Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/takara-bio-inc" target="_blank" data-smartkarma-citation="entities:10766:1" rel="noopener">Takara Bio Inc (4974 JP)</a> reported massive decline of 50%, 98%, and 99%, YoY, in revenue, operating profit, and net profit, respectively during the first nine months of FY24.</li>
<li>Reagents revenue decline 56% YoY to ¥23 billion, due to decrease of sales of COVID-19 test-related reagents. Japan, which contributed 23% of reagents revenue, reported revenue decline of 83% YoY.</li>
<li>Takara Bio anticipates a sluggish life science R&amp;D market globally. FY24 revenue, operating profit, and net profit are expected to decline 42%, 85%, and 88%, YoY, respectively.</li>
</ul>



Takara Bio Inc (4974 JP) reported massive decline of 50%, 98%, and 99%, YoY, in revenue, operating profit, and net profit, respectively during the first nine months of FY24.
Reagents revenue decline 56% YoY to ¥23 billion, due to decrease of sales of COVID-19 test-related reagents. Japan, which contributed 23% of reagents revenue, reported revenue decline of 83% YoY.
Takara Bio anticipates a sluggish life science R&amp;D market globally. FY24 revenue, operating profit, and net profit are expected to decline 42%, 85%, and 88%, YoY, respectively.


Takara Bio (4974 JP): Limited Upside Potential Amid Poor Financial Result and Bleak Outlook

<ul>
<li>In H1FY24, <a href="https://www.smartkarma.com/entities/takara-bio-inc" target="_blank" data-smartkarma-citation="entities:10766:1" rel="noopener">Takara Bio Inc (4974 JP)</a> reported 41% YoY decline in revenue to ¥19.1B, dragged by 46% YoY decrease in revenue from reagents, which contributed 78% of total revenue.</li>
<li>Operating profit plunged 87% YoY to ¥1.4B, 28% ahead of guidance, due to lower-than-expected R&amp;D expenses. Net profit decreased 87% YoY to ¥1.1B, 67% higher than the guidance.</li>
<li>Takara Bio has cut FY24 sales, operating profit, and net profit guidance by 15%, 63%, and 64%, respectively, as the company is anticipating a sluggish life science R&amp;D market globally.</li>
</ul>


In H1FY24, Takara Bio Inc (4974 JP) reported 41% YoY decline in revenue to ¥19.1B, dragged by 46% YoY decrease in revenue from reagents, which contributed 78% of total revenue.
Operating profit plunged 87% YoY to ¥1.4B, 28% ahead of guidance, due to lower-than-expected R&amp;D expenses. Net profit decreased 87% YoY to ¥1.1B, 67% higher than the guidance.
Takara Bio has cut FY24 sales, operating profit, and net profit guidance by 15%, 63%, and 64%, respectively, as the company is anticipating a sluggish life science R&amp;D market globally.


Takara Bio (4974 JP): Smaller-Than-Expected Decline in H1FY24 Profit; FY24 Guidance Revised Downward

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pasona-group-inc" target="_blank" data-smartkarma-citation="entities:15778:1" rel="noopener">Pasona Group (2168 JP)</a> is massively net cash. And it's ofloading <a href="https://www.smartkarma.com/entities/benefit-one-inc" target="_blank" data-smartkarma-citation="entities:14502:1" rel="noopener">Benefit One Inc (2412 JP)</a>. Though we don't know what the future holds, Pasona is the wrong price.</li>
<li>
<a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> controlling shreholder announced it intends to increase it stake. And it's been in the market almost everry day since the interims. </li>
<li>
<a href="https://www.smartkarma.com/entities/zhejiang-expressway-co-h" target="_blank" data-smartkarma-citation="entities:2178:1" rel="noopener">Zhejiang Expressway (576 HK)</a> announced its rights offering. It's at a long-term low price, and about to earn a long-term high net income, and have a long-term high payout ratio</li>
</ul>



Pasona Group (2168 JP) is massively net cash. And it's ofloading Benefit One Inc (2412 JP). Though we don't know what the future holds, Pasona is the wrong price.

ENN Energy (2688 HK) controlling shreholder announced it intends to increase it stake. And it's been in the market almost everry day since the interims. 

