Takeaways from Thai plant tour: Quick Note

研报英文原文证据摘录

Takeaways from Thai plant tour: Quick Note

Global Markets Research

29 June 2026Asahi Intecc

7747.T 7747 JP / EQUITY: JAPAN PHARMACEUTICALS

RatingTakeaways from Thai plant tour Neutral

Target price JPY 3,400Quick Note

Closing price

26 June 2026 JPY 3,725Visit to company's largest production and development site

Asahi Intecc hosted a tour of its Thai plant on 26 June. This facility is the company's (Note: Quick Note reports are not a

mother factory, which accounts for 47% of production (external sales basis; Jan–Mar 2026 vehicle for changes to ratings, target

data). As of April, the plant had 3,460 employees (of whom 2,811 were production staff prices, or earnings forecasts)

(end-March basis), with the rest in R&D and other roles), making this the company's

largest production and development site.

In 26/6, Asahi Intecc's gross margin has topped 70% for three straight quarters (starting in

the Jul–Sep 2025 quarter), thanks to productivity gains at its Thailand, Hanoi, and Cebu Research Analysts

plants. Initial guidance was for a gross margin of 66.3%, and this was raised to 69.9% at Japan pharmaceuticals &

the time Q2 results were announced. During the tour, the company cited specific healthcare

examples of measures behind this, namely bringing the manufacture of production Takahiro Mori - NSC

equipment in-house, developing and introducing automated machinery, and reducing work takahiro.mori@nomura.com

hours. +81 3 6703 1227

Rising expectations for improvement in the gross margin, but the company is

looking ahead to 2030 and beyond

The company expects productivity to continue to improve, but it emphasized: (1) that its

forecasts have the gross margin in Q4 (Apr–Jun) coming in lower than the margin in Q3