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Nissin Healthcare Foods Service (4315) ( english | Japanese version ) Aug 13, 2010
Cessation of coverage
Sector Healthcare/Education Market Cap Small Cap < 200B
Author Hidekatsu,Watanabe Pages 2
Along with the tender offer for the above company announced on 12 August, the company is expected to be delisted. Accordingly, please note that we no longer cover this company.
BML (4694) ( english | Japanese version ) Aug 10, 2010
Reiterate Outperform rating on favorable 1Q earnings, including 14% OP growth
Sector Healthcare/Education Market Cap Small Cap < 200B
Author Hidekatsu,Watanabe Pages 3
BML announced favorable 1Q FY3/11 results on 9 August, with OP up 14% YoY. We are making no changes to our forecasts, and we maintain our JPY3,000 price objective and our Outperform rating. Investment rating and valuations As mentioned above, we reiterate our Outperform rating and Y3,000 price objective. The shares are currently trading at a PER of 11x based on our FY3/11 forecast, well below the sector average of 19x.
Hamamatsu Photonics  (6965) ( english | Japanese version ) Aug 10, 2010
Business environment favorable; rapid earnings recovery seems mostly priced in
Sector Healthcare/Education Market Cap Mid Cap 200-400B
Author Hidekatsu,Watanabe Pages 5
We reiterate our Neutral rating on Hamamatsu Photonics, but are lowering our fair-value estimate from JPY2,900 to JPY2,700. The business environment has been favorable recently. We believe a rapid earningsrecovery is mostly factored into the share price after the announcement of strong 3Q FY9/10 results, and expect a period of stable growth to follow the sharp rebound.
Nichii Gakkan (9792) ( english | Japanese version ) Aug 10, 2010
OP up sharply in 1Q FY3/11; ongoing growth in healthcare segment
Sector Healthcare/Education Market Cap Small Cap < 200B
Author Hidekatsu,Watanabe Pages 3
Nichii Gakkan announced its 1Q FY3/11 earnings results on 10 August. Results were strong, apparently meeting or slightly exceeding the company's expectations. We are leaving our earnings forecasts, as well as our overall views on the company, unchanged. We reiterate our Outperform rating and our JPY1,100 price objective.
Nihon Kohden  (6849) ( english | Japanese version ) Aug 09, 2010
1Q OP better than expected, but order trends from autumn are a crucial catalyst
Sector Healthcare/Education Market Cap Small Cap < 200B
Author Hidekatsu,Watanabe Pages 3
We are not revising our FY3/11 earnings forecasts for Nihon Kohden, as they currently mirror the company's estimates. We also reiterate our Neutral rating and our fair-value estimate of JPY1,850. A focus point is the potentially positive impact to earnings from a boost to medical fee remuneration, although, at this stage, it is our understanding the company has yet to see this benefit. In our view, order trends beginning in autumn, while unclear at this moment, are crucial.
Terumo (4543) ( english | Japanese version ) Aug 09, 2010
1Q on track; yen appreciation a negative; focus on sales target strategies
Sector Healthcare/Education Market Cap Large Cap > 400B
Author Hidekatsu,Watanabe Pages 4
On 5 August, Terumo reported its earnings results for 1Q FY3/11. The company's results were unsurprising as they fell roughly in line with our expectations. We believe the company's assumption of yen depreciation in FY3/11 is likely to be the main challenge to achieving its earnings targets for the fiscal year. However, when excluding the impact of forex, we expect performance to be solid, especially the company's overseas sales.
Olympus (7733) ( english | Japanese version ) Aug 06, 2010
Co. maintains estimates on cost cuts; difficulties in imaging systems business
Sector Healthcare/Education Market Cap Large Cap > 400B
Author Hidekatsu,Watanabe Pages 4
We reiterate both our Underperform rating and our fair-value estimate of JPY1,900 for Olympus. We continue to employ more cautious estimates than the company. In 1Q FY3/11, the medical systems business, which includes products such as endoscopes, surpassed the company's targets. However, earnings have been sluggish as a whole, due to yen appreciation and as sales of digital cameras fell substantially below its estimate.
Secom (9735) ( english | Japanese version ) Aug 05, 2010
1Q close to expectations; security, fire protection services off to weak starts
Sector Healthcare/Education Market Cap Large Cap > 400B
Author Hidekatsu,Watanabe Pages 3
We reiterate our Neutral rating on Secom and our fair-value estimate of JPY4,400. The company announced 1Q FY3/11 earnings on 5 August. Although its results seem to have fallen below its forecasts, we do not view this as a negative surprise as we expected the company to miss its targets by a small degree. We maintain our estimates, which are slightly more cautious than the company's forecasts.
