Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Nippon Shinyaku filed NDA of tagraxofusp for a rare aggressive hematologic malignancy in Japan. Shionogi initiated rolling NDA submission to the FDA for Xocova for COVID-19 post-exposure prophylaxis.</li>
<li>Beigene is discontinuing clinical development program for ociperlimab, as a potential treatment for lung cancer. Celltrion received positive CHMP opinion for the addition of the Omlyclo autoinjector formulation.  </li>
<li>The first three children with SR-aGvHD will receive a course of Mesoblast’s Ryoncil commencing this week. Lupin is acquiring UK-based Renascience Pharma, a sole supplier of 4 specialty products.</li>
</ul>


Nippon Shinyaku filed NDA of tagraxofusp for a rare aggressive hematologic malignancy in Japan. Shionogi initiated rolling NDA submission to the FDA for Xocova for COVID-19 post-exposure prophylaxis.
Beigene is discontinuing clinical development program for ociperlimab, as a potential treatment for lung cancer. Celltrion received positive CHMP opinion for the addition of the Omlyclo autoinjector formulation.  
The first three children with SR-aGvHD will receive a course of Mesoblast’s Ryoncil commencing this week. Lupin is acquiring UK-based Renascience Pharma, a sole supplier of 4 specialty products.


APAC Healthcare Weekly (April 6)- Nippon Shinyaku, Shionogi, Beigene, Celltrion, Mesoblast, Lupin

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" data-smartkarma-citation="entities:15915:1" rel="noopener">Asahi Intecc (7747 JP)</a> announced double-digit growth across all the key parameters in H1FY25. Market share expansion of medical division and favorable Fx drove growth.</li>
<li>Reiteration of FY25 guidance implies a softer H2 performance. In H2FY25, revenue is expected to increase 4% YoY, while both operating and net profit are likely to decline.</li>
<li>The U.S. contributes ~20% of medical division’s revenue of Asahi Intecc, which is lower than other large Japanese medtech companies. This should limit tariff exposure.</li>
</ul>



Asahi Intecc (7747 JP) announced double-digit growth across all the key parameters in H1FY25. Market share expansion of medical division and favorable Fx drove growth.
Reiteration of FY25 guidance implies a softer H2 performance. In H2FY25, revenue is expected to increase 4% YoY, while both operating and net profit are likely to decline.
The U.S. contributes ~20% of medical division’s revenue of Asahi Intecc, which is lower than other large Japanese medtech companies. This should limit tariff exposure.


Asahi Intecc (7747 JP): Softer H2 Expected; Positive Long-Term Outlook Amid Tariff Noises

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a> recommended a KKR/JICC-sponsored preconditional MBO at JPY3,300, representing an 87.9% premium to the undisturbed price and a 5.4% premium to the last close.</li>
<li>The offer is preconditional on regulatory approvals and is scheduled to start at the end of July. The offer is attractive and represents an all-time high. </li>
<li>The offer comes with caveats: the Board recommendation is not unanimous, the lower limit is set below the two-thirds threshold, and KKR offered a higher price during the discussions. </li>
</ul>



Topcon Corp (7732 JP) recommended a KKR/JICC-sponsored preconditional MBO at JPY3,300, representing an 87.9% premium to the undisturbed price and a 5.4% premium to the last close.
The offer is preconditional on regulatory approvals and is scheduled to start at the end of July. The offer is attractive and represents an all-time high. 
The offer comes with caveats: the Board recommendation is not unanimous, the lower limit is set below the two-thirds threshold, and KKR offered a higher price during the discussions. 


Topcon (7732 JP): KKR/JICC-Sponsored Preconditional MBO, with Caveats

<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 ¥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

Japan Specialist

Mark Chadwick

<ul>
<li>A rather inauspicious start to the year and equities tumbling 2.5% in the first trading week</li>
<li>Japan should be a top performing market in 2025 - it is undervalued, buoyed by reforms and has strong domestic fund flow</li>
<li>Wage growth is key this year, setting stage for a stronger economy. Semiconductor stocks were the star performers this week! </li>
</ul>


A rather inauspicious start to the year and equities tumbling 2.5% in the first trading week
Japan should be a top performing market in 2025 - it is undervalued, buoyed by reforms and has strong domestic fund flow
Wage growth is key this year, setting stage for a stronger economy. Semiconductor stocks were the star performers this week! 


Japan Strategy Weekly | 3 Reasons to Buy Japan in 2025

Japan

MANI, INC. manufactures medical goods and equipment.  The Company's products include threads and needles for surgeries, surgical knives for eye surgeries, and dental instruments and equipment.

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Mani Inc (7730 JP)

APAC Healthcare Weekly (April 6)- Nippon Shinyaku, Shionogi, Beigene, Celltrion, Mesoblast, Lupin

Nippon Shinyaku and Shionogi are filing for new drugs. Beigene dropped a phase 3 oncology asset. Mesoblast is about to start treatment with...

Tina Banerjee

Asahi Intecc (7747 JP): Softer H2 Expected; Positive Long-Term Outlook Amid Tariff Noises

Asahi Intecc sees strong H1FY25 growth, but FY25 guidance suggests softer H2 performance with revenue up 4% YoY and profit decline. U.S. revenue...

Tina Banerjee

Topcon (7732 JP): KKR/JICC-Sponsored Preconditional MBO, with Caveats

The offer, which resulted from a competitive bidding process, represents an all-time high. However, it comes with caveats that could complicate...

Arun George

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

Hogy Medical reports flat sales but sees growth in surgical kit products, with net profit rising 5% YoY due to extraordinary gain. Company...

Tina Banerjee

Japan Strategy Weekly | 3 Reasons to Buy Japan in 2025

Equities stumble in 2025's first week, but Japan's undervalued market and wage growth potential offer hope for a stronger economy. Semiconductor...

Mark Chadwick

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APAC Healthcare Weekly (April 6)- Nippon Shinyaku, Shionogi, Beigene, Celltrion, Mesoblast, Lupin

Nippon Shinyaku and Shionogi are filing for new drugs. Beigene dropped a phase 3 oncology asset. Mesoblast is about to start treatment with...

Tina Banerjee

Asahi Intecc (7747 JP): Softer H2 Expected; Positive Long-Term Outlook Amid Tariff Noises

​Asahi Intecc sees strong H1FY25 growth, but FY25 guidance suggests softer H2 performance with revenue up 4% YoY and profit decline. U.S. revenue...

Tina Banerjee

Topcon (7732 JP): KKR/JICC-Sponsored Preconditional MBO, with Caveats

The offer, which resulted from a competitive bidding process, represents an all-time high. However, it comes with caveats that could complicate...

Arun George

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

​Hogy Medical reports flat sales but sees growth in surgical kit products, with net profit rising 5% YoY due to extraordinary gain. Company...

Tina Banerjee

Japan Strategy Weekly | 3 Reasons to Buy Japan in 2025

​Equities stumble in 2025's first week, but Japan's undervalued market and wage growth potential offer hope for a stronger economy. Semiconductor...

Mark Chadwick

Asahi Intecc sees strong H1FY25 growth, but FY25 guidance suggests softer H2 performance with revenue up 4% YoY and profit decline. U.S. revenue...

Hogy Medical reports flat sales but sees growth in surgical kit products, with net profit rising 5% YoY due to extraordinary gain. Company...

Equities stumble in 2025's first week, but Japan's undervalued market and wage growth potential offer hope for a stronger economy. Semiconductor...