Financials Hogy Medical Co.,Ltd.

Equities

3593

JP3840800001

Medical Equipment, Supplies & Distribution

Market Closed - Japan Exchange Other stock markets 02:00:00 2024-04-26 am EDT			5-day change	1st Jan Change
3,675 ^JPY	+0.55%		+3.67%	+1.66%

2023	Dalton Submits Shareholder Proposal to Hogy Medical	CI
2022	Tranche Update on Hogy Medical Co.,Ltd.'s Equity Buyback Plan announced on February 8, 2022.	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	117,873	101,677	102,087	93,319	77,016	89,208	-	-
Enterprise Value (EV) ¹	94,822	79,047	81,602	88,958	67,044	77,432	74,322	68,353
P/E ratio	19.7 x	18.4 x	20.6 x	21.2 x	17.8 x	32.4 x	25.2 x	21.2 x
Yield	1.64%	1.96%	2.01%	2.1%	2.24%	2.13%	2.21%	2.27%
Capitalization / Revenue	3.22 x	2.73 x	2.8 x	2.54 x	1.98 x	2.33 x	2.18 x	2.1 x
EV / Revenue	2.59 x	2.12 x	2.24 x	2.42 x	1.72 x	1.98 x	1.81 x	1.61 x
EV / EBITDA	9.47 x	7.46 x	8.02 x	8.68 x	6.54 x	7.19 x	7.23 x	6.24 x
EV / FCF	10.5 x	150 x	-850 x	16.3 x	-	20.1 x	13.8 x	9.7 x
FCF Yield	9.57%	0.67%	-0.12%	6.13%	-	4.98%	7.27%	10.3%
Price to Book	1.29 x	1.08 x	1.06 x	0.98 x	0.92 x	1.06 x	1.02 x	1 x
Nbr of stocks (in thousands)	30,185	30,216	30,248	28,802	24,257	24,274	-	-
Reference price ²	3,905	3,365	3,375	3,240	3,175	3,675	3,675	3,675
Announcement Date	4/10/19	4/10/20	4/12/21	4/12/22	4/12/23	4/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	36,658	37,232	36,504	36,778	38,981	39,100	40,974	42,468
EBITDA ¹	10,013	10,590	10,181	10,250	10,251	10,776	10,282	10,957
EBIT ¹	4,382	5,307	5,632	6,135	6,634	4,169	4,837	5,607
Operating Margin	11.95%	14.25%	15.43%	16.68%	17.02%	10.66%	11.81%	13.2%
Earnings before Tax (EBT) ¹	8,499	7,725	6,989	6,286	6,189	4,075	4,869	5,742
Net income ¹	6,043	5,529	4,959	4,370	4,316	2,804	3,473	4,116
Net margin	16.48%	14.85%	13.58%	11.88%	11.07%	7.17%	8.48%	9.69%
EPS ²	198.3	183.1	164.0	153.0	178.0	115.6	146.1	173.6
Free Cash Flow ¹	9,073	528	-96	5,453	-	3,855	5,400	7,050
FCF margin	24.75%	1.42%	-0.26%	14.83%	-	9.86%	13.18%	16.6%
FCF Conversion (EBITDA)	90.61%	4.99%	-	53.2%	-	35.77%	52.52%	64.34%
FCF Conversion (Net income)	150.14%	9.55%	-	124.78%	-	137.48%	155.47%	171.29%
Dividend per Share ²	64.00	66.00	68.00	68.00	71.00	80.00	81.33	83.33
Announcement Date	4/10/19	4/10/20	4/12/21	4/12/22	4/12/23	4/10/24	-	-

¹JPY in Million²JPY

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2020 S1	2021 S1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2025 Q1	2025 S1
Net sales ¹	18,380	17,734	9,033	17,928	9,882	8,968	9,447	9,754	19,201	10,334	9,446	9,679	9,857	19,536	10,218	9,679	19,536
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	2,596	2,671	1,495	2,987	1,815	1,333	1,857	1,328	3,185	1,879	1,570	1,302	1,073	2,375	1,112	1,302	2,375
Operating Margin	14.12%	15.06%	16.55%	16.66%	18.37%	14.86%	19.66%	13.61%	16.59%	18.18%	16.62%	13.45%	10.89%	12.16%	10.88%	13.45%	12.16%
Earnings before Tax (EBT)	4,665	3,833	1,571	3,065	2,007	-	1,843	1,319	3,162	2,064	963	1,229	1,184	2,413	1,204	-	-
Net income	3,265	2,776	1,145	2,234	1,458	678	1,304	928	2,232	1,478	606	886	846	1,732	877	-	-
Net margin	17.76%	15.65%	12.68%	12.46%	14.75%	7.56%	13.8%	9.51%	11.62%	14.3%	6.42%	9.15%	8.58%	8.87%	8.58%	-	-
EPS	108.1	91.84	-	75.83	50.44	-	53.77	-	92.05	60.92	-	36.53	-	71.40	36.14	-	-
Dividend per Share	33.00	34.00	-	34.00	17.00	-	17.50	-	35.00	18.00	-	20.00	-	40.00	20.00	-	-
Announcement Date	10/10/19	10/12/20	10/12/21	10/12/21	1/14/22	4/12/22	7/12/22	10/13/22	10/13/22	1/16/23	4/12/23	7/12/23	10/12/23	10/12/23	1/16/24	-	-

¹JPY in Million

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	23,051	22,630	20,485	4,361	9,972	13,596	14,885	20,855
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	9,073	528	-96	5,453	-	3,855	5,400	7,050
ROE (net income / shareholders' equity)	6.5%	6%	5.2%	5%	5.3%	3.3%	4.06%	4.76%
ROA (Net income/ Total Assets)	4.29%	5.52%	5.64%	6.14%	6.62%	4.2%	3.6%	4.5%
Assets ¹	140,759	100,245	87,912	71,134	65,245	66,788	96,484	91,461
Book Value Per Share ²	3,027	3,104	3,183	3,296	3,447	3,547	3,610	3,679
Cash Flow per Share	383.0	358.0	315.0	297.0	327.0	388.0	-	-
Capex ¹	1,552	9,767	7,350	3,048	1,393	2,686	5,270	1,550
Capex / Sales	4.23%	26.23%	20.13%	8.29%	3.57%	6.87%	12.86%	3.65%
Announcement Date	4/10/19	4/10/20	4/12/21	4/12/22	4/12/23	4/10/24	-	-

¹JPY in Million²JPY

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hogy Medical Co.,Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3,675 JPY

Average target price

3,710 JPY

Spread / Average Target

+0.95%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Medical Supplies

	1st Jan change	Capi.
HOGY MEDICAL CO.,LTD.	+1.66%	567M
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SHANDONG WEIGAO GROUP MEDICAL POLYMER COMPANY LIMITED	-32.98%	2.98B
WINNER MEDICAL CO., LTD.	-15.97%	2.52B
INTCO MEDICAL TECHNOLOGY CO., LTD.	+11.90%	2.34B
HARTALEGA HOLDINGS	-1.11%	1.91B
HARBIN FUERJIA TECHNOLOGY CO., LTD.	-13.37%	1.83B
TOP GLOVE CORPORATION BHD.	-7.78%	1.39B
NAKANISHI INC.	-0.38%	1.27B
KOSSAN RUBBER INDUSTRIES	+13.51%	1.12B

Medical Supplies