What smart money is saying about Eiken Chemical

Position history

Between Q4 2025 and Q3 2026, 3 fund letters reported a position in Eiken Chemical — 1 opened or added to the position.

Fund activity · 3 positions · 1 move

• AddedAVI Japan Opportunity Trust (Asset Value Investors)

  July 2026

  “Eiken Chemical (4549) — Margin decline Eiken Chemical was the largest detractor over the month, reducing performance by -101bps as its share price returned - 15.0%. Eiken is a clinical diagnostics manufacturer with strengths in faecal immunochemical testing (FIT), gastrointestinal diagnostics and molecular diagnostic technologies. The company has a solid position in niche diagnostic markets and owns valuable technology. Earlier this year an engagement fund submitted shareholder proposals to nominate two director candidates for election to the board at the Annual General Meeting (AGM) in June 2026. At the AGM held on 23 June 2026, the proposals were rejected, despite receiving 45.75% support. The result led to a sharp share price decline following the AGM, particularly as investors who may have expected the proposals to pass, or to lead to more immediate governance change, reduced their positions. Following the disappointment around the AGM result, Eiken’s underlying business also showed some weakness in its April– June 2026 results, released on 30 July. EBIT declined by 16.7% year-on-year, with the EBIT margin falling to 6.2%, as higher raw material and logistics costs, together with an adverse sales mix, outweighed revenue growth. However, revenue increased by 5.2% year-on-year, driven by overseas FIT reagents and medical instruments, and management maintained its full-year guidance, implying an expected margin recovery supported by new products and logistics optimisation. Added to the portfolio in July 2023, Eiken now represents 5.9% of NAV.”

  Show moreRead the letter→Eiken Chemical
• HoldsAVI Japanese Special Situations

  July 2026

  “Eiken Chemical was the largest detractor over the month, reducing performance by -92bps as its share price returned - 15.0%. Eiken is a clinical diagnostics manufacturer with strengths in faecal immunochemical testing (FIT), gastrointestinal diagnostics and molecular diagnostic technologies. The company has a solid position in niche diagnostic markets and owns valuable technology. Earlier this year an engagement fund submitted shareholder proposals to nominate two director candidates for election to the board at the Annual General Meeting (AGM) in June 2026. At the AGM held on 23 June 2026, the proposals were rejected, despite receiving 45.75% support. The result led to a sharp share price decline following the AGM, particularly as investors who may have expected the proposals to pass, or to lead to more immediate governance change, reduced their positions. Following the disappointment around the AGM result, Eiken’s underlying business also showed some weakness in its April– June 2026 results, released on 30 July. EBIT declined by 16.7% year-on-year, with the EBIT margin falling to 6.2%, as higher raw material and logistics costs, together with an adverse sales mix, outweighed revenue growth. However, revenue increased by 5.2% year-on-year, driven by overseas FIT reagents and medical instruments, and management maintained its full-year guidance, implying an expected margin recovery supported by new products and logistics optimisation. Added to the portfolio in April 2024, Eiken now represents 5.4% of NAV. The investment has generated an ROI of +2% and an IRR of +3% in JPY.”

  Show moreRead the letter→Eiken Chemical
• HoldsNAVF (Rising Sun Management / Dalton) Nippon Active Value Fund plc

  December 2025

  Listed in NAVF (Rising Sun Management / Dalton) Nippon Active Value Fund plc’s reported holdings.

  Read the letter→Eiken Chemical