Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nakanishi-inc" target="_blank" data-smartkarma-citation="entities:20823:1" rel="noopener">Nakanishi Inc (7716 JP)</a> guided for 25% revenue growth to ¥74B for 2024, driven by an additional ¥12B revenue contribution from DCI and 6% growth in dental business to ¥47B.</li>
<li>EBITDA is expected to improve from 2025 due to normalization of the personnel expenses and depreciation. 2026 EBITDA margin (26.8%) will improve significantly over 2024 (23.9%).</li>
<li>Amid slow global consumption, Nakanishi’s cost-effective products offer strong value proposition. The company is expected to meet 2024 guidance and no negative surprise (downward revision in last year) is expected.</li>
</ul>



Nakanishi Inc (7716 JP) guided for 25% revenue growth to ¥74B for 2024, driven by an additional ¥12B revenue contribution from DCI and 6% growth in dental business to ¥47B.
EBITDA is expected to improve from 2025 due to normalization of the personnel expenses and depreciation. 2026 EBITDA margin (26.8%) will improve significantly over 2024 (23.9%).
Amid slow global consumption, Nakanishi’s cost-effective products offer strong value proposition. The company is expected to meet 2024 guidance and no negative surprise (downward revision in last year) is expected.


Nakanishi Inc (7716 JP): Acquisition and Fx to Nourish Topline; Margin Expansion in Near-Term

Dentsply International / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/dentsply-international-inc" target="_blank" data-smartkarma-citation="entities:10926:1" rel="noopener">Dentsply International (XRAY US)</a> guided for 2024 revenue of $3.96–4.02B, flat to up 1.5% on an organic basis and 12% growth in 2024 EPS at midpoint.</li>
<li>The macro environment continues to be challenging. The company anticipates the ongoing softness in imaging will continue in 2024. Cost savings will support the bottom-line growth.</li>
<li>In terms of every valuation metrics, Dentsply is overpriced compared to its U.S.-listed peers. Strong balance sheet, accelerating dividend, and buyback do not justify the pricey valuation.</li>
</ul>



Dentsply International (XRAY US) guided for 2024 revenue of $3.96–4.02B, flat to up 1.5% on an organic basis and 12% growth in 2024 EPS at midpoint.
The macro environment continues to be challenging. The company anticipates the ongoing softness in imaging will continue in 2024. Cost savings will support the bottom-line growth.
In terms of every valuation metrics, Dentsply is overpriced compared to its U.S.-listed peers. Strong balance sheet, accelerating dividend, and buyback do not justify the pricey valuation.


Dentsply International (XRAY US): Sombre Growth Outlook and Pricey Valuation

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<li>
<a href="https://www.smartkarma.com/entities/modern-dental-group-ltd" target="_blank" data-smartkarma-citation="entities:21020:1" rel="noopener">Modern Dental Group (3600 HK)</a> reported strong 1H23 performance, with 12% YoY revenue growth to HK$1.6B, driven by increase in demand for its products from existing, returning, and new customers.</li>
<li>With increasing economies of scale resulting from China re-opening and global dental industry recovery and increase in the proportion of digital solution cases, net profit jumped 109% YoY to HK$210M.</li>
<li>Despite macroeconomic headwinds, the company is confident that the medium and long-term global demand for dental prosthetics is expected to continue due to key irreversible demographic factors and trends.</li>
</ul>



Modern Dental Group (3600 HK) reported strong 1H23 performance, with 12% YoY revenue growth to HK$1.6B, driven by increase in demand for its products from existing, returning, and new customers.
With increasing economies of scale resulting from China re-opening and global dental industry recovery and increase in the proportion of digital solution cases, net profit jumped 109% YoY to HK$210M.
Despite macroeconomic headwinds, the company is confident that the medium and long-term global demand for dental prosthetics is expected to continue due to key irreversible demographic factors and trends.


Modern Dental Group (3600 HK): Stellar 1H23 Result- Volume Drives Revenue Growth; Net Profit Doubled

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>Henry Schein delivered a mixed set of results for the previous quarter, with revenues above analyst expectations but below-par earnings.</li><li>The global dental specialties business saw increased sales growth, particularly in premium product lines and implant sales.</li><li>Henry Schein made notable acquisitions, including a majority stake in Biotech Dental, a leading provider of dental implants and clear aligners, and the planned entry into the Brazilian implant market with the acquisition of S.I.N.</li></ul>

Henry Schein delivered a mixed set of results for the previous quarter, with revenues above analyst expectations but below-par earnings.The global dental specialties business saw increased sales growth, particularly in premium product lines and implant sales.Henry Schein made notable acquisitions, including a majority stake in Biotech Dental, a leading provider of dental implants and clear aligners, and the planned entry into the Brazilian implant market with the acquisition of S.I.N.

