Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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

<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> Q1FY25 revenue rose 8% YoY, mainly driven by surgical and eyeless needles segments, and favorable foreign exchange. However, profitability declined year-over-year.</li>
<li>Despite the underperformance of dental segment, management reiterated FY25 guidance. Dental segment contributes more than 30% of total revenue.</li>
<li>Mani shares plunged 20% since it published its Q1 results. Investors should avoid Mani due to its uncertain revenue outlook and deteriorating profitability in short-term.</li>
</ul>



Mani Inc (7730 JP) Q1FY25 revenue rose 8% YoY, mainly driven by surgical and eyeless needles segments, and favorable foreign exchange. However, profitability declined year-over-year.
Despite the underperformance of dental segment, management reiterated FY25 guidance. Dental segment contributes more than 30% of total revenue.
Mani shares plunged 20% since it published its Q1 results. Investors should avoid Mani due to its uncertain revenue outlook and deteriorating profitability in short-term.


Mani Inc (7730 JP): Dental Loosing Shine In China; Margins Eroding; FY25 Guidance Reiterated

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> shares rose 51% over two days, confirming a Bloomberg report that is conducting a privatisation auction. The process is in the second round of bids.</li>
<li>Exploring the privatisation process is unsurprising, as Topcon has materially underperformed the Nikkei 225 since its last medium-term management term plan was announced on 12 May 2023.</li>
<li>Despite the share price pop, Topcon trades at a discount to median peer multiples. At an offer of JPY3,000, Topcon would trade in line with median peer multiples.</li>
</ul>



Topcon Corp (7732 JP) shares rose 51% over two days, confirming a Bloomberg report that is conducting a privatisation auction. The process is in the second round of bids.
Exploring the privatisation process is unsurprising, as Topcon has materially underperformed the Nikkei 225 since its last medium-term management term plan was announced on 12 May 2023.
Despite the share price pop, Topcon trades at a discount to median peer multiples. At an offer of JPY3,000, Topcon would trade in line with median peer multiples.


Topcon (7732 JP): Privatisation Auction Underscores Underlying Value

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<li>
<a href="https://www.smartkarma.com/entities/nakanishi-inc" target="_blank" data-smartkarma-citation="entities:20823:1" rel="noopener">Nakanishi Inc (7716 JP)</a> guided for 25% revenue growth to ¥74B for 2024, driven by an additional ¥12B revenue contribution from DCI and 6% growth in dental business to ¥47B.</li>
<li>EBITDA is expected to improve from 2025 due to normalization of the personnel expenses and depreciation. 2026 EBITDA margin (26.8%) will improve significantly over 2024 (23.9%).</li>
<li>Amid slow global consumption, Nakanishi’s cost-effective products offer strong value proposition. The company is expected to meet 2024 guidance and no negative surprise (downward revision in last year) is expected.</li>
</ul>



Nakanishi Inc (7716 JP) guided for 25% revenue growth to ¥74B for 2024, driven by an additional ¥12B revenue contribution from DCI and 6% growth in dental business to ¥47B.
EBITDA is expected to improve from 2025 due to normalization of the personnel expenses and depreciation. 2026 EBITDA margin (26.8%) will improve significantly over 2024 (23.9%).
Amid slow global consumption, Nakanishi’s cost-effective products offer strong value proposition. The company is expected to meet 2024 guidance and no negative surprise (downward revision in last year) is expected.


Nakanishi Inc (7716 JP): Acquisition and Fx to Nourish Topline; Margin Expansion in Near-Term

Equity Capital Markets

<ul>
<li>In FY25, <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> guided for domestic revenue of ¥147B, up 3% YoY. The demand for patient monitors and treatment equipment is expected to remain steady.</li>
<li>Nihon Kohden expects North America business to report a revenue CAGR of 11% (fastest among all the other regions) during FY24–27, outpacing mid-single-digit growth of the market.</li>
<li>The company announced ¥10B buyback plan to repurchase up to 6M shares, representing 3.57% of total number of issued shares from August 5, 2024, to March 31, 2025.</li>
</ul>


In FY25, Nihon Kohden (6849 JP) guided for domestic revenue of ¥147B, up 3% YoY. The demand for patient monitors and treatment equipment is expected to remain steady.
Nihon Kohden expects North America business to report a revenue CAGR of 11% (fastest among all the other regions) during FY24–27, outpacing mid-single-digit growth of the market.
The company announced ¥10B buyback plan to repurchase up to 6M shares, representing 3.57% of total number of issued shares from August 5, 2024, to March 31, 2025.


Nihon Kohden (6849 JP): ¥10B Buyback Plan And Stock Split; Japan and US to Drive Business Growth

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): 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

Mani Inc (7730 JP): Dental Loosing Shine In China; Margins Eroding; FY25 Guidance Reiterated

Mani's Q1FY25 revenue was up 8% YoY driven by surgical and eyeless needles, but profitability declined. Dental segment continued to underperform....

Tina Banerjee

Topcon (7732 JP): Privatisation Auction Underscores Underlying Value

Despite the share price pop, Topcon trades at a discount to median peer multiples. At an offer of JPY3,000, Topcon would trade in line with median...

Arun George

Nakanishi Inc (7716 JP): Acquisition and Fx to Nourish Topline; Margin Expansion in Near-Term

Nakanishi guided for 25% YoY revenue growth to ¥74B for 2024, driven by additional ¥12B revenue contribution from DCI and 6% YoY growth in dental...

Tina Banerjee

Nihon Kohden (6849 JP): ¥10B Buyback Plan And Stock Split; Japan and US to Drive Business Growth

Nihon Kohden has announced ¥10B buyback plan amid long-term growth prospect. The company guided for 3% and 11% revenue CAGR in Japan and North...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Mani Inc (7730 JP): Dental Loosing Shine In China; Margins Eroding; FY25 Guidance Reiterated

​Mani's Q1FY25 revenue was up 8% YoY driven by surgical and eyeless needles, but profitability declined. Dental segment continued to underperform....

Tina Banerjee

Topcon (7732 JP): Privatisation Auction Underscores Underlying Value

Despite the share price pop, Topcon trades at a discount to median peer multiples. At an offer of JPY3,000, Topcon would trade in line with median...

Arun George

Nakanishi Inc (7716 JP): Acquisition and Fx to Nourish Topline; Margin Expansion in Near-Term

Nakanishi guided for 25% YoY revenue growth to ¥74B for 2024, driven by additional ¥12B revenue contribution from DCI and 6% YoY growth in dental...

Tina Banerjee

Nihon Kohden (6849 JP): ¥10B Buyback Plan And Stock Split; Japan and US to Drive Business Growth

​Nihon Kohden has announced ¥10B buyback plan amid long-term growth prospect. The company guided for 3% and 11% revenue CAGR in Japan and North...

Tina Banerjee

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

Mani's Q1FY25 revenue was up 8% YoY driven by surgical and eyeless needles, but profitability declined. Dental segment continued to underperform....

Nihon Kohden has announced ¥10B buyback plan amid long-term growth prospect. The company guided for 3% and 11% revenue CAGR in Japan and North...