Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.</li>
<li>Three new deal was discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/joy-city-property-ltd" target="_blank" data-smartkarma-citation="entities:10958:1" rel="noopener">Joy City Property (207 HK)</a>, <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>, and <a href="https://www.smartkarma.com/entities/nihon-chouzai-co-ltd" target="_blank" data-smartkarma-citation="entities:5873:1" rel="noopener">Nihon Chouzai (3341 JP)</a>.</li>
<li>Key updates/news took place on <a href="https://www.smartkarma.com/entities/mac-copper-limited-6dcb19d0-2c56-496c-817a-5d64e48b3c5d" target="_blank" data-smartkarma-citation="entities:45237:1" rel="noopener">MAC Copper (MAC AU)</a>, <a href="https://www.smartkarma.com/entities/pointsbet-holdings-ltd" target="_blank" data-smartkarma-citation="entities:29102:1" rel="noopener">PointsBet (PBH AU)</a>, <a href="https://www.smartkarma.com/entities/ainsworth-game-technology-limited" target="_blank" data-smartkarma-citation="entities:957:1" rel="noopener">Ainsworth Game Technology (AGI AU)</a>, <a href="https://www.smartkarma.com/entities/piedmont-lithium-ltd" target="_blank" data-smartkarma-citation="entities:17619:1" rel="noopener">Piedmont Lithium (PLL AU)</a>,<a href="https://www.smartkarma.com/entities/pacific-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:6261:1" rel="noopener">Pacific Industrial (7250 JP)</a>, and <a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon (7732 JP)</a> .</li>
</ul>


I tally 40 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma.
Three new deal was discussed on Smartkarma this week: Joy City Property (207 HK), Hogy Medical (3593 JP), and Nihon Chouzai (3341 JP).
Key updates/news took place on MAC Copper (MAC AU), PointsBet (PBH AU), Ainsworth Game Technology (AGI AU), Piedmont Lithium (PLL AU),Pacific Industrial (7250 JP), and Topcon (7732 JP) .


(Mostly) Asia-Pac M&A: Topcon, Joy City, Hogy Medical, Nihon Chouzai, Piedmont Lithium, Pacific Ind.

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani Inc (7730 JP)</a> 9MFY25 revenue increased 3% YoY to ¥22.3B mainly due to strong sales of Surgical products and Eyeless Needle products, while Dental segment sales dipped on recall.</li>
<li>Operating margin deteriorated to 27.5% in 9MFY25, down 260bps. Segment wise, dental segment reported the worst operating margin decline from 19.6% to 10.4%.</li>
<li>Management revised FY25 guidance downwards, now expecting revenue to be ¥29.6B (previous guidance ¥30.2B), up 3.8% YoY. Profits and margins also witnessed a downward revision.</li>
</ul>



Mani Inc (7730 JP) 9MFY25 revenue increased 3% YoY to ¥22.3B mainly due to strong sales of Surgical products and Eyeless Needle products, while Dental segment sales dipped on recall.
Operating margin deteriorated to 27.5% in 9MFY25, down 260bps. Segment wise, dental segment reported the worst operating margin decline from 19.6% to 10.4%.
Management revised FY25 guidance downwards, now expecting revenue to be ¥29.6B (previous guidance ¥30.2B), up 3.8% YoY. Profits and margins also witnessed a downward revision.


Mani Inc (7730 JP): Dental Recalls Still a Pain Point, Guidance Revised Downwards

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO.</li>
<li>Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine</li>
<li>In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.</li>
</ul>



Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine
In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.</li>
<li>Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.</li>
<li>In our previous note, we looked at its past performance and other deal dynamics that might impact the listing. In this note, look at the firm’s valuation.</li>
</ul>



Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
In our previous note, we looked at its past performance and other deal dynamics that might impact the listing. In this note, look at the firm’s valuation.


Kitazato IPO - Isn’t Particularly Enticing Apart from the Dividend Yield

<ul>
<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 ¥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

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)

(Mostly) Asia-Pac M&A: Topcon, Joy City, Hogy Medical, Nihon Chouzai, Piedmont Lithium, Pacific Ind.

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Mani Inc (7730 JP): Dental Recalls Still a Pain Point, Guidance Revised Downwards

Mani's dental segment reported sales drop of 10% in 9MFY25, with the segment reporting the worst operating margin decline from 19.6% to 10.4%....

Tina Banerjee

Kitazato IPO Trading - Demand Was Strong

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO. In this...

Sumeet Singh

Kitazato IPO - Isn’t Particularly Enticing Apart from the Dividend Yield

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.

Sumeet Singh