Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>Mani Inc (7730 JP) Q1FY26 revenue increased 2% YoY to ¥7.8B while operating margin improved 130bps to 28.8%. Dental segments reported margin improvement from 9.4% to 13.6%.</li>
<li>After receiving approval from Chinese regulatory authorities, Mani officially resumed dia-bur sales and expects a full recovery in sales from FY26.</li>
<li>FY26 guidance was reiterated and expect revenue rise 9% to ¥32.8B with impact of recalls subsiding. Profits and margins are also expected to witness a significant uptick.</li>
</ul>


Mani Inc (7730 JP) Q1FY26 revenue increased 2% YoY to ¥7.8B while operating margin improved 130bps to 28.8%. Dental segments reported margin improvement from 9.4% to 13.6%.
After receiving approval from Chinese regulatory authorities, Mani officially resumed dia-bur sales and expects a full recovery in sales from FY26.
FY26 guidance was reiterated and expect revenue rise 9% to ¥32.8B with impact of recalls subsiding. Profits and margins are also expected to witness a significant uptick.


Mani Inc (7730 JP): Margins Expand in Q1FY26, Dia-Bur Sale Resume in China, FY26 Guidance Reiterated

<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> FY25 revenue increased 5% YoY to ¥29.9B while Operating margin deteriorated to 27.3%, down 210bps. Dental segment reported the worst margin decline from 18.7% to 11.7%.</li>
<li>The company said that the impact voluntary recall of dia-burs in China has subsided in FY25, and expects a full recovery in sales from FY26.</li>
<li>FY26 guidance expect revenue rise 9% to ¥32.8B with impact of recalls subsiding. Profits and margins are also expected to witness a significant uptick.</li>
</ul>



Mani Inc (7730 JP) FY25 revenue increased 5% YoY to ¥29.9B while Operating margin deteriorated to 27.3%, down 210bps. Dental segment reported the worst margin decline from 18.7% to 11.7%.
The company said that the impact voluntary recall of dia-burs in China has subsided in FY25, and expects a full recovery in sales from FY26.
FY26 guidance expect revenue rise 9% to ¥32.8B with impact of recalls subsiding. Profits and margins are also expected to witness a significant uptick.


Mani Inc (7730 JP): FY26 Guidance Point Towards a Recovery, Unleashing A Long-Term Play Mode

<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> 9MFY25 revenue increased 3% YoY to ¥22.3B mainly due to strong sales of Surgical products and Eyeless Needle products, while Dental segment sales dipped on recall.</li>
<li>Operating margin deteriorated to 27.5% in 9MFY25, down 260bps. Segment wise, dental segment reported the worst operating margin decline from 19.6% to 10.4%.</li>
<li>Management revised FY25 guidance downwards, now expecting revenue to be ¥29.6B (previous guidance ¥30.2B), up 3.8% YoY. Profits and margins also witnessed a downward revision.</li>
</ul>



Mani Inc (7730 JP) 9MFY25 revenue increased 3% YoY to ¥22.3B mainly due to strong sales of Surgical products and Eyeless Needle products, while Dental segment sales dipped on recall.
Operating margin deteriorated to 27.5% in 9MFY25, down 260bps. Segment wise, dental segment reported the worst operating margin decline from 19.6% to 10.4%.
Management revised FY25 guidance downwards, now expecting revenue to be ¥29.6B (previous guidance ¥30.2B), up 3.8% YoY. Profits and margins also witnessed a downward revision.


Mani Inc (7730 JP): Dental Recalls Still a Pain Point, Guidance Revised Downwards

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO.</li>
<li>Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine</li>
<li>In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.</li>
</ul>



Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine
In our previous note, we looked at its past performance and the deal dynamics. In this note, look at the trading dynamics.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/kitazato-corp" target="_blank" data-smartkarma-citation="entities:45255:1" rel="noopener">Kitazato (368A JP)</a> manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.</li>
<li>Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.</li>
<li>In our previous note, we looked at its past performance and other deal dynamics that might impact the listing. In this note, look at the firm’s valuation.</li>
</ul>



Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.
Kitazato specializes in artificial insemination, in vitro fertilization, cell cryopreservation and reproductive engineering technologies in regenerative medicine.
In our previous note, we looked at its past performance and other deal dynamics that might impact the listing. In this note, look at the firm’s valuation.


Kitazato IPO - Isn’t Particularly Enticing Apart from the Dividend Yield

Japan

NAKANISHI INC. manufactures gyration equipment for dental and industry use. The Company's products include precision spindles and hand-held grinders.

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Nakanishi Inc (7716 JP)

Mani Inc (7730 JP): Margins Expand in Q1FY26, Dia-Bur Sale Resume in China, FY26 Guidance Reiterated

Mani Inc saw revenue growth and margin improvement in Q1FY26, expects full recovery in sales with dia-bur resumption in China and reiterated FY26...

Tina Banerjee

Mani Inc (7730 JP): FY26 Guidance Point Towards a Recovery, Unleashing A Long-Term Play Mode

Mani Inc FY25 revenue up 5% to ¥29.9B, operating margin down to 27.3%. Recalls drag Dental segment. Expect full sales recovery in FY26, revenue to...

Tina Banerjee

Mani Inc (7730 JP): Dental Recalls Still a Pain Point, Guidance Revised Downwards

Mani's dental segment reported sales drop of 10% in 9MFY25, with the segment reporting the worst operating margin decline from 19.6% to 10.4%....

Tina Banerjee

Kitazato IPO Trading - Demand Was Strong

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO. In this...

Sumeet Singh

Kitazato IPO - Isn’t Particularly Enticing Apart from the Dividend Yield

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.

Sumeet Singh

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52-week Range

Market Cap (USDm)

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Mani Inc (7730 JP): Margins Expand in Q1FY26, Dia-Bur Sale Resume in China, FY26 Guidance Reiterated

​Mani Inc saw revenue growth and margin improvement in Q1FY26, expects full recovery in sales with dia-bur resumption in China and reiterated FY26...

Tina Banerjee

Mani Inc (7730 JP): FY26 Guidance Point Towards a Recovery, Unleashing A Long-Term Play Mode

​Mani Inc FY25 revenue up 5% to ¥29.9B, operating margin down to 27.3%. Recalls drag Dental segment. Expect full sales recovery in FY26, revenue to...

Tina Banerjee

Mani Inc (7730 JP): Dental Recalls Still a Pain Point, Guidance Revised Downwards

​Mani's dental segment reported sales drop of 10% in 9MFY25, with the segment reporting the worst operating margin decline from 19.6% to 10.4%....

Tina Banerjee

Kitazato IPO Trading - Demand Was Strong

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It raised around US$130m in its Japan IPO. In this...

Sumeet Singh

Kitazato IPO - Isn’t Particularly Enticing Apart from the Dividend Yield

Kitazato (368A JP) manufactures and sells medical devices and products for fertility treatment. It aims to raise around US$130m in its Japan IPO.

Sumeet Singh

Mani Inc saw revenue growth and margin improvement in Q1FY26, expects full recovery in sales with dia-bur resumption in China and reiterated FY26...

Mani Inc FY25 revenue up 5% to ¥29.9B, operating margin down to 27.3%. Recalls drag Dental segment. Expect full sales recovery in FY26, revenue to...

Mani's dental segment reported sales drop of 10% in 9MFY25, with the segment reporting the worst operating margin decline from 19.6% to 10.4%....