Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

Shanghai Forest Cabin Biological-Tech / Equity Capital Markets

Shanghai Forest Cabin Biological-Tech (SFCBT HK)

<ul>
<li>Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.</li>
<li>Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.</li>
<li>The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.</li>
</ul>


Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.
Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.
The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.


Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

Equity Bottom-Up

NIHON KOHDEN CORPORATION develops, manufactures, and sells medical equipment, transformers, and power switches and devices.  The Company's products include testing equipment for cerebral nerve such as electroencephalographs, circulatory systems, diagnostic equipment, catheters, biogenic monitoring systems such as electrocardiographs used into patient monitoring systems.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nihon-kohden-corp" target="_blank" data-smartkarma-citation="entities:7668:1" rel="noopener">Nihon Kohden (6849 JP)</a> reiterated previous guidance for overall revenue to be ¥240B in FY26 (+6.5% YoY). Domestic sales have been slightly revised downwards while overseas revenue witnessed upward revision.</li>
<li>North America to be near-term growth driver. H1FY26 revenue from North America increased 16% YoY to ¥22.3B. Expected to grow 18% YoY to ¥49.5B (55% of overseas sales) in FY26.</li>
<li>Nihon Kohden has a sustainable long-term growth prospect. The three-year business plan further enhances conviction on the same.</li>
</ul>



Nihon Kohden (6849 JP) reiterated previous guidance for overall revenue to be ¥240B in FY26 (+6.5% YoY). Domestic sales have been slightly revised downwards while overseas revenue witnessed upward revision.
North America to be near-term growth driver. H1FY26 revenue from North America increased 16% YoY to ¥22.3B. Expected to grow 18% YoY to ¥49.5B (55% of overseas sales) in FY26.
Nihon Kohden has a sustainable long-term growth prospect. The three-year business plan further enhances conviction on the same.


Nihon Kohden (6849 JP): Stable Japan, Growing US; ¥5B Share Buyback Plan Augurs Well

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

<ul>
<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> , in the last 10 fiscals, witnessed sales grow at CAGR of 1%. In tandem with that, company reported 4% drop sales to ¥18.9B in H1FY26.</li>
<li>The company revised FY26 sales guidance downwards to ¥39.2B (from previous ¥41.8B), with profits also witnessing considerable downward revision.</li>
<li>Stock to underperform and so we recommend a SELL on Hogy at this moment. Strategically, two possible outcomes open for Hogy, a take-over by another corporate entity or going private.</li>
</ul>



Hogy Medical (3593 JP) , in the last 10 fiscals, witnessed sales grow at CAGR of 1%. In tandem with that, company reported 4% drop sales to ¥18.9B in H1FY26.
The company revised FY26 sales guidance downwards to ¥39.2B (from previous ¥41.8B), with profits also witnessing considerable downward revision.
Stock to underperform and so we recommend a SELL on Hogy at this moment. Strategically, two possible outcomes open for Hogy, a take-over by another corporate entity or going private.


Hogy (3593 JP): Can Activism Alone Save Hogy From Going Down a Spriral? Fundamentals Don’t Support

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. manufactures and distributes medical equipment. The Company produces life information supporting, in vitro diagnostic, and medical imaging equipment equipment. Shenzhen Mindray Bio-Medical Electronics also produces supporting reagents.

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> filed for a Hongkong IPO. The company’s A shares are already listed on the Shenzhen Stock Exchange. The IPO will consist of fresh issue.</li>
<li>Mindray intends to use the proceeds for funding global R&amp;D efforts, to further enhance global sales network and supply chain capabilities and, for working capital and general corporate purposes.</li>
<li>The long-term growth scenario looks largely subdued with the overseas market (revenue achieved a CAGR of over 18% from 2022-24) compensating for the sales lost in the domestic market.</li>
</ul>



Shenzhen Mindray Bio-Medical Electronics (300760 CH) filed for a Hongkong IPO. The company’s A shares are already listed on the Shenzhen Stock Exchange. The IPO will consist of fresh issue.
Mindray intends to use the proceeds for funding global R&amp;D efforts, to further enhance global sales network and supply chain capabilities and, for working capital and general corporate purposes.
The long-term growth scenario looks largely subdued with the overseas market (revenue achieved a CAGR of over 18% from 2022-24) compensating for the sales lost in the domestic market.


