The Point for Japan

研报英文原文证据摘录

The Point for Japan

Point |

Tuesday, 04 August 2026

Today's Results | Company | Industry | Equity Strategy | Fixed Income | Key Rating and Target Price

Changes

Today's Results

Shionogi (4507.T) - Q1 results: Slightly positive. Earnings brisk. Acquisition-led

transformation underway, but visibility remains low. ViiV key

Q1 revenue grew 64% YoY while OP was up 91% to ¥66.9bn (consensus ¥46.9bn,

our estimate ¥51.8bn), significantly exceeding consensus to leave a positive

impression. While infectious disease treatments underperformed, Radicava, Torii

Pharmaceutical, and HIV royalties contributed to the beat. Shionogi maintained

full-year guidance. We expect expenses related to the additional ViiV share

acquisition to be reflected from Q3, with none incurred in Q1, which created a

c¥10bn profit boost. Additionally, management seemed upbeat on the late-July US

launch of ZOCOVA for COVID prevention. Through acquisitions, the company is

transforming into a new Shionogi with more products in Japan and the US, but we

find it difficult to identify growth drivers. The company plans to hold an R&D

meeting on November 18 to present its integrated development products. ViiV's

VH184 formulation development may be key.

Hidemaru Yamaguchi

Ricoh (7752.T) - Q1 results – Somewhat negative. One-time gains lift headline

numbers, but essentially on track and guidance unchanged

Q1 results at Ricoh essentially tallied with the firm’s internal plans, and full-year

guidance remains unchanged. We think today’s release could be somewhat

negative for the shares. OP ostensibly grew nearly 4x YoY to ¥47.7bn, but

excluding a ¥17.8bn gain on the planned China subsidiary sale and unplanned

tariff refunds of ¥12.2bn, OP finished closer to ¥17.7bn, which tallies with the

internal plan.