Reported Earnings • May 17
Full year 2026 earnings: Revenues and EPS in line with analyst expectations Full year 2026 results: EPS: JP¥207 (up from JP¥193 in FY 2025). Revenue: JP¥3.82t (up 4.0% from FY 2025). Net income: JP¥42.5b (up 5.6% from FY 2025). Profit margin: 1.1% (in line with FY 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year. Live News • May 17
MediPal Holdings Raises Dividend Following Strong Earnings and Projects Cautious Profit Outlook Medipal Holdings reported consolidated net sales and profit attributable to owners for fiscal 2026 at levels above the prior year, supported by a strong balance sheet.
The company lifted its total fiscal 2026 dividend to ¥66 per share from ¥62 and raised the year-end dividend to ¥34, highlighting a focus on stable or higher shareholder returns tied to earnings.
For fiscal 2027, Medipal is guiding to modest growth in sales and operating profit, while projecting declines in ordinary profit and net earnings as it continues to restructure its business through consolidation.
The combination of higher recent earnings and a rising dividend, alongside guidance for softer ordinary and net profit, points to a company balancing shareholder returns with a cautious profit outlook.
For you, the key questions are whether the dividend policy and ongoing consolidation efforts offset the risk of weaker projected bottom-line earnings in the near term. Announcement • May 14
MediPal Holdings Corporation, Annual General Meeting, Jun 24, 2026 MediPal Holdings Corporation, Annual General Meeting, Jun 24, 2026. Announcement • May 13
MediPal Holdings Corporation (TSE:7459) proposed to acquire remaining 47.60% stake in Paltac Corporation (TSE:8283) from State Street Bank & Trust Company 505103, JP Morgan Chase Bank 385632, State Street Bank & Trust Company 505001 Obayashi Group, BNYM AS Agt CLTS 10 Percent, BBH For Fidelity Low-Priced STOCK Fund and NORTHERN TRUST CO. (AVFC) RE FIDELITY FUNDS for approximately ¥190 billion. MediPal Holdings Corporation (TSE:7459) proposed to acquire remaining 47.60% stake in Paltac Corporation (TSE:8283) from State Street Bank & Trust Company 505103, JP Morgan Chase Bank 385632, State Street Bank & Trust Company 505001 Obayashi Group, BNYM AS Agt CLTS 10 Percent, BBH For Fidelity Low-Priced STOCK Fund and NORTHERN TRUST CO. (AVFC) RE FIDELITY FUNDS for approximately ¥190 billion on May 8, 2026. A cash consideration of ¥192.46 billion valued at ¥6650 per share will be paid by MediPal Holdings Corporation. As part of consideration, ¥192.46 billion is paid towards common equity of Paltac Corporation. Upon completion, MediPal Holdings Corporation will hold 100% stake of Paltac Corporation. The transaction will be funded by means of loans from Mizuho Bank, Ltd.
The transaction is subject to minimum tender. The Board of Directors of Paltac Corporation formed a special committee for the transaction. The expected completion of the transaction is on July 7, 2026.