Shenzhen Mindray A/H Listing: Overseas Shine Amid Absent China Recovery, Not Enough For Long Term

Simcere Pharmaceutical Group / Equity Bottom-Up

Simcere Pharmaceutical Group manufactures and supplies branded generic pharmaceuticals to the China market. The Company's products include antibiotics, anti-cancer medications and anti-stroke medications.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> entered into a license agreement with Vigonvita Life Science Co. Ltd in respect of new indications (RSV and HMPV) of VV116 (Deuterated Remdesivir Hydrobromide).</li>
<li>There is no innovative small molecule antiviral drug approved for RSV infection globally. The development of effective RSV treatment represents a huge unmet medical need worldwide.</li>
<li>The licensing deals signed over the last few months alongside strong innovative drug portfolio, approvals and strong future pipeline makes it a bullish case.</li>
</ul>



Simcere Pharmaceutical Group (2096 HK) entered into a license agreement with Vigonvita Life Science Co. Ltd in respect of new indications (RSV and HMPV) of VV116 (Deuterated Remdesivir Hydrobromide).
There is no innovative small molecule antiviral drug approved for RSV infection globally. The development of effective RSV treatment represents a huge unmet medical need worldwide.
The licensing deals signed over the last few months alongside strong innovative drug portfolio, approvals and strong future pipeline makes it a bullish case.


Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

Equity research analyst having 15+ years of experience, with an interest on fundamentally strong global healthcare companies. I have been helping investors to find future winners in healthcare space to grow their wealth by focusing on the strength and potential of the business models of the companies. My initiating coverage reports and pitch help investors to know ‘what to buy’, ‘why to buy’, and ‘when to buy’. My clients always remain on top of the sector with the help of my timely and detailed notes on earnings or any news update. I also provide broader view on the entire healthcare sector through periodic thematic reports.

Tina Banerjee
Global Healthcare Analyst

Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

Tina Banerjee

Hogy (3593 JP): Can Activism Alone Save Hogy From Going Down a Spriral? Fundamentals Don’t Support

Carlyle has launched a tender offer to acquire Hogy Medical offering ¥6,700 per share. We had highlighted about the possibility of going private in...

Tina Banerjee

Shenzhen Mindray A/H Listing: Overseas Shine Amid Absent China Recovery, Not Enough For Long Term

Shenzhen Mindray filed for Hong Kong IPO to fund global expansion. Comfortably placed on a sustained growth trajectory in the overseas market, the...

Tina Banerjee

Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

The licensing deals signed over the last few months along side strong innovative drug portfolio, approvals and strong future pipeline augurs well...

Tina Banerjee

Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

​Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

Tina Banerjee

Nihon Kohden (6849 JP): Stable Japan, Growing US; ¥5B Share Buyback Plan Augurs Well

​Nihon Kohden reaffirms revenue guidance for FY26, with focus on growth in North America and sustainable long-term prospects. The share buyback...

Tina Banerjee

Hogy (3593 JP): Can Activism Alone Save Hogy From Going Down a Spriral? Fundamentals Don’t Support

Carlyle has launched a tender offer to acquire Hogy Medical offering ¥6,700 per share. We had highlighted about the possibility of going private in...

Tina Banerjee

Shenzhen Mindray A/H Listing: Overseas Shine Amid Absent China Recovery, Not Enough For Long Term

​Shenzhen Mindray filed for Hong Kong IPO to fund global expansion. Comfortably placed on a sustained growth trajectory in the overseas market, the...

Tina Banerjee

Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

The licensing deals signed over the last few months along side strong innovative drug portfolio, approvals and strong future pipeline augurs well...

Tina Banerjee

Shanghai Forest Cabin launched IPO to raise HK$1B, offering premium skincare products with a focus on anti-wrinkle and firming market....

Nihon Kohden reaffirms revenue guidance for FY26, with focus on growth in North America and sustainable long-term prospects. The share buyback...

Shenzhen Mindray filed for Hong Kong IPO to fund global expansion. Comfortably placed on a sustained growth trajectory in the overseas market, the...