

Research evidence excerpt

Catalyst Calendar - Japan Equity May 21 Issue

J P M O R G A N Asia Pacific Equity Research

21 May 2026

Catalyst Calendar - Japan Equity

May 21 Issue

Main Events Japan Equity Research

Japan Equity Research

AC• May 22 (Friday) Toyota Boshoku (3116, Neutral, Wencong Zhang): Fiscal Japan Research

year-end business briefing: An update on the progress of the 2030 medium- japanresearch@jpmorgan.com

term plan is expected. The rebuilding of the North American business, which AC Akira Kishimoto

was last year’s theme, has shown improvements in the earnings structure as (81-3) 6736-8646

new models have been launched, but due to the growing impact of US tariffs akira.x.kishimoto@jpmorgan.com

and inflation, earnings remain at a low level relative to the targets of the 2030 JPMorgan Securities Japan Co., Ltd.

medium-term plan. For FY2026, the external environment in China and Asia

—the company’s key markets—will be challenging, and attention will be on

measures to respond to shifts in major customers’ support policies. In terms of

capital policy, we also want to confirm the company’s view on its equity ratio,

which has declined due to quality issues, and on additional shareholder returns.

• May 25 (Monday) Eisai (4523, Neutral, Seiji Wakao): Management

strategy briefing: The company is expected to announce a medium- to long-

term value-creation strategy.

• May 26 (Tuesday) Astellas Pharma (4503, Neutral, Seiji Wakao): Next

medium-term plan briefing: We expect the new plan to incorporate a 30%

core operating profit margin from FY2027 onward. We also expect the

company to indicate the level at which operating profit will bottom after the

Xtandi patent cliff and when it will rise off that bottom. We believe these

elements as a whole would be positive for the share price.