Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

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<li>
<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> was IPOed in 2014. MitCorp sold. Others sold. Fujifilm and Medipal stayed in. The stock ran up. SBI bought from Fujifilm in Nov2020 at ¥2355.</li>
<li>The stock fell, SBI bought more in 2021-2022. Then it fell more in 2023 and SBI bought more, then fell more in 2024 and SBI bought more. </li>
<li>The Nikkei <a href="https://www.nikkei.com/article/DGXZQOUB115D70R10C25A9000000/" target="_blank" rel="noopener">reports</a> today that Nippon Life will announce a TOB on 15 December with a max price of ¥60bn (242% premium), which coincidentally would bring SBI close to breakeven.</li>
</ul>



Medical Data Vision (3902 JP) was IPOed in 2014. MitCorp sold. Others sold. Fujifilm and Medipal stayed in. The stock ran up. SBI bought from Fujifilm in Nov2020 at ¥2355.
The stock fell, SBI bought more in 2021-2022. Then it fell more in 2023 and SBI bought more, then fell more in 2024 and SBI bought more. 
The Nikkei reports today that Nippon Life will announce a TOB on 15 December with a max price of ¥60bn (242% premium), which coincidentally would bring SBI close to breakeven.


[Japan M&A?] Nikkei Reports Nippon Life to Buy Medical Data Vision (3902) For ~¥60bn

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<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

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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> 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

<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

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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> reported better-than-expected Q1FY24 result, due to an increase in specialty drug distribution contracts and a larger than expected contribution from products related to COVID-19.</li>
<li>In Q1FY24, revenue increased 4% to ¥573.6B, driven by 4% YoY growth in pharmaceutical distribution business, due to increased sales of new drugs such as specialty drugs and COVID-19 therapeutics.</li>
<li>The company guided for FY24 revenue of ¥2,231.9B, down 4% YoY. Operating profit is expected to decline 48% YoY to ¥17B. Net profit is guided at ¥13B, down 36% YoY.</li>
</ul>



Suzuken Co Ltd (9987 JP) reported better-than-expected Q1FY24 result, due to an increase in specialty drug distribution contracts and a larger than expected contribution from products related to COVID-19.
In Q1FY24, revenue increased 4% to ¥573.6B, driven by 4% YoY growth in pharmaceutical distribution business, due to increased sales of new drugs such as specialty drugs and COVID-19 therapeutics.
The company guided for FY24 revenue of ¥2,231.9B, down 4% YoY. Operating profit is expected to decline 48% YoY to ¥17B. Net profit is guided at ¥13B, down 36% YoY.


Suzuken Co Ltd (9987 JP): Better-Than-Expected Q1FY24 Result; Full Year Guidance Reiterated

Japan

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

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Medipal Holdings (7459 JP)

[Japan M&A?] Nikkei Reports Nippon Life to Buy Medical Data Vision (3902) For ~¥60bn

The Nikkei reports Nippon Life will launch a TOB to buy out Medical Data Vision at "up to ¥60bn", announcing it tomorrow. That is a whopping 240%...

Travis Lundy

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