Sysmex (6869) ( english | Japanese version ) Aug 05, 2010
Robust earnings absorb yen appreciation; strong growth in domestic, export bus.
Sector Healthcare/Education Market Cap Mid Cap 200-400B
Author Hidekatsu,Watanabe Pages 5
Sysmex announced 1Q FY3/11 results on 3 August, with the figures confirming favorable earnings trends. We reiterate our Outperfrom rating, and we are raising our price objective from JPY5,800 to JPY6,300 as a result of revisions to our estimates. Investment rating and valuations: We reiterate our Outperform rating. We are raising our price objective to Y6,300 as a result of revisions to our estimates. Our price objective of Y6,300 corresponds to a PER of 30x our FY3/11 EPS forecast. We have applied a premium of roughly 50% to the sector average PER of 19x due in part to the fact that the company has a concrete growth strategy that is showing results.
Paramount Bed (7960) ( english | Japanese version ) Aug 04, 2010
Brisk earnings nearly in line with our forecasts, apparently above cos' targets
Sector Healthcare/Education Market Cap Small Cap < 200B
Author Hidekatsu,Watanabe Pages 3
We reiterate our Outperform rating and JPY2,800 price objective for Paramount Bed, and we are leaving our earnings forecasts for the company unchanged. Earnings remain strong, and we believe it likely that the company will revise up its FY3/11 targets.
Hitachi Medical  (6910) ( english | Japanese version ) Aug 03, 2010
Company may have trouble achieving targets due to strong yen, price competition
Sector Healthcare/Education Market Cap Small Cap < 200B
Author Hidekatsu,Watanabe Pages 5
Hitachi Medical announced 1Q FY3/11 earnings results on 27 July. Although the company left its earnings forecasts unchanged, we see a growing likelihood that earnings will fall short of its targets. We reiterate our Underperform rating, and we are lowering our fair-value estimate from JPY720 to JPY650.
M3 (2413) ( english | Japanese version ) Aug 03, 2010
Raising forecasts and price objective on strong domestic and US earnings
Sector Healthcare/Education Market Cap Small Cap < 200B
Author Hidekatsu,Watanabe Pages 5
We reiterate our Outperform rating on M3 and are raising our price objective to JPY460,000. The company continues to record favorable earnings both domestically and overseas, and we are revising the basis for our fair-value calculations along with upward revisions to our earnings forecasts for the company.
Aloka (7704) ( english | Japanese version ) Aug 02, 2010
Company retains FY3/11 forecasts, but we are lowering our estimates on weak euro
Sector Healthcare/Education Market Cap Small Cap < 200B
Author Hidekatsu,Watanabe Pages 5
We are lowering our earnings estimates for Aloka, due mainly to interviews about current trends and a revision to our forex assumptions. We reiterate our Underperform rating, and we are lowering our fair-value estimate from JPY700 to JPY600.
Sogo Medical (4775) ( english | Japanese version ) Jul 22, 2010
1Q unsurprising; starting year in line with our forecast; keep Outperform rating
Sector Healthcare/Education Market Cap Small Cap < 200B
Author Hidekatsu,Watanabe Pages 3
On 21 July, Sogo Medical reported earnings results for 1Q FY3/11. In the dispensing pharmacy industry, in which Sogo Medical operates, profits are concentrated in 2H, and particularly in 4Q. In light of this, the company's earnings results for 1Q were of no major surprise to us. We reiterate our Outperform rating and our price objective of JPY3,300.
Meiko Network Japan (4668) ( english | Japanese version ) Jul 12, 2010
Earnings firm; lowering fair-value est. to JPY640 on overall market correction
Sector Healthcare/Education Market Cap Small Cap < 200B
Author Hidekatsu,Watanabe Pages 5
Meiko Network Japan announced 3Q FY8/10 earnings results on 8 July. We are lowering our FY8/10 sales forecasts slightly on sluggish franchise school sales figures. At the same time, it appears that profits are above the company's targets as a result of cost reductions, and our overall views on the company are thus unchanged. Following a correction in valuations for the overall market, we are lowering our fair-value estimate from JPY700 to JPY640. We reiterate our Neutral rating.
 
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