Nishimura & Asahi acted as legal advisor for MediPal Holdings Corporation. Nomura Securities Co., Ltd. acted as financial advisor for MediPal Holdings Corporation. Oh-Ebashi LPC & Partners acted as legal advisor for Paltac Corporation. Daiwa Securities Co. Ltd. acted as financial advisor for Paltac Corporation. Anderson Mori & Tomotsune acted as legal advisor for Paltac Corporation. Plutus Consulting Co., Ltd. acted as financial advisor and fairness opinion provider for Paltac Corporation. Announcement • May 10
MediPal Holdings Corporation to Report Fiscal Year 2026 Results on May 14, 2026 MediPal Holdings Corporation announced that they will report fiscal year 2026 results on May 14, 2026 New Risk • Apr 14
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.06% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 30 March 2026. Payment date: 03 June 2026. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.6%). Lower than average of industry peers (2.7%). Reported Earnings • Feb 10
Third quarter 2026 earnings: EPS exceeds analyst expectations Third quarter 2026 results: EPS: JP¥74.82 (up from JP¥69.78 in 3Q 2025). Revenue: JP¥1.01t (up 3.2% from 3Q 2025). Net income: JP¥15.3b (up 5.6% from 3Q 2025). Profit margin: 1.5% (in line with 3Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 49%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 05
Nippon Life Insurance Company completed the acquisition of 52.34% stake in Medical Data Vision Co., Ltd. (TSE:3902) from MediPal Holdings Corporation (TSE:7459), Hiroyuki Iwasaki and others for ¥33.9 billion. Nippon Life Insurance Company proposed to acquire 62.19% stake in Medical Data Vision Co., Ltd. (TSE:3902) from MediPal Holdings Corporation (TSE:7459), Hiroyuki Iwasaki and others for ¥40.4 billion on December 15, 2025. A cash consideration valued at ¥1 per right and valued at ¥1693 per share will be paid by Nippon Life Insurance Company. As part of consideration, ¥3706 is paid towards Fourth Series of Share Acquisition Rights, ¥1400 is paid towards Fifth Series of Share Acquisition Rights and ¥40.4 billion is paid towards common equity of Medical Data Vision Co., Ltd. In a related transaction, Nippon Life Insurance Company is acquiring 37.81% stake in Medical Data Vision Co., Ltd. from SBI Holdings, Inc. Upon completion of the transactions, Nippon Life Insurance Company will hold 100% stake in Medical Data Vision Co., Ltd.
The transaction is subject to minimum tender. The expected completion of the transaction is February 3, 2026.
SMBC Nikko Securities Inc. acted as tender offer agent.
Nippon Life Insurance Company completed the acquisition of 52.34% stake in Medical Data Vision Co., Ltd. (TSE:3902) from MediPal Holdings Corporation (TSE:7459), Hiroyuki Iwasaki and others on February 3, 2025. Announcement • Dec 16
Nippon Life Insurance Company proposed to acquire 62.19% stake in Medical Data Vision Co., Ltd. (TSE:3902) from MediPal Holdings Corporation (TSE:7459), Hiroyuki Iwasaki and others for ¥40.4 billion. Nippon Life Insurance Company proposed to acquire 62.19% stake in Medical Data Vision Co., Ltd. (TSE:3902) from MediPal Holdings Corporation (TSE:7459), Hiroyuki Iwasaki and others for ¥40.4 billion on December 15, 2025. A cash consideration valued at ¥1 per right and valued at ¥1693 per share will be paid by Nippon Life Insurance Company. As part of consideration, ¥3706 is paid towards Fourth Series of Share Acquisition Rights, ¥1400 is paid towards Fifth Series of Share Acquisition Rights and ¥40.4 billion is paid towards common equity of Medical Data Vision Co., Ltd. In a related transaction, Nippon Life Insurance Company is acquiring 37.81% stake in Medical Data Vision Co., Ltd. from SBI Holdings, Inc. Upon completion of the transactions, Nippon Life Insurance Company will hold 100% stake in Medical Data Vision Co., Ltd.
The transaction is subject to minimum tender. The expected completion of the transaction is February 3, 2026.
