Asahi Intecc: Thai Plant Tour: Further Margin Gains from Overseas Plant Automation/Labor-saving and Offshoring of Development

研报英文原文证据摘录

Asahi Intecc: Thai Plant Tour: Further Margin Gains from Overseas Plant Automation/Labor-saving and Offshoring of Development

Update

June 26, 2026 01:46 PM GMT

Morgan Stanley MUFG Securities Co., Ltd.+MAsahi Intecc (7747) | Japan Ryotaro Hayashi

Equity Analyst

Thai Plant Tour: Further Margin Ryotaro.Hayashi@morganstanleymufg.comErina Tokunaga +81 3 6836-8409

Research Associate

Erina.Tokunaga@morganstanleymufg.com +81 3 6836-8418

Gains from Overseas Plant

Automation/Labor-saving and

Offshoring of Development

Asahi Intecc (7747.T, 7747 JT)

Top Pick

Key Takeaways Medical Technology | Japan

Compared with our visit end-2018, we had a strong impression of progress with Stock Rating Overweight

Industry View In-Line

automation and labor saving for certain processes. Price target ¥5,000

Shr price, close (Jun 26, 2026) ¥3,725

However, we still see large potential for improvement, with scope to add more Mkt cap, curr, basic (bn) ¥1,004.5

Avg daily trading value (bn) ¥3.2

robots/equipment even for the same processes, and roll-out measures to other

plants.

Related report

The firm plans to increase the ratio of new product development at the Thai (incl. Asahi Intecc: Visit to Thai Subsidiary: Yields

new areas like neuro) and Hanoi (GI) plants to cut development costs. Likely to Improve Ahead (11 Jan 2019)

We also see significant scope for upside to GPM/OPM from the use of Gen AI to

improve SG&A efficiency, which is still in the early stages.

However, the firm said the GPM improvement will be more moderate than the

marked gains in F6/25-26. Mid-term plan revisions in Aug the next point to watch.

Insourcing supporting automation: The Thai and Hanoi plants both have dedicated

teams for developing equipment needed for automation (some hardware like robots