In today’s briefing:
- Mitra Keluarga Karysehat (MIKA IJ) – Back to the Business of Patient Health
- Takeda 4QFY22: Top Line Expands and Pipeline Development Progresses Despite OP Drop
- Olympus (7733 JP) Q4FY22: Net Profit More Than Doubled; Record High Profit Projection for FY23
- Torrent Pharmaceuticals (TRP IN): Stellar Domestic Show Makes It A Compelling Buy
- Cedar Creek Partners 2022 First Quarter Results
Mitra Keluarga Karysehat (MIKA IJ) – Back to the Business of Patient Health
- Mitra Keluarga Karyasehat released 1Q2022 results recently which reflected a changing patient mix with less COVID-related patients and a recovery in its core patient business.
- Hospital occupancy is rising whilst Mitra Keluarga is also increasing bed numbers but margins have been impacted by changing patient mix but this is a positive long-term trend.
- Mitra Keluarga Karyasehat (MIKA IJ) remains a key proxy for rising healthcare penetration in Indonesia, with valuation attractive from a historical basis.
Takeda 4QFY22: Top Line Expands and Pipeline Development Progresses Despite OP Drop
- Takeda Pharmaceutical (4502 JP) reported 4QFY03/2022 results yesterday. Reported revenue grew 13.4% YoY to JPY873.3bn (vs consensus JPY825.7bn) while the company reported operating losses of JPY1.7bn.
- Revenue from Top 14 drugs grew 20.3% YoY, while revenue from top-seller Entyvio grew 15.0% YoY during the quarter. Excluding Entyvio, other top 13 drugs grew 23.3% during the period.
- Takeda’s shares moved down 2.0% at the end of yesterday’s trading and down 3% during today’s trade as profit drop disappointed the market.
Olympus (7733 JP) Q4FY22: Net Profit More Than Doubled; Record High Profit Projection for FY23
- Olympus Corp (7733 JP) reported strong double-digit revenue growth in Q4 on continued medical business recovery. Net profit has more than doubled and 40% ahead of consensus.
- The company has achieved growth to above pre-pandemic level in FY22 and CAGR of >7% over last two years. Operating margin improved significantly to 19.3%.
- Olympus is on track to achieve more than 20% operating margin in FY23. Management projected a record high net profit of ¥154 billion for FY23.
Torrent Pharmaceuticals (TRP IN): Stellar Domestic Show Makes It A Compelling Buy
- Torrent Pharmaceuticals (TRP IN) is one of the front-runners in the Indian pharmaceuticals industry mainly having presence in chronic therapeutic segments. India contributes 51% of its total revenue.
- Torrent is consistently outperforming Indian pharmaceutical market by a wide margin, due to its strong exposure to fast-growing and high-margin chronic therapeutic segments, which ensures high recurring revenue.
- Despite the fading windfall from COVID therapeutics, Torrent is well-positioned for double-digit revenue growth, due to its sustained competitive positioning in anchor therapeutic areas of CVS, CNS, GI, and vitamins.
Cedar Creek Partners 2022 First Quarter Results
- The fund applies the typical bottom-up concentrated value approach of looking for a discount to intrinsic value to the neglected areas of the market, micro and nano caps.
- As of the end of March 2022, the fund’s holdings were trading at less than 10 times our estimate of earnings for the coming year.
Before it’s here, it’s on Smartkarma