Henry Schein Inc.: Acquisition of Regional Health Care Group & Other Drivers

<ul><li>GSK delivered a weak set of results in the quarter, failing to meet analyst expectations in terms of revenues as well as earnings.</li><li>The company's R&D pipeline now includes 68 assets in clinical development, almost two-thirds of which target infectious illness and HIV.</li><li>They also began withdrawing bepirovirsen from their Phase III program for the treatment of chronic hepatitis B.</li></ul>

GSK delivered a weak set of results in the quarter, failing to meet analyst expectations in terms of revenues as well as earnings.The company's R&D pipeline now includes 68 assets in clinical development, almost two-thirds of which target infectious illness and HIV.They also began withdrawing bepirovirsen from their Phase III program for the treatment of chronic hepatitis B.

GSK plc: Initiation Of Coverage – Acquisition Of BELLUS Health & Other Drivers

United States

Henry Schein, Inc. distributes healthcare products and services, including practice management software, to office-based healthcare practitioners.  The Company has operations in North America and other countries.  Henry Schein's operations include direct marketing, telesales, and field sales.

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Henry Schein (HSIC US)

Nakanishi Inc (7716 JP): Acquisition and Fx to Nourish Topline; Margin Expansion in Near-Term

Nakanishi guided for 25% YoY revenue growth to ¥74B for 2024, driven by additional ¥12B revenue contribution from DCI and 6% YoY growth in dental...

Tina Banerjee

Dentsply International (XRAY US): Sombre Growth Outlook and Pricey Valuation

Dentsply International expects just 1% organic revenue growth in 2024 due to challenging macro environment. In terms of every valuation metrics,...

Tina Banerjee

Modern Dental Group (3600 HK): Stellar 1H23 Result- Volume Drives Revenue Growth; Net Profit Doubled

Modern Dental reported strong 1H23 result, with 12% revenue growth driven by increased demand. Net profit jumped 109%. The company is confident in...

Tina Banerjee

Henry Schein Inc.: Acquisition of Regional Health Care Group & Other Drivers

Henry Schein delivered a mixed set of results for the previous quarter, with revenues above analyst expectations but below-par earnings. The...

Baptista Research

GSK plc: Initiation Of Coverage – Acquisition Of BELLUS Health & Other Drivers

GSK delivered a weak set of results in the quarter, failing to meet analyst expectations in terms of revenues as well as earnings. The company's...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Nakanishi Inc (7716 JP): Acquisition and Fx to Nourish Topline; Margin Expansion in Near-Term

Nakanishi guided for 25% YoY revenue growth to ¥74B for 2024, driven by additional ¥12B revenue contribution from DCI and 6% YoY growth in dental...

Tina Banerjee

Dentsply International (XRAY US): Sombre Growth Outlook and Pricey Valuation

​Dentsply International expects just 1% organic revenue growth in 2024 due to challenging macro environment. In terms of every valuation metrics,...

Tina Banerjee

Modern Dental Group (3600 HK): Stellar 1H23 Result- Volume Drives Revenue Growth; Net Profit Doubled

​Modern Dental reported strong 1H23 result, with 12% revenue growth driven by increased demand. Net profit jumped 109%. The company is confident in...

Tina Banerjee

Henry Schein Inc.: Acquisition of Regional Health Care Group & Other Drivers

Henry Schein delivered a mixed set of results for the previous quarter, with revenues above analyst expectations but below-par earnings. The...

Baptista Research

GSK plc: Initiation Of Coverage – Acquisition Of BELLUS Health & Other Drivers

GSK delivered a weak set of results in the quarter, failing to meet analyst expectations in terms of revenues as well as earnings. The company's...

Baptista Research

Dentsply International expects just 1% organic revenue growth in 2024 due to challenging macro environment. In terms of every valuation metrics,...

Modern Dental reported strong 1H23 result, with 12% revenue growth driven by increased demand. Net profit jumped 109%. The company is confident in...