SMBC Nikko Securities Inc. acted as tender offer agent. Declared Dividend • Dec 03
First half dividend of JP¥32.00 announced Shareholders will receive a dividend of JP¥32.00. Ex-date: 30th March 2026 Payment date: 3rd June 2026 Dividend yield will be 2.4%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (33% earnings payout ratio) and cash flows (38% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 7.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 29
MediPal Holdings Corporation to Report Q3, 2026 Results on Feb 09, 2026 MediPal Holdings Corporation announced that they will report Q3, 2026 results on Feb 09, 2026 Reported Earnings • Nov 07
Second quarter 2026 earnings: EPS and revenues exceed analyst expectations Second quarter 2026 results: EPS: JP¥60.69 (down from JP¥61.05 in 2Q 2025). Revenue: JP¥952.4b (up 4.0% from 2Q 2025). Net income: JP¥12.5b (down 1.7% from 2Q 2025). Profit margin: 1.3% (down from 1.4% in 2Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 37%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 13% per year. Buy Or Sell Opportunity • Oct 08
Now 20% undervalued Over the last 90 days, the stock has risen 6.8% to JP¥2,542. The fair value is estimated to be JP¥3,195, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 2.8% per annum over the same time period. Announcement • Sep 30
Medipal Holdings Corporation and JCR Pharmaceuticals Co., Ltd. Announce Notice of Orphan Drug Designation for JR-446 for Mucopolysaccharidosis Type IIIB by Ministry of Health, Labour and Welfare of Japan MEDIPAL HOLDINGS Corporation and JCR Pharmaceuticals Co., Ltd. announced that the Ministry of Health, Labour and Welfare of Japan has granted orphan drug designation to JR-446, an investigational drug for the treatment of MPS IIIB (MPS IIIB or Sanfilippo syndrome type B). JCR was granted orphan drug designation for the treatment of MPS II by the U.S. Food and Drug Administration (FDA) in April 2025, and by the European Commission (EC) in June 2025. MPS IIIB affects an estimated 500 to 1,000 individuals worldwide, causing severe central nervous system (CNS) symptoms. Despite the dire need, there are currently no approved treatments available for this condition. JR-446, developed using JCR's proprietary J-Brain Cargo®? technology, has shown promising non-clinical results in addressing the CNS symptoms of this challenging disorder, and it is currently being studied in a Phase I/II trial that is being conducted in Japan (JR-446-101) under a collaboration agreement between the two companies. In September 2023, MEDIPAL and JCR entered into a licensing agreement in which MEDIPAL will commercialize JR-446 for MPS IIIB outside of Japan. In addition, MEDIPAL will support JCR in the clinical development of JR-446 in Japan, including the distribution of investigational drugs, disease awareness, and clinical trial advancement. Both companies remain committed to developing a therapy for patients with MPS IIIB as swiftly as possible. Under the orphan drug designation system, the Ministry of Health, Labour & Welfare of Japan takes special measures to support and promote research activities for the development of drugs for rare diseases. Drugs satisfaction the following criteria may be designated as orphan drugs: they are targeting a condition with an incidence of fewer than 50,000 patients in Japan, or their intended use is for the treatment of a designated intractable disease. The drugs should be indicated for the treatment of serious diseases including difficult-to-treat diseases for which there are high unmet medical needs, such as there is no approved medicinal product or higher efficacy, or safety is expected compared with an approved medicinal product. Moreover, the application for orphan drug designation needs to have enough resources and plans for development of its product as an orphan drug in Japan. Mucopolysaccharidosis type IIIB, or Sanfilippo Syndrome type B, is an autosomal recessive disease caused by pathogenic mutations in the NAGLU gene, encoding a lysosomal enzyme involved in the degradation of heparan sulfate. With the accumulation of heparan sulfate in the central nervous system in the brain, individuals with this condition present rapid neurological decline, including sleep disorders, loss of speech, and behavioral changes, which may significantly affect the quality of life of patients and their families. Upcoming Dividend • Sep 23
