Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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> reported Q2FY22 revenue ahead of guidance, mainly driven by demand recovery in the surgical segment and positive effect of foreign exchange. However, profitability declined year-over-year.</li>
<li>Despite revenue beat in H1FY22, management reiterated FY22 guidance due to geographical risk. Outlook seems to be uncertain for China and India, which together contribute 33% of total revenue.</li>
<li>Mani shares plunged 20% since I published bearish note on the company in January 2022. Investors should avoid Mani due to its uncertain revenue outlook and deteriorating profitability in short-term.</li>
</ul>



Mani Inc (7730 JP) reported Q2FY22 revenue ahead of guidance, mainly driven by demand recovery in the surgical segment and positive effect of foreign exchange. However, profitability declined year-over-year.
Despite revenue beat in H1FY22, management reiterated FY22 guidance due to geographical risk. Outlook seems to be uncertain for China and India, which together contribute 33% of total revenue.
Mani shares plunged 20% since I published bearish note on the company in January 2022. Investors should avoid Mani due to its uncertain revenue outlook and deteriorating profitability in short-term.


Mani Inc (7730 JP): Q2 Result Exceeds Expectation Aided by Demand Recovery; FY22 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> shares have plunged 19% since we have published our bearish insight on the company on January 13.</li>
<li>FY22 guidance implies 22% and 56%, y/y, decline in operating profit and profit attributable to owners of parent, respectively, in Q2FY22.</li>
<li>We are cautious on H2FY22 recovery and financial performance of Mani due to worsening COVID-19 condition in China, which is one of its major markets.</li>
</ul>



Mani Inc (7730 JP) shares have plunged 19% since we have published our bearish insight on the company on January 13.
FY22 guidance implies 22% and 56%, y/y, decline in operating profit and profit attributable to owners of parent, respectively, in Q2FY22.
We are cautious on H2FY22 recovery and financial performance of Mani due to worsening COVID-19 condition in China, which is one of its major markets.


Mani (7730 JP): Profit to Decline in Q2; China’s Worsening COVID Outbreak to Weigh on H2 Performance

<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> offers medical devices, which are mainly used in the elective procedures including cataract surgery and dental procedures.</li>
<li>In FY21, the company missed its guidance for both revenue and operating income by 2% and 5%, respectively, due to higher-than-expected impact of the COVID-19.</li>
<li>With the rising cases of highly infectious Omicron variant of the COVID-19 in major operating regions, the company is expected to miss or lower its FY22 guidance.</li>
</ul>



Mani Inc (7730 JP) offers medical devices, which are mainly used in the elective procedures including cataract surgery and dental procedures.
In FY21, the company missed its guidance for both revenue and operating income by 2% and 5%, respectively, due to higher-than-expected impact of the COVID-19.
With the rising cases of highly infectious Omicron variant of the COVID-19 in major operating regions, the company is expected to miss or lower its FY22 guidance.


Mani Inc (7730 JP): No Immediate Respite Seen

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Q & M Dental Group (Singapore) / Equity Bottom-Up

10 in 10 with Q & M Dental - No Teething Issues

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

ja research

ja research is an independent research platform focused exclusively on Japanese equities. Leveraging data and graphic analysis provided by Japan Analytics, we provide insights on small and medium-sized companies that have been ignored by the sell-side as well as challenging conventional wisdom on larger companies. We also offer analyst and corporate access, the latter with translation if required. 

