Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/as-one-corporation" target="_blank" data-smartkarma-citation="entities:13040:1" rel="noopener">AS ONE Corporation (7476 JP)</a>'s revenue rose 9% YoY to ¥104B as growth was witnessed across segments in FY25. Operating profit grew 11% YoY to ¥11.6B (margin: 11.2%, up 30bps).  </li>
<li>E-Commerce revenue was ¥34B (up 22% YoY) contributing 33% of total sales. Product offering increased by 1.8M SKUs YoY to 12.4M SKUs.</li>
<li>For FY26, As One expects consistent growth in revenue and profits. The company unveiled new medium-term plan, with an aim to maintain an average annual growth rate of 7–8%.</li>
</ul>



AS ONE Corporation (7476 JP)'s revenue rose 9% YoY to ¥104B as growth was witnessed across segments in FY25. Operating profit grew 11% YoY to ¥11.6B (margin: 11.2%, up 30bps).  
E-Commerce revenue was ¥34B (up 22% YoY) contributing 33% of total sales. Product offering increased by 1.8M SKUs YoY to 12.4M SKUs.
For FY26, As One expects consistent growth in revenue and profits. The company unveiled new medium-term plan, with an aim to maintain an average annual growth rate of 7–8%.


As One Corp (7476 JP): Nothing Unscientific About the Growth Prospects, As One Precedes

Thematic (Sector/Industry)

<ul>
<li>Eoflow Has been ordered by the U.S. Court to pay $452M as damages. Celltrion has submitted clinical trial application for CT-P44 (Darzalex biosimilar) to the FDA.</li>
<li>Takeda Pharmaceutical entered into an exclusive licensing agreement to develop and commercialize a late-stage oncology drug candidate. Medipal and JCR Pharmaceuticals initiated the Phase I/II trial of JR-446 in Japan.</li>
<li>SanBio has completed second production run for Akuugo suspension for intracranial implantation. Aurobindo Pharma’s U.S. arm Eugia has received final approval from the FDA to manufacture and market Pazopanib Tablets.</li>
</ul>


Eoflow Has been ordered by the U.S. Court to pay $452M as damages. Celltrion has submitted clinical trial application for CT-P44 (Darzalex biosimilar) to the FDA.
Takeda Pharmaceutical entered into an exclusive licensing agreement to develop and commercialize a late-stage oncology drug candidate. Medipal and JCR Pharmaceuticals initiated the Phase I/II trial of JR-446 in Japan.
SanBio has completed second production run for Akuugo suspension for intracranial implantation. Aurobindo Pharma’s U.S. arm Eugia has received final approval from the FDA to manufacture and market Pazopanib Tablets.


APAC Healthcare Weekly (Dec 8)- Eoflow, Celltrion, Takeda, Medipal, SanBio, Aurobindo Pharma

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Sun Pharmaceutical Industries / Technical Analysis

<ul>
<li>Our long-term bullish outlook (since early-November 2023) remains intact. With that said, we believe a 1-3-month pullback has likely begun.</li>
<li>Supports to watch are at $110 on MSCI ACWI (ACWI-US) and $41-42 on MSCI EM (EEM-US), and whether these levels hold or not will determine the severity of the pullback.</li>
<li>The S&amp;P 500 is violating its 20-day MA, Europe's EURO STOXX 50 is breaking below 4884, and Japan's TOPIX appears to be staging a false breakout at the 2800-2815 level</li>
</ul>


Our long-term bullish outlook (since early-November 2023) remains intact. With that said, we believe a 1-3-month pullback has likely begun.
Supports to watch are at $110 on MSCI ACWI (ACWI-US) and $41-42 on MSCI EM (EEM-US), and whether these levels hold or not will determine the severity of the pullback.
The S&amp;P 500 is violating its 20-day MA, Europe's EURO STOXX 50 is breaking below 4884, and Japan's TOPIX appears to be staging a false breakout at the 2800-2815 level


Pullback Underway; Getting Defensive; Long-Term RS Bottoms for Defensives Is a Reason for Caution

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medipal-holdings-corp" target="_blank" data-smartkarma-citation="entities:18394:1" rel="noopener">Medipal Holdings (7459 JP)</a> reported FY24 result, with revenue and net profit beating and operating profit missing guidance. FY24 revenue increased 6% YoY, driven by growth across all business segments.</li>
<li>The company is anticipating an upturn in revenue and operating profit in FY25. However, FY25 net profit is expected to fall due to the absence of extraordinary income.</li>
<li>The company has announced a share buy-back plan to purchase up to 2.5M shares for ¥5B from May 15, 2024 to August 30, 2024.  </li>
</ul>



Medipal Holdings (7459 JP) reported FY24 result, with revenue and net profit beating and operating profit missing guidance. FY24 revenue increased 6% YoY, driven by growth across all business segments.
The company is anticipating an upturn in revenue and operating profit in FY25. However, FY25 net profit is expected to fall due to the absence of extraordinary income.
The company has announced a share buy-back plan to purchase up to 2.5M shares for ¥5B from May 15, 2024 to August 30, 2024.  


Medipal Holdings (7459 JP): Mixed FY24 Result; Growth to Continue in FY25; Buyback Plan Announced

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today after the close, <a href="https://www.smartkarma.com/entities/sbi-holdings-inc" target="_blank" data-smartkarma-citation="entities:10928:1" rel="noopener">SBI Holdings (8473 JP)</a> - which currently owns 32.4% of <a href="https://www.smartkarma.com/entities/medical-data-vision-co-ltd" target="_blank" data-smartkarma-citation="entities:8367:1" rel="noopener">Medical Data Vision (3902 JP)</a> - announced it would buy another 1.91mm shares over 7mos.</li>
<li>This market purchase would lift them to ~37.4% by year-end. Interestingly, they plan to go through the one-third level without a Tender Offer. But their buying history hasn't been great. </li>
<li>SBI bought 20% in 2020. It fell by half. They bought another 5%. Then it dropped 50%, so they bought another 5%. Now -25% so they are buying another 5%.</li>
</ul>


Today after the close, SBI Holdings (8473 JP) - which currently owns 32.4% of Medical Data Vision (3902 JP) - announced it would buy another 1.91mm shares over 7mos.
This market purchase would lift them to ~37.4% by year-end. Interestingly, they plan to go through the one-third level without a Tender Offer. But their buying history hasn't been great. 
SBI bought 20% in 2020. It fell by half. They bought another 5%. Then it dropped 50%, so they bought another 5%. Now -25% so they are buying another 5%.


Medical Data Vision (3902) - SBI Upping Their Stake AGAIN In The Market

Japan

MEDIPAL HOLDINGS CORPORATION manufactures and sells medical tools and equipment, nursing equipment, and wholesales pharmaceuticals.

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Medipal Holdings (7459 JP)

As One Corp (7476 JP): Nothing Unscientific About the Growth Prospects, As One Precedes

AS ONE Corp's revenue and operating profit grew in FY25, with E-Commerce revenue up 22% YoY. The company unveiled new medium-term plan, with an...

Tina Banerjee

APAC Healthcare Weekly (Dec 8)- Eoflow, Celltrion, Takeda, Medipal, SanBio, Aurobindo Pharma

The insight covers key developments in prominent APAC healthcare companies. These developments are expected to impact the financials of the...

Tina Banerjee

Pullback Underway; Getting Defensive; Long-Term RS Bottoms for Defensives Is a Reason for Caution

Pullback Underway $ACWI $SPX; Getting Defensive; Long-Term RS Bottoms for Defensive Sectors is a Reason for Caution. Buys in Health Care,...

Vermilion Research