Zhejiang Expressway (576 HK) announced its rights offering. It's at a long-term low price, and about to earn a long-term high net income, and have a long-term high payout ratio


Last Week in Event SPACE: Zhejiang, Pasona, ENN Energy, Asahi Group, Azure Minerals

<ul>
<li>On an implied stub and simple ratio, <a href="https://www.smartkarma.com/entities/takara-holdings-inc" target="_blank" data-smartkarma-citation="entities:11074:1" rel="noopener">Takara Holdings (2531 JP)</a> is at a decade-plus high to 60.9%-held <a href="https://www.smartkarma.com/entities/takara-bio-inc" target="_blank" data-smartkarma-citation="entities:10766:1" rel="noopener">Takara Bio Inc (4974 JP)</a>.</li>
<li>Preceding my comments on Takara are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


On an implied stub and simple ratio, Takara Holdings (2531 JP) is at a decade-plus high to 60.9%-held Takara Bio Inc (4974 JP).
Preceding my comments on Takara are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Takara Trading "Rich" As Bio Cuts Forecast Earnings

<ul>
<li>For a change of pace, this insight briefly canvasses a clutch of Holdco's trading at extreme levels. </li>
<li>Preceding the chart-heavy insight are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


For a change of pace, this insight briefly canvasses a clutch of Holdco's trading at extreme levels. 
Preceding the chart-heavy insight are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Japex/Inpex, Amorepacific, Wynn, Shimao, Takara, Silicon Integrated/United Micro

Japan

GNI Group Ltd. develops therapeutic pharmaceutical products utilizing Genome analysis. The Company targets diseases indigenous to Asian countries. GNI controls the whole process of drug discovery by conducting clinical trials, research and development, and marketing.  The Company owns global subsidiaries in China and the US.

Sanbio Co Ltd researches, develops, manufactures, and sells regenerative cell re lated pharmaceutical products.

Japan Tissue Engineering Company., Ltd. is a medical biotechnology company. The Company develops regenerative medicine using tissue engineering technology. Japan Tissue Engineering also provides research support services.

Pharma Foods International Co.,Ltd. produces and sells bioengineered foods for commercial use.  The Company researches and develops physiologically functional foods.

CellSeed Inc. develops Cell-sheet regenerative medicine. The company cultures cells and builds cell-sheets to regenerate lost or functionally imparied tissues and organs. CellSeed Inc. also supports regenerative medicine industry by providing leading technology and solutions.

Healios K.K. researches and develops iPSC Regenerative Medicine and Compound Drugs. The company researches for the development of treatment for Age-Related Macular Degeneration.

ReproCell Incorporated develops iPS (Induced Pluripotent Stem Cell) business and clinical examination for organ transplantation based on human iPS and ES (Embryonic Stem Cell) technology.

CanBas Company Ltd. is a biopharmaceutical company that develops anti-cancer drugs with fewer side effects.  The Company's core technologies include drugs that target the G2 checkpoint and a screening system to find selective abrogators of the G2 checkpoint.

Oncolys BioPharma Inc. provides pharmaceutical and diagnostic products and services.. The Company researches, develops, manufactures and sells drugs targeting cancer and serious infectious diseases and also provides inspection services for viruses.

NanoCarrier Co., Ltd. is a biotech company that utilizes micellar nanoparticle (polymeric micelles) technology for the production and development of pharmaceuticals focusing mainly on cancer therapies.

Shanghai Haohai Biological Technology Company Limited manufactures absorbable biomedical materials. The Company targets therapeutic areas such as orthopedics, anti-adhesion and hemostasis, ophthalmology, and wound care and tissue filling.

Shanghai Haohai Biological Technology (6826 HK)

Mesoblast Limited provides biomedical services. The Company develops drugs for cardiovascular diseases, oncology, hematology, and spine orthopedic disorders treatment. Mesoblast conducts its business worldwide.

Da An Gene Company Limited of Sun Yat-Sen University researches, develops, manufactures, and sells fluorescence Polymerase Chain Reaction (PCR) diagnostic kits and related medical equipment.  The Company's products are used in diagnosing Hepatitis B virus, Hepatitis C virus, Mycobacterium tuberculosis, chlamydia trachomatis, and SARS coronavirus.