Upcoming dividend of JP¥32.00 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 03 December 2025. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.6%). In line with average of industry peers (2.6%). Buy Or Sell Opportunity • Sep 19
Now 21% undervalued Over the last 90 days, the stock has risen 7.6% to JP¥2,514. The fair value is estimated to be JP¥3,195, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.1% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 2.3% per annum. Earnings are also forecast to grow by 2.8% per annum over the same time period. Announcement • Aug 27
MediPal Holdings Corporation to Report Q2, 2026 Results on Nov 05, 2025 MediPal Holdings Corporation announced that they will report Q2, 2026 results on Nov 05, 2025 Reported Earnings • Aug 07
First quarter 2026 earnings: EPS exceeds analyst expectations First quarter 2026 results: EPS: JP¥46.17 (up from JP¥42.95 in 1Q 2025). Revenue: JP¥945.2b (up 3.9% from 1Q 2025). Net income: JP¥9.59b (up 6.4% from 1Q 2025). Profit margin: 1.0% (in line with 1Q 2025). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 8.6%. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 10% per year. Declared Dividend • Jul 09
Final dividend of JP¥32.00 announced Shareholders will receive a dividend of JP¥32.00. Ex-date: 29th September 2025 Payment date: 3rd December 2025 Dividend yield will be 2.7%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (28% cash payout ratio). The dividend has increased by an average of 10% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.8% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 01
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥193 (down from JP¥196 in FY 2024). Revenue: JP¥3.67t (up 3.2% from FY 2024). Net income: JP¥40.3b (down 2.9% from FY 2024). Profit margin: 1.1% (down from 1.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.1%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jun 29
MediPal Holdings Corporation to Report Q1, 2026 Results on Aug 05, 2025 MediPal Holdings Corporation announced that they will report Q1, 2026 results on Aug 05, 2025 Announcement • May 15
MediPal Holdings Corporation (TSE:7459) announces an Equity Buyback for 4,000,000 shares, representing 1.92% for ¥8,000 million. MediPal Holdings Corporation (TSE:7459) announces a share repurchase program. Under the program, the company will repurchase up to 4,000,000 shares, representing 1.92% of its issued share capital (excluding treasury stock), for ¥8,000 million. The purpose of the program is to improve capital efficiency through shareholder returns. The repurchased shares will be cancelled. The program will run until October 31, 2025. As of April 30, 2025, the company had 207,950,180 shares in issue (excluding treasury stock) and 11,275,862 shares in treasury. Reported Earnings • May 14
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: JP¥193 (down from JP¥196 in FY 2024). Revenue: JP¥3.67t (up 3.2% from FY 2024). Net income: JP¥40.3b (down 2.9% from FY 2024). Profit margin: 1.1% (down from 1.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.1%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • May 13
MediPal Holdings Corporation, Annual General Meeting, Jun 25, 2025 MediPal Holdings Corporation, Annual General Meeting, Jun 25, 2025. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 28 March 2025. Payment date: 04 June 2025. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.7%). In line with average of industry peers (2.7%). Announcement • Mar 01
MediPal Holdings Corporation to Report Fiscal Year 2025 Results on May 13, 2025 MediPal Holdings Corporation announced that they will report fiscal year 2025 results on May 13, 2025 Reported Earnings • Feb 11
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: JP¥69.78 (up from JP¥52.80 in 3Q 2024). Revenue: JP¥982.5b (up 5.0% from 3Q 2024). Net income: JP¥14.5b (up 30% from 3Q 2024). Profit margin: 1.5% (up from 1.2% in 3Q 2024). Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 102%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Declared Dividend • Dec 04
First half dividend of JP¥30.00 announced Dividend of JP¥30.00 is the same as last year. Ex-date: 28th March 2025 Payment date: 4th June 2025 Dividend yield will be 2.5%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (14% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Major Estimate Revision • Nov 11
