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

Ship Healthcare Holdings / Equity Bottom-Up

<ul><li>Sales increased by 7.5% YoY to JPY333.4bn, with operating profit rising 5.6% YoY to JPY8.2bn.</li><li>Medical Supply segment sales grew 8.7% YoY, with a profit increase of 11.8% YoY to JPY2.8bn.</li><li>Ship's FY03/26 forecast includes JPY700.0bn sales and JPY26.0bn operating profit, maintaining full-year targets.</li></ul>

Sales increased by 7.5% YoY to JPY333.4bn, with operating profit rising 5.6% YoY to JPY8.2bn.Medical Supply segment sales grew 8.7% YoY, with a profit increase of 11.8% YoY to JPY2.8bn.Ship's FY03/26 forecast includes JPY700.0bn sales and JPY26.0bn operating profit, maintaining full-year targets.

Ship Healthcare Holdings (3360 JP): 1H FY03/26 flash update

<ul><li>FY03/25 sales increased by 7.5% YoY to JPY678.2bn, with operating profit growing 1.0% YoY to JPY24.8bn.</li><li>Medical Supply segment sales rose 10.8% YoY to JPY474.9bn, supported by new SPD facilities and acquisitions.</li><li>FY03/26 forecast: sales JPY700.0bn (+3.2% YoY), operating profit JPY26.0bn (+4.9% YoY), net income JPY15.5bn (+2.5% YoY).</li></ul>

FY03/25 sales increased by 7.5% YoY to JPY678.2bn, with operating profit growing 1.0% YoY to JPY24.8bn.Medical Supply segment sales rose 10.8% YoY to JPY474.9bn, supported by new SPD facilities and acquisitions.FY03/26 forecast: sales JPY700.0bn (+3.2% YoY), operating profit JPY26.0bn (+4.9% YoY), net income JPY15.5bn (+2.5% YoY).

Ship Healthcare Holdings (3360 JP): Full-year FY03/25 flash update

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/as-one-corporation" target="_blank" data-smartkarma-citation="entities:13040:1" rel="noopener">AS ONE Corporation (7476 JP)</a>'s revenue rose 9% YoY to ¥104B as growth was witnessed across segments in FY25. Operating profit grew 11% YoY to ¥11.6B (margin: 11.2%, up 30bps).  </li>
<li>E-Commerce revenue was ¥34B (up 22% YoY) contributing 33% of total sales. Product offering increased by 1.8M SKUs YoY to 12.4M SKUs.</li>
<li>For FY26, As One expects consistent growth in revenue and profits. The company unveiled new medium-term plan, with an aim to maintain an average annual growth rate of 7–8%.</li>
</ul>



AS ONE Corporation (7476 JP)'s revenue rose 9% YoY to ¥104B as growth was witnessed across segments in FY25. Operating profit grew 11% YoY to ¥11.6B (margin: 11.2%, up 30bps).  
E-Commerce revenue was ¥34B (up 22% YoY) contributing 33% of total sales. Product offering increased by 1.8M SKUs YoY to 12.4M SKUs.
For FY26, As One expects consistent growth in revenue and profits. The company unveiled new medium-term plan, with an aim to maintain an average annual growth rate of 7–8%.


As One Corp (7476 JP): Nothing Unscientific About the Growth Prospects, As One Precedes

<ul>
<li>
<a href="https://www.smartkarma.com/entities/alfresa-holdings-corp" target="_blank" data-smartkarma-citation="entities:10610:1" rel="noopener">Alfresa Holdings (2784 JP)</a> revised its consolidated performance forecast for FY23. Revenue, operating profit, and net profit forecast have been raised by 3%, 2%, and 21%, respectively.</li>
<li>This is attributed to greater-than-expected growth in ethical pharmaceuticals market and the company’s recovery from the bidding nomination suspension from medical institutions stemming from a violation of the Antimonopoly Act.</li>
<li>In March 2023, Alfresa received a cease and desist order and a surcharge payment order from the Japan Fair Trade Commission (FTC) in relation to violation of the Antimonopoly Act.</li>
</ul>



Alfresa Holdings (2784 JP) revised its consolidated performance forecast for FY23. Revenue, operating profit, and net profit forecast have been raised by 3%, 2%, and 21%, respectively.
This is attributed to greater-than-expected growth in ethical pharmaceuticals market and the company’s recovery from the bidding nomination suspension from medical institutions stemming from a violation of the Antimonopoly Act.
In March 2023, Alfresa received a cease and desist order and a surcharge payment order from the Japan Fair Trade Commission (FTC) in relation to violation of the Antimonopoly Act.


Alfresa Holdings (2784 JP): FY23 Result Is Expected to Exceed Previous Forecast

Thematic (Sector/Industry)

<ul>
<li>In 2022, JPY depreciated against USD to the lowest level in more than 30 years. This benefitted healthcare companies in Japan, which earn significant portion of revenues from the U.S.</li>
<li>This year, Yen has started reversing its course and began to strengthen. With benefit of favorable Forex gradually fading, investors need to be selective in picking healthcare bets in Japan.</li>
<li>We have discussed about five top picks from Japan healthcare sector. Domestic focused business, favorable industry tailwinds, and COVID recovery are the main investment thesis for the top picks.</li>
</ul>


In 2022, JPY depreciated against USD to the lowest level in more than 30 years. This benefitted healthcare companies in Japan, which earn significant portion of revenues from the U.S.
This year, Yen has started reversing its course and began to strengthen. With benefit of favorable Forex gradually fading, investors need to be selective in picking healthcare bets in Japan.
We have discussed about five top picks from Japan healthcare sector. Domestic focused business, favorable industry tailwinds, and COVID recovery are the main investment thesis for the top picks.


Japan Healthcare: Currency Benefit Seems to Be Fading; Focus Will Be on Underlying Business Strength

Japan

SHIP HEALTHCARE HOLDINGS, INC. mainly distributes medical equipment and physics & chemistry equipment.  The Company also sells equipment used for medical facility and office automation.  Ship Healthcare provides integrated consultation as well as maintenance services.

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Ship Healthcare Holdings (3360 JP)