Jinyu Bio-Technology Co Ltd manufactures and markets biopharmaceuticals for animals and cashmere products.  The Company also produces linseed oil and invests in real estate development business.

Jinyu Bio-Technology Co., Ltd. (600201 CH)

Inmyshow Digital Technology (Group) Co., Ltd. researches, develops, and produces blood, biochemical, and dermatological pharmaceuticals. The Company's main products include blood albumin, interferon, and thymus peptides.

Inmyshow Digital Technology (Group) (600556 CH)

Medy-Tox Inc. is a biopharmaceutical company.  The Company researches, develops and manufactures biopharmaceutical products using clostridium botulinum which is a microorganism toxin.

Travere Therapeutics, Inc. is a biopharmaceutical company. The Company focuses on identifying, developing, and delivering therapies to people living with rare disease. Travere Therapeutics serves customers worldwide.

Intercept Pharmaceuticals, Inc. manufactures and markets biopharmaceutical products. The Company focuses on the development and commercialization of therapeutics to treat chronic liver diseases utilizing proprietary bile acid chemistry. Intercept Pharmaceuticals serves customers throughout the United States.

Formycon AG is a biopharmaceutical company with more than twelve years experience in product development. The company's activities focus on developing and marketing "biosimilars" - biopharmaceuticals which are similar to existing drugs for which patent protection is expiring - as well as the provision of contract services  to other biotechnology and pharmaceutical companies.

Aurinia Pharmaceuticals Inc. is a biopharmaceutical company. The Company is focused on the discovery and development of immunosuppressive therapeutics.

TAKARA BIO INC. is a biopharmaceutical company.  The Company researches and develops reagents for genome engineering and analysis, technology used for gene therapy, and natural health food products using mushrooms and seaweed body and extracts.

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Takara Bio Inc (4974 JP)

Takara Bio (4974 JP): Limited Upside Potential Amid Poor Financial Result and Bleak Outlook

Takara Bio reports massive declines in sales and profit in 9MFY24, due to decrease of sales of COVID testing reagents. Company anticipates...

Tina Banerjee

Takara Bio (4974 JP): Smaller-Than-Expected Decline in H1FY24 Profit; FY24 Guidance Revised Downward

Takara Bio has cut FY24 sales, operating profit, and net profit guidance by 15%, 63%, and 64%, respectively due to anticipated sluggish life...

Tina Banerjee

Last Week in Event SPACE: Zhejiang, Pasona, ENN Energy, Asahi Group, Azure Minerals

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

StubWorld: Takara Trading "Rich" As Bio Cuts Forecast Earnings

IF you had set up this stub; and you may look to reverse the stub - although this is not a strong parent/sub relationship. Alternatively, consider...

David Blennerhassett

StubWorld: Japex/Inpex, Amorepacific, Wynn, Shimao, Takara, Silicon Integrated/United Micro

For a change of pace, this insight briefly canvasses a clutch of Holdco's trading at extreme levels. Inpex is the key Holdco discussed.

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Takara Bio (4974 JP): Limited Upside Potential Amid Poor Financial Result and Bleak Outlook

​Takara Bio reports massive declines in sales and profit in 9MFY24, due to decrease of sales of COVID testing reagents. Company anticipates...

Tina Banerjee

Takara Bio (4974 JP): Smaller-Than-Expected Decline in H1FY24 Profit; FY24 Guidance Revised Downward

Takara Bio has cut FY24 sales, operating profit, and net profit guidance by 15%, 63%, and 64%, respectively due to anticipated sluggish life...

Tina Banerjee

Last Week in Event SPACE: Zhejiang, Pasona, ENN Energy, Asahi Group, Azure Minerals

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

StubWorld: Takara Trading "Rich" As Bio Cuts Forecast Earnings

IF you had set up this stub; and you may look to reverse the stub - although this is not a strong parent/sub relationship. Alternatively, consider...

David Blennerhassett

StubWorld: Japex/Inpex, Amorepacific, Wynn, Shimao, Takara, Silicon Integrated/United Micro

For a change of pace, this insight briefly canvasses a clutch of Holdco's trading at extreme levels. Inpex is the key Holdco discussed.

David Blennerhassett

Takara Bio reports massive declines in sales and profit in 9MFY24, due to decrease of sales of COVID testing reagents. Company anticipates...