Catalyst Calendar - Japan Equity

Research evidence excerpt

Catalyst Calendar - Japan Equity

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

25 June 2026

June 25 Issue

Main Events Japan Equity Research

Japan Equity Research

AC• June 26 (Friday) Asahi Intecc (7747, Overweight, Naoko Saito) Thailand Japan Research

factory tour: The company has made productivity improvement at its japanresearch@jpmorgan.com

factories one of the themes of its medium-term plan, and productivity has AC Akira Kishimoto

continued to improve steadily in FY6/26. The tour will introduce specific (81-3) 6736-8646

initiatives to improve productivity. As FY6/26 earnings have been quite strong, akira.x.kishimoto@jpmorgan.com

the hurdle for FY6/27 is rising, but if the tour confirms the company’s strengths JPMorgan Securities Japan Co., Ltd.

in productivity improvement, we believe this could lead to an increase in sell-

side consensus earnings estimates.

• From June onward (estimated June-August): Shimadzu Corporation

(7701, Overweight, Naoko Saito) Completion of Tescan acquisition and

announcement of goodwill amortization expenses: The company is aiming

to complete the acquisition of Czech electron microscope manufacturer Tescan

by the end of June, but government review is delayed. With the completion of

the acquisition, goodwill amortization expenses and intangible asset

amortization expenses for FY2026 and FY2027 will be clarified (from

FY2028, the company plans to switch to IFRS and will not record goodwill

amortization). We expect negatives to end with a downward revision of

FY2026 operating profit guidance. We expect solid earnings for FY2026,

supported by new product effects.

• July 2 (Thursday): TIS (3626, Neutral, Matthew Henderson) Sell-side

meeting: We will focus on confirming the potential for productivity