Catalyst Calendar - Japan Equity

Research evidence excerpt

Catalyst Calendar - Japan Equity

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

30 July 2026

July 30 Issue

Main Events Japan Equity Research

Japan Equity Research

AC• From July onward (estimated July-December) Olympus (7733, Japan Research

Overweight, Naoko Saito) Completion of FDA re-inspection of the Aizu japanresearch@jpmorgan.com

plant: The company is awaiting an FDA visit and re-inspection of the Aizu AC Akira Kishimoto

plant to lift the warning letter. In the best-case scenario, the re-inspection will (81-3) 6736-8646

recognize Olympus’s actions over the past three years, allowing smooth akira.x.kishimoto@jpmorgan.com

progress toward lifting the warning letter. In the worst-case scenario, the re- JPMorgan Securities Japan Co., Ltd.

inspection will require additional measures, possibly resulting in extra costs for

FY2026 and a prolonged process for lifting the warning letter. We believe the

stock price will remain weighed down until the re-inspection is completed.

• July 31 (Friday) Toyota Boshoku (3116, Neutral, Wencong Zhang), Denso

(6902, Neutral, Akira Kishimoto), Aisin (7259, Neutral, Akira Kishimoto)

1Q FY2026 earnings announcements: With the sharp decline in demand in

the Chinese market, we expect Toyota Boshoku and Aisin to see a relatively

large earnings impact. Historically, these two companies have taken time to

pass on higher raw material costs, and we expect earnings to remain subdued

in 1H. We believe Denso is supported by solid automobile production volumes

in Japan and North America and expect operating profit to remain flat YoY.

• July 31 (Friday) Nifco (7988, Overweight, Akira Kishimoto) 1Q FY2026

earnings announcement: Strong HEV sales expansion by Korean OEMs

contributes to higher unit prices per vehicle for Nifco. We expect price pass-