Nippon Investment Bespoke Research UK Ltd

Nippon Investment Bespoke Research UK

Equity Bottom-Up

<ul><li>FY25 1H results summary Medical Data Vision [MDV] reported FY25 1H (Dec year-end) results with sales coming in largely in line with the firm’s guidance while reporting an operating loss in Q2, on higher costs [COGS and personnel] incurred to boost sales in 2H.</li><li>MDV produced 1H gross profit [GP] of ¥2,126mil (+3.2% YoY) and an operating loss of -¥5mil (vs FY24 1H OP of ¥26mil) on sales of ¥3,034mil (+9.1% YoY).</li><li>The topline increase was achieved thanks to improved sales in the Data Utilisation segment.</li></ul>

FY25 1H results summary Medical Data Vision [MDV] reported FY25 1H (Dec year-end) results with sales coming in largely in line with the firm’s guidance while reporting an operating loss in Q2, on higher costs [COGS and personnel] incurred to boost sales in 2H.MDV produced 1H gross profit [GP] of ¥2,126mil (+3.2% YoY) and an operating loss of -¥5mil (vs FY24 1H OP of ¥26mil) on sales of ¥3,034mil (+9.1% YoY).The topline increase was achieved thanks to improved sales in the Data Utilisation segment.

Medical Data Vision Co., Ltd (3902 JP): Research Update

<ul><li>Medical Data Vision [MDV] reported FY25 Q1 (Dec year-end) results with sales coming in largely in line with the firm’s guidance while operating profit [OP] was higher than expected.</li><li>The firm produced Q1 gross profit [GP] of1,085mil (+3.8% YoY) and OP of ¥17mil (-67.6% YoY) on sales of ¥1,532mil (+10.4% YoY).</li><li>Ther firm’s profit targets remain unchanged, guiding for FY25 OP of ¥2,600mil and RP of ¥2,500mil.</li></ul>

Medical Data Vision [MDV] reported FY25 Q1 (Dec year-end) results with sales coming in largely in line with the firm’s guidance while operating profit [OP] was higher than expected.The firm produced Q1 gross profit [GP] of1,085mil (+3.8% YoY) and OP of ¥17mil (-67.6% YoY) on sales of ¥1,532mil (+10.4% YoY).Ther firm’s profit targets remain unchanged, guiding for FY25 OP of ¥2,600mil and RP of ¥2,500mil.

Medical Data Vision Co., Ltd. (3902 JP): Research Update

<ul><li>Medical Data Vision [MDV] reported FY24 (Dec year-end) earnings results with full-year gross profit [GP] of ¥4,331mil (-13.9% YoY), an operating profit [OP] of ¥3mil (-99.8% YoY) on sales of ¥5,906mil (-8.0% YoY).</li><li>Given the Q3 performance, the firm revised down its full-year forecasts on 11 November, however, the full-year results fell short of the revised guidance of OP of ¥510mil on sales of ¥6,600mil.</li><li>MTP’s profit targets remain unchanged, guiding for FY25 OP of ¥2,600mil and RP of ¥2,500mil.</li></ul>

Medical Data Vision [MDV] reported FY24 (Dec year-end) earnings results with full-year gross profit [GP] of ¥4,331mil (-13.9% YoY), an operating profit [OP] of ¥3mil (-99.8% YoY) on sales of ¥5,906mil (-8.0% YoY).Given the Q3 performance, the firm revised down its full-year forecasts on 11 November, however, the full-year results fell short of the revised guidance of OP of ¥510mil on sales of ¥6,600mil.MTP’s profit targets remain unchanged, guiding for FY25 OP of ¥2,600mil and RP of ¥2,500mil.

