Olympus (7733) Earnings model update: Awaiting FDA reinspection, but operating margin likely to gradually improve

研报英文原文证据摘录

Olympus (7733) Earnings model update: Awaiting FDA reinspection, but operating margin likely to gradually improve

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

19 June 2026

Olympus (7733) Overweight

7733.T, 7733 JP

Earnings model update: Awaiting FDA reinspection, but Price (19 Jun 26):¥1,646

operating margin likely to gradually improve ▲Price Target (Dec-26):¥1,900 Prior (Dec-26):¥1,700

We revise our earnings estimates and raise our end-2026 price target from ¥1,700

to ¥1,900. We maintain our Overweight rating. We believe the share price is Japan Equity Research

unlikely to recover much until the FDA completes its delayed reinspection of the Medical Technologies & Services

Aizu plant and gives a favorable assessment of Olympus’s compliance response AC Naoko Saito

during the past three years. However, we believe the operating margin is likely to (81-3) 6736-8693

gradually improve in FY2026 as product shipment suspensions are lifted and naoko.saito@jpmorgan.com

structural reforms yield benefits. As we also expect a boost from new products in Seiji Wakao, Ph.D.

the US, we believe the share price is likely to rise from 2Q FY2026, when sales (81-3) 6736-8612

activities normally increase. seiji.wakao@jpmorgan.com

JPMorgan Securities Japan Co., Ltd.

• Earnings estimates: The main revisions to our earnings estimates are as

follows. (1) We lower our FY2026 estimate for other costs for FDA compliance

Style Exposure from ¥10 billion to ¥5 billion. (2) We raise our FY2026 sales estimates for

gastrointestinal solutions in all regions except China in light of 4Q FY2025

results. (3) We expect gross profit to rise, assuming around ¥5 billion in US

tariff refunds in 3Q–4Q FY2024. (4) We increase the positive profit impact of

structural reforms by ¥2 billion.