Asahi Intecc 26/6 Q4 results briefing takeaways Quick Note

Research evidence excerpt

Global Markets Research

Asahi Intecc

18 August 2026

7747.T 7747 JP / EQUITY: JAPAN PHARMACEUTICALS

26/6 Q4 results briefing takeaways

Quick Note

Further increase in earnings exposure to Chinese market

Asahi Intecc released detailed results briefing materials at 9:50am JST on 18 August.

Guidance is based on the following assumptions.

• The company is guiding for sales growth of 11% y-y in 27/6, and said the boost from

yen depreciation will be a neutral factor. It forecasts a 12% rise in sales in the medical

segment, breaking down as rises of 4% in Japan, 15% in North America, 8% in

Europe, 18% in China, and 7% in other regions (USD basis).

• It expects the China sales weighting in the medical segment to rise further from 26.2%

in 25/6 to 29.5% in 26/6 and 31.1% in 27/6.

• Asahi Intecc assumes y-y growth in the number of procedures in China of 15% in 27/6

and 28/6, 10% in 29/6, and 5% in 30/6. It raised its assumptions by 5ppt each for 28/6

and 29/6. The company expects treatment volumes to continue increasing, supported

by ongoing initiatives from Chinese authorities.

Rating

Neutral

Target price

JPY 3,300

Closing price

JPY 4,103

17 August 2026

(Note: Quick Note reports are not a

vehicle for changes to ratings, target

prices, or earnings forecasts)

Research Analysts

Japan pharmaceuticals &

healthcare

Takahiro Mori - NSC

• Growth in the market for PCI guidewires is close to zero in Japan, the US, and

Europe. Management sees market share gains as the main driver of sales growth.

• It had 35% of the US market for PCI guidewires in 25/6 and 38% in 26/6, unchanged

from the 38% reported in 26/6 Q3. The company raised its 30/6 market share target

from 40% in Q3 and 41% in Q4 to 46%.

• Assuming constant forex rates, it forecasts consolidated sales CAGR of 10.0% for

26/6–30/6, breaking down as growth of 8.6% for cardiovascular, 17.2% for noncardiovascular, 5.1% for OEM, and 8.6% for device businesses.