Consensus EPS estimates increase by 11% The consensus outlook for fiscal year 2025 has been updated. 2025 EPS estimate increased from JP¥163 to JP¥181. Revenue forecast steady at JP¥3.62t. Net income forecast to shrink 21% next year vs 13% growth forecast for Healthcare industry in Japan . Consensus price target of JP¥2,523 unchanged from last update. Share price rose 3.7% to JP¥2,462 over the past week. New Risk • Nov 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.1% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 03
Second quarter 2025 earnings released: EPS: JP¥61.05 (vs JP¥28.08 in 2Q 2024) Second quarter 2025 results: EPS: JP¥61.05 (up from JP¥28.08 in 2Q 2024). Revenue: JP¥915.4b (up 2.6% from 2Q 2024). Net income: JP¥12.7b (up 113% from 2Q 2024). Profit margin: 1.4% (up from 0.7% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 20
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 04 December 2024. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 2.4%. Lower than top quartile of Japanese dividend payers (3.8%). In line with average of industry peers (2.3%). Announcement • Aug 27
MediPal Holdings Corporation to Report Q2, 2025 Results on Nov 01, 2024 MediPal Holdings Corporation announced that they will report Q2, 2025 results on Nov 01, 2024 Declared Dividend • Aug 06
Dividend of JP¥30.00 announced Dividend of JP¥30.00 is the same as last year. Ex-date: 27th September 2024 Payment date: 4th December 2024 Dividend yield will be 2.5%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is well covered by both earnings (32% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 11% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Aug 05
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to JP¥2,223. The fair value is estimated to be JP¥3,027, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.3% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 2.0% per annum. Earnings are also forecast to grow by 3.1% per annum over the same time period. Reported Earnings • Aug 03
First quarter 2025 earnings released: EPS: JP¥42.95 (vs JP¥52.32 in 1Q 2024) First quarter 2025 results: EPS: JP¥42.95 (down from JP¥52.32 in 1Q 2024). Revenue: JP¥909.3b (up 2.5% from 1Q 2024). Net income: JP¥9.01b (down 20% from 1Q 2024). Profit margin: 1.0% (down from 1.3% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Jul 01
MEDIPAL Holdings Corporation and JCR Pharmaceuticals Co., Ltd. Announce Completion of Clinical Trial Notification Process in Japan for Phase I/II Study of JR-446 for Mucopolysaccharidosis Type IIIB MediPal Holdings Corporation and JCR Pharmaceuticals Co., Ltd. announced the completion of the regulatory review by the Pharmaceuticals and Medical Devices Agency (PMDA) for the clinical trial notification for the phase I/II study of JR-446, a blood-brain barrier-penetrating a-N-acetylglucosaminidase, for the treatment of mucopolysaccharidosis type IIIB (MPS IIIB; Sanfilippo syndrome type B), a devastating and ultra-rare lysosomal storage disorder. MPS IIIB affects an estimated 500 to 1,000 individuals worldwide, causing severe central nervous system symptoms. Despite the dire need, there are currently no approved treatments available for this condition. JR-446, developed using JCR's proprietary J-Brain Cargo technology, has shown promising preclinical results in addressing the symptoms of this challenging disorder. In September 2023, MEDIPAL and JCR secured a license to commercialize JR-446 overseas and partnered to develop and commercialize it in Japan, targeting MPS IIIB2. With the regulatory review now complete, company plan to start the clinical trial in Japan in the first half of fiscal 2024 (April to September). This collaboration highlights the commitment of MEDIPAL and JCR to pioneer treatments for ultrarare diseases. By advancing therapies like JR-446, company aim to bring hope to patients and their families, while enhancing corporate value and contributing to a society where everyone can live with physical and mental well-being. Announcement • Jun 06
MediPal Holdings Corporation to Report Q1, 2025 Results on Aug 01, 2024 MediPal Holdings Corporation announced that they will report Q1, 2025 results on Aug 01, 2024 Announcement • Jun 01
MediPal Holdings Corporation (TSE:7459) completed the acquisition of PreMedica Inc. from Noritsu Koki Co., Ltd. (TSE:7744). MediPal Holdings Corporation (TSE:7459) agreed to acquire PreMedica Inc. from Noritsu Koki Co., Ltd. (TSE:7744) for ¥3.8 billion on April 30, 2024. Transaction has already been approved by Noritsu Koki's board of director's. Transaction is expected to complete on May 31, 2024.MediPal Holdings Corporation (TSE:7459) completed the acquisition of PreMedica Inc. from Noritsu Koki Co., Ltd. (TSE:7744) on May 31, 2024. Reported Earnings • May 18
