Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a> reported flat sales of ¥30B in 9MFY25. Sales of surgical kit products rose 3.2%, to ¥20B, of which Premium Kit sales climbed 7.8%, to ¥13.2B.</li>
<li>Higher costs dented operating margin by 40 bps while net profit rose 5% YoY to ¥2.7B due to an extraordinary gain from sale of investment.</li>
<li>The company reiterated guidance for FY25 of a rise in sales of 5% to ¥40.9B, with profits also witnessing double digit growth.</li>
</ul>



Hogy Medical (3593 JP) reported flat sales of ¥30B in 9MFY25. Sales of surgical kit products rose 3.2%, to ¥20B, of which Premium Kit sales climbed 7.8%, to ¥13.2B.
Higher costs dented operating margin by 40 bps while net profit rose 5% YoY to ¥2.7B due to an extraordinary gain from sale of investment.
The company reiterated guidance for FY25 of a rise in sales of 5% to ¥40.9B, with profits also witnessing double digit growth.


Hogy Medical (3593 JP): Results Reflect Macro Slackness, Not Much Recovery In Sight In Near Term

Japan Specialist

Mark Chadwick

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<li>Dalton &amp; Co. increased their stake in Hogy Medical to 19.15%, signaling confidence in the new Medium-Term Business Plan.</li>
<li>Hogy Medical's new plan aims to boost ROE above 6%, drive revenue to ¥46 billion, and enhance shareholder returns.</li>
<li>Potential M&amp;A activity in Japan’s med-tech sector and the new plan could unlock significant shareholder value, with a possible 50% upside in share price.</li>
</ul>


Dalton &amp; Co. increased their stake in Hogy Medical to 19.15%, signaling confidence in the new Medium-Term Business Plan.
Hogy Medical's new plan aims to boost ROE above 6%, drive revenue to ¥46 billion, and enhance shareholder returns.
Potential M&amp;A activity in Japan’s med-tech sector and the new plan could unlock significant shareholder value, with a possible 50% upside in share price.


Hogy Medical (3593) | New Strategy Sparks Investor Confidence

Thematic (Sector/Industry)

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<li>FDA has confirmed the primary endpoints for Neuren Pharmaceuticals’ planned Phase 3 pivotal clinical trial of NNZ-2591 in Phelan-McDermid syndrome. Eisai has ultimately received its long-waited European approval for Leqembi.</li>
<li>Chugai Pharmaceutical’s outlicensed oral GLP-1 drug candidate orforglipron has shown positive topline Phase 3 results. Telix announced preliminary results from the Phase 2 study of TLX101 in recurrent high-grade glioma.</li>
<li>Biocon secured market entry date for Yesafili, an interchangeable biosimilar to Eylea in the U.S. FDA has issued Form 483 with 11 observations for Aurobindo Pharma’s North Carolina inhaler plant.</li>
</ul>


FDA has confirmed the primary endpoints for Neuren Pharmaceuticals’ planned Phase 3 pivotal clinical trial of NNZ-2591 in Phelan-McDermid syndrome. Eisai has ultimately received its long-waited European approval for Leqembi.
Chugai Pharmaceutical’s outlicensed oral GLP-1 drug candidate orforglipron has shown positive topline Phase 3 results. Telix announced preliminary results from the Phase 2 study of TLX101 in recurrent high-grade glioma.
Biocon secured market entry date for Yesafili, an interchangeable biosimilar to Eylea in the U.S. FDA has issued Form 483 with 11 observations for Aurobindo Pharma’s North Carolina inhaler plant.


APAC Healthcare Weekly (April 20)- Neuren, Chugai, Eisai, Telix, Biocon, Aurobindo Pharma

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<a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani Inc (7730 JP)</a> H1FY25 revenue rose 6.5% YoY, mainly driven by surgical segment, eyeless needles segment, while margins remained under pressure.</li>
<li>Despite the underperformance of dental segment, management reiterated FY25 guidance. Expecting Yen appreciation against the USD, the company expects just mid-single-digit sales and operating income growth for FY25.</li>
<li>Mani shares plunged 5% since it published its H1 results. Investors should avoid Mani due to its uncertain revenue outlook and deteriorating profitability in short-term.</li>
</ul>



Mani Inc (7730 JP) H1FY25 revenue rose 6.5% YoY, mainly driven by surgical segment, eyeless needles segment, while margins remained under pressure.
Despite the underperformance of dental segment, management reiterated FY25 guidance. Expecting Yen appreciation against the USD, the company expects just mid-single-digit sales and operating income growth for FY25.
Mani shares plunged 5% since it published its H1 results. Investors should avoid Mani due to its uncertain revenue outlook and deteriorating profitability in short-term.


Mani (7730 JP): Guidance Reiterated; Dental Loosing Shine And Dented Margins Remain Concerns

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<li>It’s been a quieter week for activist investors. Effissimo has reduced its stake in Torii Pharma to below 5%.</li>
<li>Nippon Active Value continues to raise its stake in Hogy Medical, even after the impressive 46% rise in the share price over the past year</li>
<li>For AVI, Sharing Tech ticks all the right boxes: a high-quality business with strong growth, a robust balance sheet, and impressive cash generation</li>
</ul>


It’s been a quieter week for activist investors. Effissimo has reduced its stake in Torii Pharma to below 5%.
Nippon Active Value continues to raise its stake in Hogy Medical, even after the impressive 46% rise in the share price over the past year
For AVI, Sharing Tech ticks all the right boxes: a high-quality business with strong growth, a robust balance sheet, and impressive cash generation


Japan Activist Briefs | Hogy Medical, Sharing Tech

Japan

HOGY MEDICAL CO., LTD. manufactures and sells medical supply and related products including sterilized tools and disposable injectors and masks used by surgeons.

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Hogy Medical (3593 JP)