Focus points for Jan–Mar 2026 results (2)

研报英文原文证据摘录

Focus points for Jan–Mar 2026 results (2)

-results investment strategy based on US sector results

Major assumptions: The recovery in AI-related stocks from late April is

contributing to continued headwinds for Japanese medical equipment stocks

(see Figure 2). There has been more negative news (noted below), so we think

focus should be on stocks with exposure outside medical equipment. Within

medical equipment, we highlight Asahi Intecc for its high earnings stability.

Terumo (4543): A wave of negative news has come out, including: a) a

short-term slowdown in the number of organ transplants stemming from a

related CMS rule (see our 7 May report titled Medical equipment: TransMedics’

results); b) Eisai (4523) announcing on 8 May the postponement of the PDUFA

date for Leqembi Iqlik to August; and c) CSL's 11 May announcement of a

$300m forecast cut for immunoglobulins due to channel inventory adjustments.

The first factor will likely have a short-term impact and the second is unlikely to

be a major concern given the limited earnings contribution expected in FY3/27.

However, the last factor could slow earnings growth for Rika in FY3/27. We

also see a risk of restructuring or impairment losses at the Littleton plant given

this factor, Rika’s slow roll-out to other companies, and the fading prospect of

Rika reaching profitability. While factors (a) through (c) should have a small

impact on overall earnings in the medium to long term, they are likely turning

off investors. We intend to keep a close eye on trends after earnings season.

Nihon Kohden (6849): Looking at Jan–Mar results at Royal Philips, the

world’s largest manufacturer of patient monitors, the sharp rise in electronic

component prices seems to have had a limited impact, and global demand for