Asia Healthcare Analyst, Pathology Associates Limited

Dion Stéfan Büchner M.D., FCAP

Asia Healthcare Analyst

Pathology Associates Limited

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/18303" target="_blank" data-smartkarma-citation="entities:18303:1">Kissei Pharmaceutical Co Ltd (4547 JP)</a> reported FY17 results on May 09, 2018</p><table class="table table-striped"><tbody>
<tr>
<td style="width: 78px;">FY16A</td>
<td style="width: 81px;">FY17 <br> PA Est.</td>
<td style="width: 79px;">FY17A</td>
<td style="width: 73px;">% ∆<br> y-o-y</td>
<td style="width: 82px;">Actual / Preview</td>
<td style="width: 71.5px;">FY18 <br> PA Est.</td>
<td style="width: 80.5px;">FY18 <br> Co. Est.</td>
<td style="width: 68px;">% ∆</td>
</tr>
<tr>
<td style="width: 138px;">Sales  (¥b)</td>
<td style="width: 78px;">71.7</td>
<td style="width: 81px;">73.7</td>
<td style="width: 79px;">74.0</td>
<td style="width: 73px;">3.2%</td>
<td style="width: 82px;">0.4%</td>
<td style="width: 71.5px;">72.8</td>
<td style="width: 80.5px;">71.7</td>
<td style="width: 68px;">-1.5%</td>
</tr>
<tr>
<td style="width: 138px;">GPM (%)</td>
<td style="width: 78px;">65.0%</td>
<td style="width: 81px;">64.5%</td>
<td style="width: 79px;">65.0%</td>
<td style="width: 73px;">0.0%</td>
<td style="width: 82px;">0.8%</td>
<td style="width: 71.5px;"> </td>
</tr>
<tr>
<td style="width: 138px;">Core EBIT (¥b)</td>
<td style="width: 78px;">8.5</td>
<td style="width: 81px;">8.9</td>
<td style="width: 79px;">9.9</td>
<td style="width: 73px;">16.5%</td>
<td style="width: 82px;">10.7%</td>
<td style="width: 71.5px;"> </td>
<td style="width: 80.5px;"> </td>
<td style="width: 68px;"> </td>
</tr>
<tr>
<td style="width: 138px;">Core EPS** (¥)</td>
<td style="width: 78px;">151.2</td>
<td style="width: 81px;">160.4</td>
<td style="width: 79px;">182.4</td>
<td style="width: 73px;">20.6%</td>
<td style="width: 82px;">13.7%</td>
<td style="width: 71.5px;"> </td>
<td style="width: 80.5px;"> </td>
<td style="width: 68px;"> </td>
</tr>
<tr>
<td style="width: 138px;">Reported EBIT</td>
<td style="width: 78px;">8.5</td>
<td style="width: 81px;">8.9</td>
<td style="width: 79px;">9.9</td>
<td style="width: 73px;">16.5%</td>
<td style="width: 82px;">10.7%</td>
<td style="width: 71.5px;">7.3</td>
<td style="width: 80.5px;">7.9</td>
<td style="width: 68px;">8.8%</td>
</tr>
<tr>
<td style="width: 138px;">Reported EPS </td>
<td style="width: 78px;">158.7</td>
<td style="width: 81px;">160.4</td>
<td style="width: 79px;">188.3</td>
<td style="width: 73px;">18.6%</td>
<td style="width: 82px;">17.4%</td>
<td style="width: 71.5px;">115.7</td>
<td style="width: 80.5px;">141.3</td>
<td style="width: 68px;">22.1%</td>
</tr>
</tbody></table><ul>
<li>
<strong>Urief</strong> and <strong>P-Tol</strong> driven FY17 top-line growth in line with estimates</li>
<li>Higher than projected “other…</li>
</ul>

Kissei Pharmaceutical Co Ltd (4547 JP) reported FY17 results on May 09, 2018

FY16A
FY17   PA Est.
FY17A
% ∆  y-o-y
Actual / Preview
FY18   PA Est.
FY18   Co. Est.
% ∆


Sales  (¥b)
71.7
73.7
74.0
3.2%
0.4%
72.8
71.7
-1.5%


GPM (%)
65.0%
64.5%
65.0%
0.0%
0.8%
 


Core EBIT (¥b)
8.5
8.9
9.9
16.5%
10.7%
 
 
 


Core EPS** (¥)
151.2
160.4
182.4
20.6%
13.7%
 
 
 


Reported EBIT
8.5
8.9
9.9
16.5%
10.7%
7.3
7.9
8.8%


Reported EPS 
158.7
160.4
188.3
18.6%
17.4%
115.7
141.3
22.1%



Urief and P-Tol driven FY17 top-line growth in line with estimates
Higher than projected “other…


Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Thematic (Sector/Industry)

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The suggestion of government orchestration against Ono’s immunotherapy treatment Opdivo (nivolumab) has moved a stage further with a report in the Nikkei that the Japanese Health Ministry is considering setting rules on new drug usage during this fiscal year, starting with Ono’s Opdivo and Astellas’s Repatha. Patients may be limited to those who can see certain impact from the treatment, which in turn would mean the drug could only be prescribed at those institutions with the facilities to check…

Opdivo Singled Out in Government Rule Change

Japan

KISSEI PHARMACEUTICAL CO., LTD. manufactures and sells a variety of prescription drugs.  The Company's main products are for cholesterol, high blood pressure, digestion, allergy, circulatory and respiratory diseases, and Parkinson's disease.

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Kissei Pharmaceutical (4547 JP)

Kissei FY17 Earnings - First Glance

Kissei Pharmaceutical Co Ltd (4547 JP) reported FY17 results on May 09, 2018 Urief and P-Tol driven FY17 top-line growth in line with...

Dion Stéfan Büchner M.D., FCAP

Opdivo Singled Out in Government Rule Change

The suggestion of government orchestration against Ono’s immunotherapy treatment Opdivo (nivolumab) has moved a stage further with a report in the...

Pelham Smithers Associates

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