Strong Results and Guidance; Portfolio Review Signals Improving Discipline

研报英文原文证据摘录

Strong Results and Guidance; Portfolio Review Signals Improving Discipline

Japan | Precision Equipment

Olympus EquityMayResearch12, 2026

FLASH NOTEStrong Results and Guidance; Portfolio Review

RATING HOLDSignals Improving Discipline

PRICE ¥1,551^

We had a positive impression of Olympus’ 4Q results and guidance. Strong

momentum in the core endoscope business (GIS), particularly in North PRICE TARGET | % TO PT ¥1,700 | +10%

America, Europe and APAC, drove the 4Q beat and should underpin FY3/27 52W HIGH-LOW ¥2,168 - ¥1,303

growth. Management also expressed confidence in resolving FDA issues, FLOAT (%) | ADV MM (USD) 88.5% | 56.96

while a new strategic review of surgical businesses signals a more serious MARKET CAP ¥1.8T | $11.5B

approach to portfolio optimization. TICKER 7733 JP ^Prior trading day's closing price unless otherwise

noted.

GIS drives 4Q beat. 4Q sales of ¥295.3bn (+9% YoY) and Core OP of ¥53.4bn were well ahead

of consensus and Jef estimates. The beat was driven by the core GIS segment (+16% YoY),

where GI Endoscopy (+20%) and EndoTherapy (+19%) delivered strong double-digit growth on

improved execution and new products. By region, North America, Europe and APAC were all

strong. These regions (c.80% of GIS sales) offset continued weakness in China and Japan,

where demand remains pressured by competition, localization and budget constraints. In

FY3/27, Olympus expects GIS growth to be supported by new launches, including a new

endoscope platform in North America, with growth weighted toward 2H.

SIS still a drag, but some signs of normalization. SIS remains challenged, with 4Q revenue

down YoY and weak profitability, reflecting ongoing ship-hold impacts in respiratory and

surgical devices. However, Urology returned to growth (+9% YoY) as shipments resumed,