Terumo "Revising forecasts: FY3/27 to be a harvest phase" (Buy) Yoshihara

研报英文原文证据摘录

Terumo "Revising forecasts: FY3/27 to be a harvest phase" (Buy) Yoshihara

erseas. We forecast sales growth to range 5-10% for

From To % ch Cons.

access devices, where it has high market share, and neuro and aortic products, where 03/27E 98.3 104.5 6 107.7

supply shortages look likely to ease. We expect blood-related systems to do well with 03/28E 112.1 118.6 6 121.9

sales growth of 9% yoy, supported by increased demand for the Reveos automated 03/29E 123.0 129.8 6 138.5

blood processing system and rising unit prices driven by solution proposals that improve

customers' operational efficiency. Tomoko Yoshihara

Analyst

tomoko.yoshihara@ubs.com

IR Day and new medium-term plan as upside catalysts for share price

+81-3-5208 6212

We think the company’s IR Day, scheduled for 11 June, and new medium-term plan, to

be unveiled in December 2026, will function as upside catalysts for share price. At the IR

Day, the company plans to introduce several new products including the Dual Sensor

System imaging product and the Reveos automated blood processing system.

Confirmation of the company's strong product competitiveness might be an upside

catalyst for share price. We expect the new medium-term plan to provide more detailed

disclosure on the product pipeline. We believe this will provide a good opportunity to

reassess the company's future business opportunities.

Valuation:

Our PT of ¥2,960 (prev. ¥2,910) is based on FY3/28E diluted EPS of ¥119 and a PER of

25X, the lower bound of 1 S.D. below the average PER of 29X for FY3/24-26. Sector

multiples have declined since 2023 due to healthcare cost containment measures in

various countries, so we decided to change the calculation period to FY3/24-26. As we

forecast FY3/27 OP to come in slightly below guidance, we adopt this lower bound as