Japan Healthcare: Asia investor meetings: Stock selection amid a cautious stance

研报英文原文证据摘录

Japan Healthcare: Asia investor meetings: Stock selection amid a cautious stance

Equity Research

29 June 2026 | 6:31PM JST

Japan Healthcare: Asia investor meetings: Stock selection amid a

cautious stance

We visited investors in Hong Kong and Singapore during June 22-25. Our impression Akinori Ueda, Ph.D.

+81(3)4587-9910 |

was that many investors are taking a generally cautious stance toward Japan’s akinori.ueda@gs.com

Goldman Sachs Japan Co., Ltd.

pharmaceuticals/healthcare sector, given the possibility that the AI/semiconductor

Tomo Taniguchi

theme has a long way to run in the equity market. +81(3)4587-1071 |

tomo.taniguchi@gs.com

In our discussions with investors, the following stocks attracted notable interest: (1)

in pharmaceuticals, Otsuka HD (positioning as a core holding) and Chugai

Pharmaceutical (closely watching Foundayo trends), and (2) in other sub-sectors,

Sysmex and Olympus (potential for a share price re-rating for both).

Main discussion points by subsector

Pharmaceuticals

(1) The main points of discussion were (1) the sustainability of Otsuka HD‘s

positioning as a core holding, and (2) potential investment candidates other than

Otsuka HD (investor views in parentheses unless otherwise specified).

1. Regarding Otsuka HD, our discussions covered the potential for changes in

expectations for Voyxact, the company’s earnings trends, and catalysts that

could lead to a share price rally. Many investors generally have a positive view of

the stock.

2. As for investment candidates other than Otsuka HD, attention on Chugai is high

but the prevailing view is to wait for July prescription trends (with expected

improvements in Medicare access and enhanced promotional activities planned

by LLY) and LLY’s 2Q results (concerns that 2Q consensus sales for Foundayo are