In today’s briefing:
- Mitra Keluarga Karyasehat (MIKA IJ) – Well Adjusted For a Rapid Recovery
- Axonics (AXNX US): Large Underserved Market And Superior Portfolio Ensure Multi-Year Growth
- At the Root of the Diversity Issue Is Traditional Familism in Society and the Workplace
- Cardinal Health Inc.: How Their Pioneering NTrainer System 2.0 is Changing Neonatal Care Forever! – Major Drivers
- MedSci Healthcare Holdings (2415.HK) – Lack of Control over Core Resources Is a Critical Pain Point
- Zoetis Inc.: The Vetscan Mastigram+ Launch – A Game Changer in European Markets! – Major Drivers
Mitra Keluarga Karyasehat (MIKA IJ) – Well Adjusted For a Rapid Recovery
- Mitra Keluarga (MIKA IJ) is in the midst of a recovery not yet reflected in headline numbers as the effects of inflated COVID revenues fade and core business takes off.
- The company is a key beneficiary of the new health bill allowing foreign doctors to practice in Indonesia given its best-in-class hospitals located in affluent catchment areas.
- Mitra Keluarga Karyasehat continues to expand its hospital network, increase treatment intensity, and digitalise its operations. Valuations are attractive given the highest returns amongst its peers, with recovery in motion.
Axonics (AXNX US): Large Underserved Market And Superior Portfolio Ensure Multi-Year Growth
- Axonics (AXNX US) believes that the U.S. sacral neuromodulation market is now worth of ~$800M, which is poised to double over the next five years to $1.6B.
- The company has been reporting superior revenue growth since 2020. Axonics raised 2023 revenue guidance to $358M, up 32% YoY. The company has become adjusted EBITDA positive in 2022.
- With superior product portfolio in terms of patient satisfaction, longer product life, and smaller size, Axonics is the stronger player in the U.S. duopoly sacral neuromodulation market.
At the Root of the Diversity Issue Is Traditional Familism in Society and the Workplace
- Increase in the number of non-regular workers is a factor in gender wage disparity and has also put pressure on profit margin since labor was invested in low value-added jobs.
- In Japan, childcare is assumed to be dependent on the efforts of the family, and there is little thought of society solving childcare issues, and government policies reflect this idea.
- Problems also exist on the part of employers, with low rates of men taking childcare leave, and the top reason being an atmosphere that makes it difficult take childcare leave.
Cardinal Health Inc.: How Their Pioneering NTrainer System 2.0 is Changing Neonatal Care Forever! – Major Drivers
- Cardinal Health Inc. delivered a positive result and managed an all-around beat last quarter.
- The Pharma segment demonstrated remarkable profit growth of 13%, and the company generated significant adjusted free cash flow amounting to $2.8 billion.
- Cardinal Health pursued determined actions to advance its strategic imperatives, streamlining its operations, optimizing its organizational structure, and instituting fundamental leadership changes.
MedSci Healthcare Holdings (2415.HK) – Lack of Control over Core Resources Is a Critical Pain Point
- MedSci’s all three businesses are targeting B-end customers (pharmaceutical and medical device companies) to generate revenue. In the context of VBP and anti-corruption campaign, B-end customers do have relevant needs.
- However, the binding between MedSci and hospitals isn’t deep, which would lead to MedSci being unable to grasp core medical resources, with weak bargaining power in front of B-end customers.
- Since the initiative is in the hands of the other parties not in MedSci, MedSci’s revenue growth/scale could be much lower-than-expected. This would suppress valuation and stock price performance.
Zoetis Inc.: The Vetscan Mastigram+ Launch – A Game Changer in European Markets! – Major Drivers
- Zoetis Inc. managed to surpass the revenue and earnings expectations of Wall Street.
- Based on the wide portfolio across markets and species, Zoetis delivered solid second-quarter results of 9% operational growth in revenue and 12% in adjusted net income.
- The company reverted to more balanced sector growth this quarter, with 11% operational growth worldwide and 7% in the United States.
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