Quantitative Analysis

<div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/087/536/original/2019-05-12_08-28-48.png?1557617338" class="editor-image img-responsive" data-smartkarma-image-id="87536"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/087/537/original/2019-05-12_08-29-53.png?1557617406" class="editor-image img-responsive" data-smartkarma-image-id="87537"></figure><p>Source: Japan Analytics</p>
</div><p><strong>SLIP-SLIDIN' AWAY</strong> - Japanese equities have lost 3.9% in the last holiday-shortened week and 4.6% or ¥30t since the bear-market rally peak on 17th April. The new Reiwa 令和 era has yet to see a positive close and the Bank of Japan has intervened to buy ETFs on three out of the last six trading days. A ¥2 appreciation in the Yen has cushioned the blow for non-resident/unhedged investors. For the first time since October 2018, the 50-day moving average of Total Market Value has been decisively breached. The remaining bulls will now be looking for a 'higher low' between ¥600t and ¥625t. </p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/087/533/original/2019-05-12_08-13-49.png?1557616440" class="editor-image img-responsive" data-smartkarma-image-id="87533"></figure><div class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/087/538/original/2019-05-12_08-38-11.png?1557617904" class="editor-image img-responsive" data-smartkarma-image-id="87538"></figure><p>Source: Japan Analytics</p>
</div><p><strong>BOUNCE AHEAD</strong> - The 5-day Relative Strength Index suggests a short-term recovery in the coming week, or until China announces its 'retaliation' measures to counter the recently-expanded US tariffs. 'Japan Inc.' is now voicing concerns about Japan's trade practices becoming the next focus for the US Trade Representative. Our Value Traded Ratio has also seen the strongest upward move- from 28 (the lowest level in nine months) to 53 (the highest since 21st December) in only eight trading days. Such sharp moves usually mark short-term low points.</p><p><strong>RESULTS &amp; REVISIONS</strong> - In the last four trading days, 1,153 Japanese companies have reported quarterly results, and there have been 855 initial forecasts for FY2020, 101 revision to annual forecasts, 598 initial interim estimates and ten revisions to interim forecasts. We are now at the halfway point of the Spring results announcements.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/087/539/original/2019-05-12_11-25-42.png?1557627962" class="editor-image img-responsive" data-smartkarma-image-id="87539"></figure><div class="content-caption">Source: Japan Analytics</div><p><strong>RESULTS &amp; REVISION SCORE</strong> - Our scoring methodology continues to have a reasonable correlation (0.79) with the Total Market Value. In the DETAIL section below we will analyse the breakdown the three components of the score, update our Sector Scores and look at the best and worst large-cap company results over the week. In the meantime, Simon &amp; Garfunkel can provide some light relief.</p><center><iframe src="https://www.youtube.com/embed/ZNt5FnMK2sM" width="854" height="480" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen="allowfullscreen"></iframe></center><div class="content-caption">Simon &amp; Garfunkel: Slip-Slidin' Away - The Concert in Central Park, September 19, 1981</div>


Source: Japan Analytics
SLIP-SLIDIN' AWAY - Japanese equities have lost 3.9% in the last holiday-shortened week and 4.6% or ¥30t since the bear-market rally peak on 17th April. The new Reiwa 令和 era has yet to see a positive close and the Bank of Japan has intervened to buy ETFs on three out of the last six trading days. A ¥2 appreciation in the Yen has cushioned the blow for non-resident/unhedged investors. For the first time since October 2018, the 50-day moving average of Total Market Value has been decisively breached. The remaining bulls will now be looking for a 'higher low' between ¥600t and ¥625t. 
Source: Japan Analytics
BOUNCE AHEAD - The 5-day Relative Strength Index suggests a short-term recovery in the coming week, or until China announces its 'retaliation' measures to counter the recently-expanded US tariffs. 'Japan Inc.' is now voicing concerns about Japan's trade practices becoming the next focus for the US Trade Representative. Our Value Traded Ratio has also seen the strongest upward move- from 28 (the lowest level in nine months) to 53 (the highest since 21st December) in only eight trading days. Such sharp moves usually mark short-term low points.RESULTS &amp; REVISIONS - In the last four trading days, 1,153 Japanese companies have reported quarterly results, and there have been 855 initial forecasts for FY2020, 101 revision to annual forecasts, 598 initial interim estimates and ten revisions to interim forecasts. We are now at the halfway point of the Spring results announcements.Source: Japan AnalyticsRESULTS &amp; REVISION SCORE - Our scoring methodology continues to have a reasonable correlation (0.79) with the Total Market Value. In the DETAIL section below we will analyse the breakdown the three components of the score, update our Sector Scores and look at the best and worst large-cap company results over the week. In the meantime, Simon &amp; Garfunkel can provide some light relief.Simon &amp; Garfunkel: Slip-Slidin' Away - The Concert in Central Park, September 19, 1981

🇯🇵 Japan • Spring Results & Revisions & Market Update - Slip-Slidin' Away

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): Q2 Result Exceeds Expectation Aided by Demand Recovery; FY22 Guidance Reiterated

I am still bearish on Mani due to its revenue uncertainty caused by high exposure to China. Profitability is expected to decline in second half....

Tina Banerjee

Mani (7730 JP): Profit to Decline in Q2; China’s Worsening COVID Outbreak to Weigh on H2 Performance

China's worsening COIVD-19 outbreak and consequent lockdowns will negatively impact Mani's financial performance in H2FY22, as China is one of the...

Tina Banerjee

Mani Inc (7730 JP): No Immediate Respite Seen

Despite reporting double-digit revenue and operating profit growth in Q1, the company is expected to be negatively impacted by the resurgence of...

Tina Banerjee

10 in 10 with Q & M Dental - No Teething Issues

Singapore Exchange Ltd (SGX)

🇯🇵 Japan • Spring Results & Revisions & Market Update - Slip-Slidin' Away

SLIP-SLIDIN' AWAY - Japanese equities have lost 3.9% in the last holiday-shortened week and 4.6% or ¥30t since the bear-market rally peak on 17th...

Campbell Gunn

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