Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/phc-holdings-corp" target="_blank" data-smartkarma-citation="entities:34198:1" rel="noopener">PHC Holdings (6523 JP)</a> is a diversified healthcare company, which serves ~$25 billion broader end-market, of which global glucose monitoring is the largest end-market.</li>
<li>The company’s diabetes management business is the highest margin earning segment and is poised to grow through expanding presence in continuous glucose monitoring system.</li>
<li>PHC can be an early investment idea as a passive play on the fastest growing segment of the global diabetes management segment ahead of its global launch of next-generation CGM.</li>
</ul>



PHC Holdings (6523 JP) is a diversified healthcare company, which serves ~$25 billion broader end-market, of which global glucose monitoring is the largest end-market.
The company’s diabetes management business is the highest margin earning segment and is poised to grow through expanding presence in continuous glucose monitoring system.
PHC can be an early investment idea as a passive play on the fastest growing segment of the global diabetes management segment ahead of its global launch of next-generation CGM.


PHC Holdings (6523 JP): Eyeing a Bigger Pie of Global Diabetes Management Solution

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>Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note, we will talk about the positive and negative aspects of the deal</li>
</ul>


Net Protections Holdings (NPH), a buy now pay later service provider, aims to raise up to US$570m via selling a mix of primary and secondary shares in its Japan IPO.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note, we will talk about the positive and negative aspects of the deal


Net Protections Holdings IPO - Mixed Bag of Positives and Negatives

Healthium Medtech / Equity Capital Markets

<p>Healthium Medtech (HM) is looking to raise up to US$500m in its upcoming India IPO. </p><p>Healthium Medtech is a global medtech company that manufactures products used in surgical, post-surgical and chronic care. It operates in three key markets namely, India, UK and the Rest of the World and currently has eight manufacturing facilities, seven in India and one in China. The firm has a diverse suite of offerings with over 52,000 SKUs and as of Mar 21, one in five surgeries conducted globally had used a Healthium Medtech product, as per Frost &amp; Sullivan (F&amp;S).</p><p>While the company started off by manufacturing surgical consumables, it has since then expanded into other segments, mostly via acquisitions. Now the company primarily sells products pertaining to surgical consumables, urology and arthroscopy. </p><p>HM revenue has been growing steadily over the past few years, while its margins have been expanding, resulting in bottom-line growth comfortably outpacing sales growth. In addition, HM has undertaken three acquisitions in FY22 which will increase its earnings by 40-50%. </p><p>Although, the company hasn’t been very forthcoming with data and it didn’t pay a whole lot for the companies that it recently acquired.</p><p>We have covered the company background in our earlier note, <a href="https://www.smartkarma.com/insights/healthium-medtech-pre-ipo-tearsheet" target="_blank" rel="noopener">Healthium Medtech Pre-IPO Tearsheet.</a></p>

Healthium Medtech (HM) is looking to raise up to US$500m in its upcoming India IPO. Healthium Medtech is a global medtech company that manufactures products used in surgical, post-surgical and chronic care. It operates in three key markets namely, India, UK and the Rest of the World and currently has eight manufacturing facilities, seven in India and one in China. The firm has a diverse suite of offerings with over 52,000 SKUs and as of Mar 21, one in five surgeries conducted globally had used a Healthium Medtech product, as per Frost &amp; Sullivan (F&amp;S).While the company started off by manufacturing surgical consumables, it has since then expanded into other segments, mostly via acquisitions. Now the company primarily sells products pertaining to surgical consumables, urology and arthroscopy. HM revenue has been growing steadily over the past few years, while its margins have been expanding, resulting in bottom-line growth comfortably outpacing sales growth. In addition, HM has undertaken three acquisitions in FY22 which will increase its earnings by 40-50%. Although, the company hasn’t been very forthcoming with data and it didn’t pay a whole lot for the companies that it recently acquired.We have covered the company background in our earlier note, Healthium Medtech Pre-IPO Tearsheet.

Healthium Medtech Pre-IPO - Steady Earnings, Creating a Niche

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>Japan-based medical devices and healthcare solutions provider <a href="https://www.smartkarma.com/entities/phc-holdings-corp" target="_blank" data-smartkarma-citation="entities:34198:1" rel="noopener">PHC Holdings (6523 JP)</a> was listed in the First Section of the Tokyo Stock Exchange (TSE) on 14th October 2021. </p><p>It was kind of a disaster. The stock opened 4% off - at the stabilisation price - and 3 minutes later was down 14.4%. That said...</p><div><p>When a company gets listed on the TSE First Section, it subsequently gets included in the TOPIX Index and as a result, TOPIX-tracking funds will have to purchase the stock during an Inclusion Event which presents interesting trading opportunities for active investors to generate sharp market-neutral returns in the space of few trading days. Alternatively, this can also be considered as a key point in time where short-term IPO investors could decide if they wanted to exit their positions by utilising this liquidity event.</p></div><div><p>Below is a look at the timeline and the parameters of the Inclusion Event and the potential trading opportunities surrounding it. </p></div>

Japan-based medical devices and healthcare solutions provider PHC Holdings (6523 JP) was listed in the First Section of the Tokyo Stock Exchange (TSE) on 14th October 2021. It was kind of a disaster. The stock opened 4% off - at the stabilisation price - and 3 minutes later was down 14.4%. That said...When a company gets listed on the TSE First Section, it subsequently gets included in the TOPIX Index and as a result, TOPIX-tracking funds will have to purchase the stock during an Inclusion Event which presents interesting trading opportunities for active investors to generate sharp market-neutral returns in the space of few trading days. Alternatively, this can also be considered as a key point in time where short-term IPO investors could decide if they wanted to exit their positions by utilising this liquidity event.Below is a look at the timeline and the parameters of the Inclusion Event and the potential trading opportunities surrounding it. 

Japan Post Holdings / Equity Capital Markets

<div><p>The Japanese government plans to sell over 26% or US$8bn worth of <a href="https://www.smartkarma.com/entities/japan-post-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:359:1" rel="noopener">Japan Post Holdings (6178 JP).</a> We've covered most most aspects of the deal in our previous note, <a href="https://www.smartkarma.com/insights/japan-post-holdings-placement-the-final-us-8bn-countdown-past-deal-didn-t-do-well" target="_blank" rel="noopener">Japan Post Holdings Placement - The Final US$8bn Countdown - Past Deal Didn’t Do Well</a>. </p></div><div><p>In this note, we will talk about the updates and the share price performance so far.</p></div>

The Japanese government plans to sell over 26% or US$8bn worth of Japan Post Holdings (6178 JP). We've covered most most aspects of the deal in our previous note, Japan Post Holdings Placement - The Final US$8bn Countdown - Past Deal Didn’t Do Well. In this note, we will talk about the updates and the share price performance so far.

Japan Post Holdings Placement - The Final US$8bn Countdown - Shaping up Better than the Last Deal

Japan

PHC Holdings Corporation designs, develops, manufactures, and distributes medical devices. The Company produces blood glucose systems, diabetes management systems, and other related testing devices. PHC Holdings also offers medical information technology solutions development, life sciences development, and other services.

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PHC Holdings (6523 JP)