First Read: Japan Medtech/Healthcare Sector "Feedback from Asian investo..."

研报英文原文证据摘录

First Read: Japan Medtech/Healthcare Sector "Feedback from Asian investo..."

Global Research

26 June 2026ab

First Read

EquitiesJapan Medtech/Healthcare Sector

Feedback from Asian investor visits Japan

Advanced Medical Devices

Tomoko Yoshihara

Investor focus is on Terumo, Sysmex, and M3 Analyst

On 23-25 June, we had the opportunity to meet 21 institutional investors in Hong Kong tomoko.yoshihara@ubs.com

and Singapore. Their interest in the sector remained low, and since most of our meetings +81-3-5208 6212

were with existing investors, our discussions centred on individual stock selection. We

found that they are highly interested in Terumo, Sysmex, and M3. Regarding Asahi

Intecc, many investors viewed the medium-term plan update scheduled for August as a

positive catalyst for the share price, but we got the impression that they were

increasingly cautious about its high multiples. For Olympus, most investors were

adopting a wait-and-see approach, waiting for feedback from the FDA inspection

conducted at the end of last year. For companies with semiconductor-related businesses,

investors' interest was higher in Shimadzu, whose core businesses appear reassuring,

than in Fujifilm Holdings. For Fujifilm Holdings, concerns over its bio-CDMO business did

not seem to have been fully dispelled. Investors' interest in small- to mid-cap medtech

stocks was generally low, due to liquidity considerations.

Comments on key stocks

Terumo: The share price remained weak until early May due to acquisition and other

one-off expenses. However, many investors appeared to see achievement of the

company plan for FY3/27, which is not conservative, as a catalyst for share price

appreciation. We forecast an OP decline in Q1 due to negative impacts from tariffs and

unrealised inventory profits.