Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>FY03/25 revenue was JPY60.6bn (+2.4% YoY), operating profit JPY4.7bn (+2.4% YoY), net income JPY2.9bn (-6.0% YoY).</li><li>Medical Services revenue rose 4.2% YoY, Home Furnishing and Health revenue decreased 1.3% YoY, with GPM at 54.6%.</li><li>FY03/26 forecast: revenue JPY62.3bn (+2.9% YoY), operating profit JPY4.8bn (+1.1% YoY), net income JPY3.1bn (+3.5% YoY).</li></ul>

FY03/25 revenue was JPY60.6bn (+2.4% YoY), operating profit JPY4.7bn (+2.4% YoY), net income JPY2.9bn (-6.0% YoY).Medical Services revenue rose 4.2% YoY, Home Furnishing and Health revenue decreased 1.3% YoY, with GPM at 54.6%.FY03/26 forecast: revenue JPY62.3bn (+2.9% YoY), operating profit JPY4.8bn (+1.1% YoY), net income JPY3.1bn (+3.5% YoY).

France Bed Holdings (7840 JP): Full-year FY03/25 flash update

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Paramount Bed Holdings Co Lt / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paramount-bed-holdings-co-lt" target="_blank" data-smartkarma-citation="entities:17808:1" rel="noopener">Paramount Bed Holdings Co Lt (7817 JP)</a> has recommended an MBO at JPY3,530, a 32.2% premium to the last close price. The offer represents a ten-year high. </li>
<li>The offer is below the midpoint of the special committee IFA's DCF valuation range and its requested price. Hibiki has <a href="https://www.hibiki-path-advisors.com/en/category/engagement/7817/" target="_blank" rel="noopener">previously suggested</a> an intrinsic value of JPY4,929.  </li>
<li>The setup shares several traits with the Mandom MBO, and has the potential for a bump, particularly if an activist emerges as a substantial shareholder or agitates for better terms.   </li>
</ul>



Paramount Bed Holdings Co Lt (7817 JP) has recommended an MBO at JPY3,530, a 32.2% premium to the last close price. The offer represents a ten-year high. 
The offer is below the midpoint of the special committee IFA's DCF valuation range and its requested price. Hibiki has previously suggested an intrinsic value of JPY4,929.  
The setup shares several traits with the Mandom MBO, and has the potential for a bump, particularly if an activist emerges as a substantial shareholder or agitates for better terms.   


Paramount Bed Holdings (7817 JP): Another MBO Susceptible to Activism

<ul><li>Revenue in 1H FY03/25 was JPY29.3bn (+3.1% YoY), with operating profit at JPY2.1bn (+4.4% YoY). </li><li>Medical Services revenue grew 5.3% YoY, while Home Furnishing and Health business revenue declined 1.2% YoY. </li><li>Homecare Service Yamaguchi's accounting change added JPY415mn revenue, JPY71mn operating profit, JPY73mn recurring profit.</li></ul>

Revenue in 1H FY03/25 was JPY29.3bn (+3.1% YoY), with operating profit at JPY2.1bn (+4.4% YoY). Medical Services revenue grew 5.3% YoY, while Home Furnishing and Health business revenue declined 1.2% YoY. Homecare Service Yamaguchi's accounting change added JPY415mn revenue, JPY71mn operating profit, JPY73mn recurring profit.

France Bed Holdings (7840 JP): Coverage Initiation, 1H FY03/25 flash update

Japan

FRANCE BED HOLDINGS CO., LTD. is a holding company that mainly manufactures and sells a wide range of beds and furniture. The Company's products include beds, imported furniture, and health-care equipment such as automatic massage machines.

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France Bed Holdings (7840 JP)