Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Paramount Bed Holdings Co Lt / Equity Bottom-Up

<ul>
<li>In Q1FY24, <a href="https://www.smartkarma.com/entities/paramount-bed-holdings-co-lt" target="_blank" data-smartkarma-citation="entities:17808:1" rel="noopener">Paramount Bed Holdings Co Lt (7817 JP)</a> reported 7% YoY revenue growth to ¥24B, due to solid performance in the medical care and the nursing care businesses.</li>
<li>Due to higher SG&amp;A expenses, operating profit grew just 2% YoY to ¥3.3B. Net profit rose 7% YoY to ¥2.9B, mainly due to 13% YoY increase in foreign exchange gains.</li>
<li>Paramount has reiterated FY24 guidance, which calls for 6% YoY revenue growth, 4% YoY operating profit growth, and 6% YoY growth in net profit.</li>
</ul>


In Q1FY24, Paramount Bed Holdings Co Lt (7817 JP) reported 7% YoY revenue growth to ¥24B, due to solid performance in the medical care and the nursing care businesses.
Due to higher SG&amp;A expenses, operating profit grew just 2% YoY to ¥3.3B. Net profit rose 7% YoY to ¥2.9B, mainly due to 13% YoY increase in foreign exchange gains.
Paramount has reiterated FY24 guidance, which calls for 6% YoY revenue growth, 4% YoY operating profit growth, and 6% YoY growth in net profit.


Paramount Bed Holdings (7817 JP): In-Line Q1 Result; FY24 Guidance Reaffirmed

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paramount-bed-holdings-co-lt" target="_blank" data-smartkarma-citation="entities:17808:1" rel="noopener">Paramount Bed Holdings Co Lt (7817 JP)</a> reported all-time high revenue and profit in FY23, driven by increased demand and price revision effect. The company has announced dividend of ¥59/share.</li>
<li>For FY24, Paramount expects revenue growth of 6% to ¥105B, driven by expanding recurring revenue. Operating and net profits are expected to increase 4% and 6%, YoY, respectively, in FY24.</li>
<li>Through business expansion and new product launches, the company is on track to achieve mid-term target of revenue of ¥120B and operating income of ¥17B in FY27.</li>
</ul>



Paramount Bed Holdings Co Lt (7817 JP) reported all-time high revenue and profit in FY23, driven by increased demand and price revision effect. The company has announced dividend of ¥59/share.
For FY24, Paramount expects revenue growth of 6% to ¥105B, driven by expanding recurring revenue. Operating and net profits are expected to increase 4% and 6%, YoY, respectively, in FY24.
Through business expansion and new product launches, the company is on track to achieve mid-term target of revenue of ¥120B and operating income of ¥17B in FY27.


Paramount Bed (7817 JP): All-Time Revenue and Profit in FY23; Further Upside Potential Remains

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paramount-bed-holdings-co-lt" target="_blank" data-smartkarma-citation="entities:17808:1" rel="noopener">Paramount Bed Holdings Co Lt (7817 JP)</a> announced record high sales in FY22, driven by strong demand of hospital beds and achieved management target two year ahead of plan.</li>
<li>While near-term challenges including high input cost and semiconductor supply shortage negatively impact FY23 performance, Paramount aims to achieve 33% revenue growth and 50bps operating margin expansion during FY22–27.   </li>
<li>Paramount is a strong play on COVID recovery. The shares gained 15% since I published bullish note on the company on January 17, 2022. More stream is still left.   </li>
</ul>



Paramount Bed Holdings Co Lt (7817 JP) announced record high sales in FY22, driven by strong demand of hospital beds and achieved management target two year ahead of plan.
While near-term challenges including high input cost and semiconductor supply shortage negatively impact FY23 performance, Paramount aims to achieve 33% revenue growth and 50bps operating margin expansion during FY22–27.   
Paramount is a strong play on COVID recovery. The shares gained 15% since I published bullish note on the company on January 17, 2022. More stream is still left.   


Paramount Bed (7817 JP): Record High Revenue Clocked in FY22; New Management Target Announced

<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

Japan

Paramount Bed Holdings Company Ltd. operates as a holding company. The Company, through its subsidiaries, designs and manufactures hospital, medical, electric, motorized, and orthopedic beds.

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Paramount Bed Holdings Co Lt (7817 JP)

Paramount Bed Holdings (7817 JP): In-Line Q1 Result; FY24 Guidance Reaffirmed

Paramount Bed reported 7% YoY revenue growth in Q1FY24 to ¥24B, driven by strong performance in medical and nursing care businesses. The company...

Tina Banerjee

Paramount Bed (7817 JP): All-Time Revenue and Profit in FY23; Further Upside Potential Remains

Paramount Bed reported all-time high revenue and profit in FY23. For FY24, revenue and profits are expected to fly even higher backed by recurring...

Tina Banerjee

Paramount Bed (7817 JP): Record High Revenue Clocked in FY22; New Management Target Announced

Paramount reported strong FY22 results and achieved its revenue target 2 year ahead of plan. The company should remain prime beneficiary of huge...

Tina Banerjee

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

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52-week Range

Market Cap (USDm)

P/E

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Paramount Bed Holdings (7817 JP): In-Line Q1 Result; FY24 Guidance Reaffirmed

​Paramount Bed reported 7% YoY revenue growth in Q1FY24 to ¥24B, driven by strong performance in medical and nursing care businesses. The company...

Tina Banerjee

Paramount Bed (7817 JP): All-Time Revenue and Profit in FY23; Further Upside Potential Remains

Paramount Bed reported all-time high revenue and profit in FY23. For FY24, revenue and profits are expected to fly even higher backed by recurring...

Tina Banerjee

Paramount Bed (7817 JP): Record High Revenue Clocked in FY22; New Management Target Announced

Paramount reported strong FY22 results and achieved its revenue target 2 year ahead of plan. The company should remain prime beneficiary of huge...

Tina Banerjee

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

Paramount Bed reported 7% YoY revenue growth in Q1FY24 to ¥24B, driven by strong performance in medical and nursing care businesses. The company...