医疗技术_第 220 期每周图表集

Summary of the Medical Technology Industry Conference Call Industry Overview - The conference call focused on the Japanese medical technology industry, highlighting stock performance and valuations of various companies within the sector [1][2]. Key Companies and Ratings - Terumo (4543): Equal-weight rating with a target price of ¥3,150; current price at ¥2,681 [3] - Olympus (7733): Overweight rating with a target price of ¥2,700; current price at ¥1,965 [3] - Sysmex (6869): Equal-weight rating with a target price of ¥3,100; current price at ¥2,697 [3] - M3 (2413): Equal-weight rating with a target price of ¥1,850; current price at ¥1,743 [3] - Asahi Intecc (7747): Overweight rating with a target price of ¥4,400; current price at ¥2,470 [3] - Nihon Kohden (6849): Underweight rating with a target price of ¥2,050; current price at ¥2,147 [3] - Nipro (8086): Overweight rating with a target price of ¥1,550; current price at ¥1,325 [3] - JMDC (4483): Overweight rating with a target price of ¥4,200; current price at ¥2,867 [3] - H.U. Group (4544): Equal-weight rating with a target price of ¥2,650; current price at ¥2,646 [3] - PHC (6523): Underweight rating with a target price of ¥900; current price at ¥1,075 [3] - Hogy Medical (3593): Underweight rating with a target price of ¥3,650; current price at ¥4,795 [3] - Tauns (197A): Equal-weight rating with a target price of ¥570; current price at ¥517 [3] - Eucalia (286A): Overweight rating with a target price of ¥1,200; current price at ¥990 [3] Earnings and Growth Outlook - The industry view is considered attractive, with various earnings models discussed for major companies [4]. - Olympus acknowledged management skills of the interim CEO amid various issues, with a guidance cut that was more significant than expected [8]. - JMDC has cut profit forecasts but remains attractive as a growth stock [9]. - Eucalia reported EPS guidance above forecasts, indicating strong performance [9]. - M3 is looking for growth potential in the upcoming fiscal year [9]. Stock Performance Insights - The risk-reward profile for the medical technology sector shows a range of potential outcomes, with companies like Asahi Intecc and JMDC rated as top picks [7]. - The stock price performance since 2008 indicates a steady growth trajectory for the Japanese medtech sector compared to global peers [34][35]. Valuation Metrics - The 1-year forward P/E ratios for key companies are as follows: - Terumo: 31x - Olympus: 25x - Sysmex: 28x - M3: 26x - Asahi Intecc: 47x - Nihon Kohden: 20x - Nipro: 15x - H.U. Group: 24x - Hogy Medical: 26x - JMDC: 39x - PHC: 12x [27][28]. Additional Considerations - The impact of COVID-19 and other market dynamics were discussed, with specific mentions of R&D efforts and cost control measures exceeding expectations for companies like Sysmex [10]. - Nihon Kohden showed gross margin improvement, raising confidence in achieving guidance [10]. - Hogy Medical faced sluggish profit despite increased sales in specific product lines, leading to a downgrade in investment appeal [10]. This summary encapsulates the key points from the conference call, providing insights into the Japanese medical technology industry, company performances, and market outlook.