Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a> , in the last 10 fiscals, witnessed sales grow at CAGR of 1%. In tandem with that, company reported 4% drop sales to ¥18.9B in H1FY26.</li>
<li>The company revised FY26 sales guidance downwards to ¥39.2B (from previous ¥41.8B), with profits also witnessing considerable downward revision.</li>
<li>Stock to underperform and so we recommend a SELL on Hogy at this moment. Strategically, two possible outcomes open for Hogy, a take-over by another corporate entity or going private.</li>
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Hogy Medical (3593 JP) , in the last 10 fiscals, witnessed sales grow at CAGR of 1%. In tandem with that, company reported 4% drop sales to ¥18.9B in H1FY26.
The company revised FY26 sales guidance downwards to ¥39.2B (from previous ¥41.8B), with profits also witnessing considerable downward revision.
Stock to underperform and so we recommend a SELL on Hogy at this moment. Strategically, two possible outcomes open for Hogy, a take-over by another corporate entity or going private.


Hogy (3593 JP): Can Activism Alone Save Hogy From Going Down a Spriral? Fundamentals Don’t Support

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<li>
<a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a>'s founder passed and there was a re-arranging of Hoki family deckchairs in 2021. In 2022 there was a BIG buyback from the family at ¥3,130/share.</li>
<li>I discussed it <a href="https://www.smartkarma.com/insights/huge-hogy-medical-3593-buyback-from-the-founding-family" target="_blank" rel="noopener">here</a>. I suggested that meant accretion, a family willing to sell, and an open register for a cheap company always heavily owned by value investors.</li>
<li>The stock went nowhere for 18mos as activists dallied. In 2024 it ran from ¥3,500 to ¥5,000 as Dalton bought 20%. Then they got a board seat. Now takeover noise.</li>
</ul>



Hogy Medical (3593 JP)'s founder passed and there was a re-arranging of Hoki family deckchairs in 2021. In 2022 there was a BIG buyback from the family at ¥3,130/share.
I discussed it here. I suggested that meant accretion, a family willing to sell, and an open register for a cheap company always heavily owned by value investors.
The stock went nowhere for 18mos as activists dallied. In 2024 it ran from ¥3,500 to ¥5,000 as Dalton bought 20%. Then they got a board seat. Now takeover noise.


[Japan Activism/M&A] Hogy Medical (3593) Reportedly Up For Auction - Totally Unsurprising

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<a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a> reported flat sales of ¥39.1B in FY25. However, sales from Premium kits rose 18%. Surgical kits category contributed 66% of total revenue.</li>
<li>Higher costs dented operating margin by 100 bps while net profit declined 46% YoY to ¥1.5B due to higher tax outgo.</li>
<li>The company guided FY26 sales to grow 7% to ¥41.8B, with profits also expected to witness mid to high single digit growth.</li>
</ul>



Hogy Medical (3593 JP) reported flat sales of ¥39.1B in FY25. However, sales from Premium kits rose 18%. Surgical kits category contributed 66% of total revenue.
Higher costs dented operating margin by 100 bps while net profit declined 46% YoY to ¥1.5B due to higher tax outgo.
The company guided FY26 sales to grow 7% to ¥41.8B, with profits also expected to witness mid to high single digit growth.


Hogy Medical (3593 JP): Premium Kits Carry It Through, Recovery in Sight in H2FY26

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<li>
<a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a> reported flat sales of ¥30B in 9MFY25. Sales of surgical kit products rose 3.2%, to ¥20B, of which Premium Kit sales climbed 7.8%, to ¥13.2B.</li>
<li>Higher costs dented operating margin by 40 bps while net profit rose 5% YoY to ¥2.7B due to an extraordinary gain from sale of investment.</li>
<li>The company reiterated guidance for FY25 of a rise in sales of 5% to ¥40.9B, with profits also witnessing double digit growth.</li>
</ul>



Hogy Medical (3593 JP) reported flat sales of ¥30B in 9MFY25. Sales of surgical kit products rose 3.2%, to ¥20B, of which Premium Kit sales climbed 7.8%, to ¥13.2B.
Higher costs dented operating margin by 40 bps while net profit rose 5% YoY to ¥2.7B due to an extraordinary gain from sale of investment.
The company reiterated guidance for FY25 of a rise in sales of 5% to ¥40.9B, with profits also witnessing double digit growth.


Hogy Medical (3593 JP): Results Reflect Macro Slackness, Not Much Recovery In Sight In Near Term

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<a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani Inc (7730 JP)</a> FY25 revenue increased 5% YoY to ¥29.9B while Operating margin deteriorated to 27.3%, down 210bps. Dental segment reported the worst margin decline from 18.7% to 11.7%.</li>
<li>The company said that the impact voluntary recall of dia-burs in China has subsided in FY25, and expects a full recovery in sales from FY26.</li>
<li>FY26 guidance expect revenue rise 9% to ¥32.8B with impact of recalls subsiding. Profits and margins are also expected to witness a significant uptick.</li>
</ul>



Mani Inc (7730 JP) FY25 revenue increased 5% YoY to ¥29.9B while Operating margin deteriorated to 27.3%, down 210bps. Dental segment reported the worst margin decline from 18.7% to 11.7%.
The company said that the impact voluntary recall of dia-burs in China has subsided in FY25, and expects a full recovery in sales from FY26.
FY26 guidance expect revenue rise 9% to ¥32.8B with impact of recalls subsiding. Profits and margins are also expected to witness a significant uptick.


Mani Inc (7730 JP): FY26 Guidance Point Towards a Recovery, Unleashing A Long-Term Play Mode

Japan

HOGY MEDICAL CO., LTD. manufactures and sells medical supply and related products including sterilized tools and disposable injectors and masks used by surgeons.

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Hogy Medical (3593 JP)

Hogy (3593 JP): Can Activism Alone Save Hogy From Going Down a Spriral? Fundamentals Don’t Support

Hogy Medical (3593 JP) sees sales drop in H1FY26, revises FY26 guidance downwards. Stock recommended as a SELL on the back of bleak fundamentals...

Tina Banerjee

[Japan Activism/M&A] Hogy Medical (3593) Reportedly Up For Auction - Totally Unsurprising

Hogy Medical has been a very slow-grower in a very stable business. It has always attracted value investors. Now it has activists. Reports of a...

Travis Lundy