Nippon Investment Bespoke Research UK Ltd

Nippon Investment Bespoke Research UK

We provide sponsored research reports on up to 15 Japanese listed companies that have no coverage by sell side analysts or are very thinly covered.

Equity Bottom-Up

<ul><li>MDV revised down its full-year FY24 guidance (discussed in more details on p.5) given the Q3 result [Q1~Q3 gross profit [GP] of ¥3,055mil (-12.8% YoY), operating loss of -¥140mil (vs FY23 Q3 OP of ¥1,111mil) on sales of ¥4,125mil (-8.1% YoY)], due to (1) the delay to the onboarding of the firm’s cloud-based health check system solution Alpha Salus as the debugging process continued through to September, and (2) a delay in mobilising potential users of the new content (no-contact vital sensing for cats) for MDV’s personal health management app Karteco, as the planned large-scale advertising campaign was pushed back following a delay in the launch of the content.</li><li>The firm is guiding for FY24 annual dividend of ¥6.5/share (unchanged from FY23) and generates a dividend pay-out ratio of 138.0% based on the revised FY24 EPS forecast of ¥4.71.</li></ul>

MDV revised down its full-year FY24 guidance (discussed in more details on p.5) given the Q3 result [Q1~Q3 gross profit [GP] of ¥3,055mil (-12.8% YoY), operating loss of -¥140mil (vs FY23 Q3 OP of ¥1,111mil) on sales of ¥4,125mil (-8.1% YoY)], due to (1) the delay to the onboarding of the firm’s cloud-based health check system solution Alpha Salus as the debugging process continued through to September, and (2) a delay in mobilising potential users of the new content (no-contact vital sensing for cats) for MDV’s personal health management app Karteco, as the planned large-scale advertising campaign was pushed back following a delay in the launch of the content.The firm is guiding for FY24 annual dividend of ¥6.5/share (unchanged from FY23) and generates a dividend pay-out ratio of 138.0% based on the revised FY24 EPS forecast of ¥4.71.

Medical Data Vision Co., Ltd (4971 JP): Research Update