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

Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

<ul>
<li>The merger of Tsuruha and Welcia got the green light in May and will further galvanise the sector to consolidate, especially in prescriptions due to the shortage of qualified staff.</li>
<li>Which is why Ain has confirmed the acquisition of Kanto-based prescription drug chains operated by Kraft. </li>
<li>The move will help maintain Ain’s dominance in the dispensing pharmacy sector and encourage further M&amp;A.</li>
</ul>


The merger of Tsuruha and Welcia got the green light in May and will further galvanise the sector to consolidate, especially in prescriptions due to the shortage of qualified staff.
Which is why Ain has confirmed the acquisition of Kanto-based prescription drug chains operated by Kraft. 
The move will help maintain Ain’s dominance in the dispensing pharmacy sector and encourage further M&amp;A.


Ain's Purchase of Kraft a Sign of More Drugstore M&A to Come

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>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

<ul><li>Sales increased by 5.6% YoY to JPY175.6bn, but operating profit decreased by 87.5% YoY to JPY423mn.</li><li>Pharmaceutical Manufacturing and Sales business faced a 4.5% YoY sales decline to JPY19.6bn, with an operating loss of JPY652mn.</li><li>Sales in the pharmacist staffing and physician placement business rose 21.8% YoY to JPY6.0bn, with operating profit up 9.7% YoY.</li></ul>

Sales increased by 5.6% YoY to JPY175.6bn, but operating profit decreased by 87.5% YoY to JPY423mn.Pharmaceutical Manufacturing and Sales business faced a 4.5% YoY sales decline to JPY19.6bn, with an operating loss of JPY652mn.Sales in the pharmacist staffing and physician placement business rose 21.8% YoY to JPY6.0bn, with operating profit up 9.7% YoY.

Nihon Chouzai (3341 JP): 1H FY03/25 flash update

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)

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

Dispensing Pharmacy chain Nihon Chouzai gets a PE deal as the family sells out. Process was pretty good therefore price was going to be "OK"....

Travis Lundy