Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nihon-kohden-corp" target="_blank" data-smartkarma-citation="entities:7668:1" rel="noopener">Nihon Kohden (6849 JP)</a> reiterated previous guidance for overall revenue to be ¥240B in FY26 (+6.5% YoY). Domestic sales have been slightly revised downwards while overseas revenue witnessed upward revision.</li>
<li>North America to be near-term growth driver. H1FY26 revenue from North America increased 16% YoY to ¥22.3B. Expected to grow 18% YoY to ¥49.5B (55% of overseas sales) in FY26.</li>
<li>Nihon Kohden has a sustainable long-term growth prospect. The three-year business plan further enhances conviction on the same.</li>
</ul>



Nihon Kohden (6849 JP) reiterated previous guidance for overall revenue to be ¥240B in FY26 (+6.5% YoY). Domestic sales have been slightly revised downwards while overseas revenue witnessed upward revision.
North America to be near-term growth driver. H1FY26 revenue from North America increased 16% YoY to ¥22.3B. Expected to grow 18% YoY to ¥49.5B (55% of overseas sales) in FY26.
Nihon Kohden has a sustainable long-term growth prospect. The three-year business plan further enhances conviction on the same.


Nihon Kohden (6849 JP): Stable Japan, Growing US; ¥5B Share Buyback Plan Augurs Well

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 target="_blank">Hogy Medical (3593 JP)</a> has recommended a tender offer from Carlyle at JPY6,700, a 2.1% premium to the last close and a 69.2% premium to the undisturbed price.</li>
<li>The offer, resulting from an auction, represents an all-time high and is above the midpoint of the IFA DCF valuation range. </li>
<li>Dalton (27.58% ownership ratio) has provided an irrevocable and will reinvest to take a 20% stake in the relevant Carlyle Fund. This is a done deal. </li>
</ul>



Hogy Medical (3593 JP) has recommended a tender offer from Carlyle at JPY6,700, a 2.1% premium to the last close and a 69.2% premium to the undisturbed price.
The offer, resulting from an auction, represents an all-time high and is above the midpoint of the IFA DCF valuation range. 
Dalton (27.58% ownership ratio) has provided an irrevocable and will reinvest to take a 20% stake in the relevant Carlyle Fund. This is a done deal. 


Hogy Medical (3593 JP): After Months of Speculation, Carlyle Lobs a Tender Offer at JPY6,700

<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> 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 Specialist

Mark Chadwick

<ul>
<li>Completion of China DIA-BURS recall removes major earnings overhang, with ¥1.2bn FY25 profit impact now fully reflected</li>
<li>US growth accelerating through MST partnership targeting 10–30% share in ophthalmic knives</li>
<li>Strong balance sheet with ¥17bn cash offers capacity for strategic investment &amp; cash allocation under new Medium-Term Plan</li>
</ul>


Completion of China DIA-BURS recall removes major earnings overhang, with ¥1.2bn FY25 profit impact now fully reflected
US growth accelerating through MST partnership targeting 10–30% share in ophthalmic knives
Strong balance sheet with ¥17bn cash offers capacity for strategic investment &amp; cash allocation under new Medium-Term Plan


MANI INC. (7730 JP) | China Recall Resolution Clears Path for FY26 Recovery

<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

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)

Hogy Medical (3593 JP): After Months of Speculation, Carlyle Lobs a Tender Offer at JPY6,700

The offer, resulting from an auction, represents an all-time high and is above the midpoint of the IFA DCF valuation range. Dalton has provided an...

Arun George

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

Mani Inc FY25 revenue up 5% to ¥29.9B, operating margin down to 27.3%. Recalls drag Dental segment. Expect full sales recovery in FY26, revenue to...

Tina Banerjee

MANI INC. (7730 JP) | China Recall Resolution Clears Path for FY26 Recovery

China DIA-BURS recall resolved, US growth on track with MST partnership, strong balance sheet allows for strategic investments under new Medium...

Mark Chadwick

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

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Nihon Kohden (6849 JP): Stable Japan, Growing US; ¥5B Share Buyback Plan Augurs Well

​Nihon Kohden reaffirms revenue guidance for FY26, with focus on growth in North America and sustainable long-term prospects. The share buyback...

Tina Banerjee

Hogy Medical (3593 JP): After Months of Speculation, Carlyle Lobs a Tender Offer at JPY6,700

The offer, resulting from an auction, represents an all-time high and is above the midpoint of the IFA DCF valuation range. Dalton has provided an...

Arun George

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

​Mani Inc FY25 revenue up 5% to ¥29.9B, operating margin down to 27.3%. Recalls drag Dental segment. Expect full sales recovery in FY26, revenue to...

Tina Banerjee

MANI INC. (7730 JP) | China Recall Resolution Clears Path for FY26 Recovery

​China DIA-BURS recall resolved, US growth on track with MST partnership, strong balance sheet allows for strategic investments under new Medium...

Mark Chadwick

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

Nihon Kohden reaffirms revenue guidance for FY26, with focus on growth in North America and sustainable long-term prospects. The share buyback...

Mani Inc FY25 revenue up 5% to ¥29.9B, operating margin down to 27.3%. Recalls drag Dental segment. Expect full sales recovery in FY26, revenue to...

China DIA-BURS recall resolved, US growth on track with MST partnership, strong balance sheet allows for strategic investments under new Medium...

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%....