Research Coverage of Japanese Listed Companies, Shared Research Inc

Shared Research

Research Coverage of Japanese Listed Companies

Shared Research Inc

Pioneering research coverage of Japanese listed companies. Now customizable and interactive for global institutional investors. Corporate access reimagined.

Equity Bottom-Up

<ul><li>The company reported sales of JPY94.2bn (+8.9% YoY), operating profit of JPY1.6bn, and recurring profit of JPY1.5bn.</li><li>Dispensing Pharmacy business sales reached JPY84.0bn (+9.6% YoY) with operating profit rising to JPY3.0bn (+72.6% YoY).</li><li>Pharmaceutical Manufacturing and Sales business sales rose to JPY10.5bn (+5.7% YoY) with operating profit at JPY123mn.</li></ul>

The company reported sales of JPY94.2bn (+8.9% YoY), operating profit of JPY1.6bn, and recurring profit of JPY1.5bn.Dispensing Pharmacy business sales reached JPY84.0bn (+9.6% YoY) with operating profit rising to JPY3.0bn (+72.6% YoY).Pharmaceutical Manufacturing and Sales business sales rose to JPY10.5bn (+5.7% YoY) with operating profit at JPY123mn.

Nihon Chouzai (3341 JP): Q1 FY03/26 flash update

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This family-owned dispensing pharmacy business saw the founding family decide to bail a year ago. So the company decided to set up a sales process.</li>
<li>This process was a model for how this kind of sale process should be conducted. Multiple parties. Easy accommodation. Getting experts in.</li>
<li>This should be a done deal because the family and cross-holders/insiders get them to the minimum.</li>
</ul>


This family-owned dispensing pharmacy business saw the founding family decide to bail a year ago. So the company decided to set up a sales process.
This process was a model for how this kind of sale process should be conducted. Multiple parties. Easy accommodation. Getting experts in.
This should be a done deal because the family and cross-holders/insiders get them to the minimum.


[Japan M&A] Nihon Chouzai (3341 JP) Gets the Deal Done - Nice Process, Nice Price

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nihon-chouzai-co-ltd" target="_blank" data-smartkarma-citation="entities:5873:1" rel="noopener">Nihon Chouzai (3341 JP)</a> has recommended a tender offer from Advantage Partners and LYFE Capital at JPY3,927, a 163.6% premium to the undisturbed price of JPY1,490.</li>
<li>The offer, which resulted from an auction, represents an all-time high and is above the mid-point of the IFA DCF valuation range. </li>
<li>The significant irrevocables and low required tendering rate suggests a done deal. At the last close, the gross spread was 11.7%. </li>
</ul>



Nihon Chouzai (3341 JP) has recommended a tender offer from Advantage Partners and LYFE Capital at JPY3,927, a 163.6% premium to the undisturbed price of JPY1,490.
The offer, which resulted from an auction, represents an all-time high and is above the mid-point of the IFA DCF valuation range. 
The significant irrevocables and low required tendering rate suggests a done deal. At the last close, the gross spread was 11.7%. 


Nihon Chouzai (3341 JP): Advantage Partners/LYFE Capital’s Attractive Tender Offer

<ul><li>Sales increased by 5.9% YoY to JPY360.5bn, but operating profit decreased by 31.8% YoY to JPY6.2bn. </li><li>Pharmaceutical Manufacturing faced a JPY630mn operating loss due to NHI drug price revisions and manufacturing deficiencies. </li><li>FY03/26 forecasts sales of JPY372.8bn (+3.4% YoY) and net income of JPY3.5bn (+151.6% YoY).</li></ul>

Sales increased by 5.9% YoY to JPY360.5bn, but operating profit decreased by 31.8% YoY to JPY6.2bn. Pharmaceutical Manufacturing faced a JPY630mn operating loss due to NHI drug price revisions and manufacturing deficiencies. FY03/26 forecasts sales of JPY372.8bn (+3.4% YoY) and net income of JPY3.5bn (+151.6% YoY).

Nihon Chouzai (3341 JP): Full-year FY03/25 flash update

David Blennerhassett

Hangzhou Kangji Medical Instrument Co., Ltd. / Event-Driven

Hangzhou Kangji Medical Instrument Co., Ltd.

<ul>
<li>For Sep 2025, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$3bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in September was ~56%, with a year-to-date average of ~48%.</li>
<li>The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For Sep 2025, nine new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of only ~US$3bn.
The average premium for the new transactions announced (or first discussed) in September was ~56%, with a year-to-date average of ~48%.
The average premiums for transactions in 2024 (129 transactions), 2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%.


(Mostly) Asia M&A, Sep 2025 Wrap: ReNew Energy Global, Digital Hold., Mandom, Paramount Bed, Spindex

Japan

NIHON CHOUZAI Co., Ltd. operates a drug store chain in Japan.  The Company manages drug prescriptions, orders, and inventories of all stores through an online system.

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Nihon Chouzai (3341 JP)