<ul><li>MDV revised down its full-year FY24 guidance (discussed in more details on p.5) given the Q3 result [Q1~Q3 gross profit [GP] of ¥3,055mil (-12.8% YoY), operating loss of -¥140mil (vs FY23 Q3 OP of ¥1,111mil) on sales of ¥4,125mil (-8.1% YoY)], due to (1) the delay to the onboarding of the firm’s cloud-based health check system solution Alpha Salus as the debugging process continued through to September, and (2) a delay in mobilising potential users of the new content (no-contact vital sensing for cats) for MDV’s personal health management app Karteco, as the planned large-scale advertising campaign was pushed back following a delay in the launch of the content.</li><li>The firm is guiding for FY24 annual dividend of ¥6.5/share (unchanged from FY23) and generates a dividend pay-out ratio of 138.0% based on the revised FY24 EPS forecast of ¥4.71.</li></ul>

MDV revised down its full-year FY24 guidance (discussed in more details on p.5) given the Q3 result [Q1~Q3 gross profit [GP] of ¥3,055mil (-12.8% YoY), operating loss of -¥140mil (vs FY23 Q3 OP of ¥1,111mil) on sales of ¥4,125mil (-8.1% YoY)], due to (1) the delay to the onboarding of the firm’s cloud-based health check system solution Alpha Salus as the debugging process continued through to September, and (2) a delay in mobilising potential users of the new content (no-contact vital sensing for cats) for MDV’s personal health management app Karteco, as the planned large-scale advertising campaign was pushed back following a delay in the launch of the content.The firm is guiding for FY24 annual dividend of ¥6.5/share (unchanged from FY23) and generates a dividend pay-out ratio of 138.0% based on the revised FY24 EPS forecast of ¥4.71.

Medical Data Vision Co., Ltd (4971 JP): Research Update

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Keisei Electric Railway Co / Event-Driven

<ul>
<li>The Palliser/<a href="https://www.smartkarma.com/entities/keisei-electric-railway-co" target="_blank" data-smartkarma-citation="entities:10876:1" rel="noopener">Keisei Electric Railway Co (9009 JP)</a> is an unconvincing trade. Avoid being long Keisei vs <a href="https://www.smartkarma.com/entities/oriental-land-co-ltd" target="_blank" data-smartkarma-citation="entities:13517:1" rel="noopener">Oriental Land (4661 JP)</a> except in short-term impact events. Avoid the drift trade also.</li>
<li>On the subject of activism, keep an eye on <a href="https://www.smartkarma.com/entities/china-merchants-china-direct-investments" target="_blank" data-smartkarma-citation="entities:6862:1" rel="noopener">China Merchants China Direct Investments (133 HK)</a>'s 20th June AGM. If Kan's re-election is rejected, this stock should gain more momentum.</li>
<li>A <a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a>/Chemist Warehouse merger carried regulatory risk. And now the ACCC has raised a raft of concerns. </li>
</ul>


The Palliser/Keisei Electric Railway Co (9009 JP) is an unconvincing trade. Avoid being long Keisei vs Oriental Land (4661 JP) except in short-term impact events. Avoid the drift trade also.
On the subject of activism, keep an eye on China Merchants China Direct Investments (133 HK)'s 20th June AGM. If Kan's re-election is rejected, this stock should gain more momentum.
A Sigma Healthcare (SIG AU)/Chemist Warehouse merger carried regulatory risk. And now the ACCC has raised a raft of concerns. 


Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii

Japan

Medical Data Vision Co.,Ltd. was founded in 2003. The company's line of business includes developing integrated medical information systems, analysis of medical information, and business consulting for medical institutions.

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Medical Data Vision (3902 JP)

Medical Data Vision Co., Ltd (3902 JP): Research Update

FY25 1H results summary Medical Data Vision [MDV] reported FY25 1H (Dec year-end) results with sales coming in largely in line with the firm’s...

Nippon Investment Bespoke Research UK

Medical Data Vision Co., Ltd. (3902 JP): Research Update

Medical Data Vision [MDV] reported FY25 Q1 (Dec year-end) results with sales coming in largely in line with the firm’s guidance while operating...

Nippon Investment Bespoke Research UK

Medical Data Vision Co., Ltd (3902 JP): Research Update

Medical Data Vision [MDV] reported FY24 (Dec year-end) earnings results with full-year gross profit [GP] of ¥4,331mil (-13.9% YoY), an operating...

Nippon Investment Bespoke Research UK

Medical Data Vision Co., Ltd (4971 JP): Research Update

MDV revised down its full-year FY24 guidance (discussed in more details on p.5) given the Q3 result [Q1~Q3 gross profit [GP] of ¥3,055mil (-12.8%...

Nippon Investment Bespoke Research UK

Last Week in Event SPACE: Keisei Electric, CMCDI, Sigma Healthcare, Sun Corp, Segantii

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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