The Point for Japan

Research evidence excerpt

The Point for Japan

Point |

Monday, 29 June 2026

Company | Industry | Fixed Income | FX | Key Rating and Target Price Changes

Company

Asahi Intecc (7747.T) - Thai factory tour - source of competitiveness lies in in-

house production, automation, R&D, etc.

Asahi Intecc hosted a Thai factory tour with 19 participants. The tour covered the

history of the factory that handles half of their manufacturing, process

observations, automation initiatives, and in-house production of manufacturing

equipment, allowing us to see the productivity improvements supporting the firm's

earnings. Our impression is positive. The company acquired a wire manufacturing

equipment company, subsequently improved it, and brought production in-house,

maintaining competitiveness. While the Thai factory manually applies PTFE

(fluororesin) coating to guidewires, the Hanoi factory operates automated lines.

The company will bring these to Thailand, likely improving efficiency. It also

converted externally purchased horizontal guidewire shaping equipment to a

vertical orientation through in-house development, achieving space savings.

Hidemaru Yamaguchi

Mitsubishi Electric (6503.T) - Roundtable meeting with management

On June 26, MELCO held a roundtable meeting for the sell-side with its CEO and

CFO. We view the stock price implications as neutral. During the detailed

explanation of the new medium-term plan announced in May, themes such as

Physical AI and operational technology (OT) security came into focus. While OT

security is rather small-scale, we sense it has potential to follow on the path of

other growth businesses such as defense, DC power systems, optical

semiconductors, and IT cooling.

Masahiro Shibano | Takero Fujiwara

Kansai Paint (4613.T) - Announces share buyback at a surprising moment