MedTech & Healthcare Services: Earnings Outlook (Apr-Jun): Focus on Shimadzu (bad news is priced in), Terumo and Nihon Kohden (bottoming out of earnings)

Research evidence excerpt

MedTech & Healthcare Services: Earnings Outlook (Apr-Jun): Focus on Shimadzu (bad news is priced in), Terumo and Nihon Kohden (bottoming out of earnings)

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

09 July 2026

MedTech & Healthcare Services:

Earnings Outlook (Apr-Jun)

Focus on Shimadzu (bad news is priced in), Terumo

and Nihon Kohden (bottoming out of earnings)

We believe Apr–Jun results could lead to higher share prices for Terumo, Japan Equity Research

Shimadzu, and Nihon Kohden, while the share prices of H.U. Group Holdings and

Medical Technologies & Services

Konica Minolta may correct. We also think Olympus’s stock could rise or fall

depending on any FDA-related news. Key themes in the MedTech sector are (1) Naoko Saito AC

improvement in capital investment by Japanese hospitals, (2) the outlook for US (81-3) 6736-8693

naoko.saito@jpmorgan.com

tariff refunds, and (3) the impact of higher raw material costs. In the healthcare

Seiji Wakao, Ph.D.

services sector, we highlight rising AI-related investments (e.g., AI engineer hiring (81-3) 6736-8612

costs, AI system usage fees) in FY2026. seiji.wakao@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• Share price outlook: Stocks that we think could rise in response to the Apr–Jul

results include (1) Terumo, which stands to benefit from price hikes and solid

fundamentals; (2) Shimadzu, where a downward revision to FY2026 guidance

following the Tescan acquisition might mark the end of bad news; and (3)

Nihon Kohden, which could benefit from improving sentiment as Japanese

market conditions recover. For the sector as a whole, we believe Apr–Jul results

could beat consensus estimates thanks to forex effects. However, stocks that we

think could correct in response to the Apr–Jul results include (1) H.U. Group