Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<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> announced strong FY23 result, with year-over-year improvement in sales and profit. While sales were just 1% ahead of forecast, net profit exceeded the guidance by 16%.</li>
<li>Outperformance was mainly driven by PALTAC business. Revenue from PALTAC increased 6% YoY to ¥1,104B, 2% ahead of forecast of ¥1,080B, fueled by 14% growth in OTC pharmaceutical products.</li>
<li>Medipal has guided for accelerated revenue growth of 3% YoY for its pharmaceutical wholesale business in FY24. In FY23, the business recorded revenue growth of 0.6% YoY.</li>
</ul>



Medipal Holdings (7459 JP) announced strong FY23 result, with year-over-year improvement in sales and profit. While sales were just 1% ahead of forecast, net profit exceeded the guidance by 16%.
Outperformance was mainly driven by PALTAC business. Revenue from PALTAC increased 6% YoY to ¥1,104B, 2% ahead of forecast of ¥1,080B, fueled by 14% growth in OTC pharmaceutical products.
Medipal has guided for accelerated revenue growth of 3% YoY for its pharmaceutical wholesale business in FY24. In FY23, the business recorded revenue growth of 0.6% YoY.


Medipal Holdings (7459 JP): Better-Than-Expected FY23 Result; Accelerated Growth Expected in FY24

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<li>Born of a merger between two not-very-well-known businesses 20 years ago, <a href="https://www.smartkarma.com/entities/alfresa-holdings-corp" target="_blank" data-smartkarma-citation="entities:10610:1" rel="noopener">Alfresa Holdings (2784 JP)</a> is still not very well known. It is in a boring, low-margin business. </li>
<li>The highest EBIT margin in the past two decades was.... 1.8%. ROE was in the 8-10% range for 2016-2020 but has since fallen below, as PBR has fallen below 1.0x.</li>
<li>Today, we got an <em>amended</em> Mid-Term Management Plan, a new dividend policy, and buyback of 10% of shares out based on last price. It's worth looking in the details.</li>
</ul>


Born of a merger between two not-very-well-known businesses 20 years ago, Alfresa Holdings (2784 JP) is still not very well known. It is in a boring, low-margin business. 
The highest EBIT margin in the past two decades was.... 1.8%. ROE was in the 8-10% range for 2016-2020 but has since fallen below, as PBR has fallen below 1.0x.
Today, we got an amended Mid-Term Management Plan, a new dividend policy, and buyback of 10% of shares out based on last price. It's worth looking in the details.


JAPAN BUYBACKS - Alfresa (2784) Cheap Stock, Uncheapening, Goes Big

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<li>
<a href="https://www.smartkarma.com/entities/alfresa-holdings-corp" target="_blank" data-smartkarma-citation="entities:10610:1" rel="noopener">Alfresa Holdings (2784 JP)</a> revised its consolidated performance forecast for FY23. Revenue, operating profit, and net profit forecast have been raised by 3%, 2%, and 21%, respectively.</li>
<li>This is attributed to greater-than-expected growth in ethical pharmaceuticals market and the company’s recovery from the bidding nomination suspension from medical institutions stemming from a violation of the Antimonopoly Act.</li>
<li>In March 2023, Alfresa received a cease and desist order and a surcharge payment order from the Japan Fair Trade Commission (FTC) in relation to violation of the Antimonopoly Act.</li>
</ul>



Alfresa Holdings (2784 JP) revised its consolidated performance forecast for FY23. Revenue, operating profit, and net profit forecast have been raised by 3%, 2%, and 21%, respectively.
This is attributed to greater-than-expected growth in ethical pharmaceuticals market and the company’s recovery from the bidding nomination suspension from medical institutions stemming from a violation of the Antimonopoly Act.
In March 2023, Alfresa received a cease and desist order and a surcharge payment order from the Japan Fair Trade Commission (FTC) in relation to violation of the Antimonopoly Act.


Alfresa Holdings (2784 JP): FY23 Result Is Expected to Exceed Previous Forecast

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<li>
<a href="https://www.smartkarma.com/entities/alfresa-holdings-corp" target="_blank" data-smartkarma-citation="entities:10610:1" rel="noopener">Alfresa Holdings (2784 JP)</a> reported better-than-expected H1FY23 results, with sales growth of 3% to ¥1,332 billion, 2% ahead of guidance of ¥1,304 billion, mainly driven by pharmaceutical wholesaling business.</li>
<li>With a revenue growth of 4.3% y/y, pharmaceutical wholesaling business outpaced the broad market growth of 2.7% and improved its market share to 23.3% at the end of H1FY23.</li>
<li>The company has announced an interim dividend of ¥28 per share. Despite reporting encouraging H1FY23 performance, Alfresa has reiterated its FY23 guidance, implying accelerated growth in H2FY23.</li>
</ul>



Alfresa Holdings (2784 JP) reported better-than-expected H1FY23 results, with sales growth of 3% to ¥1,332 billion, 2% ahead of guidance of ¥1,304 billion, mainly driven by pharmaceutical wholesaling business.
With a revenue growth of 4.3% y/y, pharmaceutical wholesaling business outpaced the broad market growth of 2.7% and improved its market share to 23.3% at the end of H1FY23.
The company has announced an interim dividend of ¥28 per share. Despite reporting encouraging H1FY23 performance, Alfresa has reiterated its FY23 guidance, implying accelerated growth in H2FY23.


Alfresa Holdings (2784 JP): H1FY23 Review- Better-Than-Expected Performance; Outlook Is Positive

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<li>
<a href="https://www.smartkarma.com/entities/suzuken-co-ltd" target="_blank" data-smartkarma-citation="entities:14996:1" rel="noopener">Suzuken Co Ltd (9987 JP)</a> last Friday announced earnings which beat expectations and raised forecasts well above consensus. But Implied H2 did not change, suggesting full-year is lowballed.</li>
<li>The company announced a buyback over 5 months, but today (Tuesday) announced a ToSTNeT-3 buyback for the full size (6% or so) that morning. </li>
<li>It looks like insider selling, which in addition to being accretive would be bullish on a governance basis.</li>
</ul>



Suzuken Co Ltd (9987 JP) last Friday announced earnings which beat expectations and raised forecasts well above consensus. But Implied H2 did not change, suggesting full-year is lowballed.
The company announced a buyback over 5 months, but today (Tuesday) announced a ToSTNeT-3 buyback for the full size (6% or so) that morning. 
It looks like insider selling, which in addition to being accretive would be bullish on a governance basis.


Suzuken Buyback (9987 JP) - The Best News In Years

Japan

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

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Medipal Holdings (7459 JP)