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: JP¥196 (up from JP¥185 in FY 2023). Revenue: JP¥3.56t (up 5.9% from FY 2023). Net income: JP¥41.5b (up 6.9% from FY 2023). Profit margin: 1.2% (in line with FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 16%. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Announcement • May 16
MediPal Holdings Corporation, Annual General Meeting, Jun 25, 2024 MediPal Holdings Corporation, Annual General Meeting, Jun 25, 2024. Announcement • May 15
MediPal Holdings Corporation (TSE:7459) announces an Equity Buyback for 2,500,000 shares, representing 1.19% for ¥5,000 million. MediPal Holdings Corporation (TSE:7459) announces a share repurchase program. Under the program, the company will repurchase up to 2,500,000 shares, representing 1.19% of its issued share capital (excluding treasury stock), for ¥5,000 million. The purpose of the program is to improve capital efficiency through shareholder returns. The repurchased shares will be cancelled. The program will run until August 30, 2024. As of April 30, 2024, the company had 210,016,973 shares in issue (excluding treasury stock) and 11,274,369 shares in treasury. Announcement • May 01
MediPal Holdings Corporation (TSE:7459) agreed to acquire PreMedica Inc. from Noritsu Koki Co., Ltd. (TSE:7744) for ¥3.8 billion. MediPal Holdings Corporation (TSE:7459) agreed to acquire PreMedica Inc. from Noritsu Koki Co., Ltd. (TSE:7744) for ¥3.8 billion on April 30, 2024. Transaction has already been approved by Noritsu Koki's board of director's. Transaction is expected to complete on May 31, 2024. Upcoming Dividend • Mar 21
Upcoming dividend of JP¥30.00 per share Eligible shareholders must have bought the stock before 28 March 2024. Payment date: 03 June 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.2%). Higher than average of industry peers (2.2%). Announcement • Mar 02
MediPal Holdings Corporation to Report Fiscal Year 2024 Results on May 14, 2024 MediPal Holdings Corporation announced that they will report fiscal year 2024 results on May 14, 2024 Reported Earnings • Feb 08
Third quarter 2024 earnings released: EPS: JP¥52.80 (vs JP¥59.65 in 3Q 2023) Third quarter 2024 results: EPS: JP¥52.80 (down from JP¥59.65 in 3Q 2023). Revenue: JP¥935.9b (up 6.1% from 3Q 2023). Net income: JP¥11.1b (down 11% from 3Q 2023). Profit margin: 1.2% (down from 1.4% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.2% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Nov 27
MediPal Holdings Corporation to Report Q3, 2024 Results on Feb 05, 2024 MediPal Holdings Corporation announced that they will report Q3, 2024 results on Feb 05, 2024 Reported Earnings • Nov 04
Second quarter 2024 earnings released: EPS: JP¥28.08 (vs JP¥43.12 in 2Q 2023) Second quarter 2024 results: EPS: JP¥28.08 (down from JP¥43.12 in 2Q 2023). Revenue: JP¥892.3b (up 5.3% from 2Q 2023). Net income: JP¥5.97b (down 34% from 2Q 2023). Profit margin: 0.7% (down from 1.1% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.0% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 11% per year whereas the company’s share price has increased by 12% per year. Price Target Changed • Oct 19
Price target increased by 9.5% to JP¥2,475 Up from JP¥2,260, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of JP¥2,463. Stock is up 34% over the past year. The company is forecast to post earnings per share of JP¥170 for next year compared to JP¥185 last year. Upcoming Dividend • Sep 21
Upcoming dividend of JP¥30.00 per share at 2.3% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 04 December 2023. Payout ratio is a comfortable 23% but the company is paying out more than the cash it is generating. Trailing yield: 2.3%. Lower than top quartile of Japanese dividend payers (3.3%). In line with average of industry peers (2.1%). Announcement • Aug 30
MediPal Holdings Corporation to Report Q2, 2024 Results on Nov 02, 2023 MediPal Holdings Corporation announced that they will report Q2, 2024 results on Nov 02, 2023 Reported Earnings • Aug 03
First quarter 2024 earnings released: EPS: JP¥52.32 (vs JP¥39.39 in 1Q 2023) First quarter 2024 results: EPS: JP¥52.32 (up from JP¥39.39 in 1Q 2023). Revenue: JP¥886.7b (up 5.8% from 1Q 2023). Net income: JP¥11.2b (up 35% from 1Q 2023). Profit margin: 1.3% (up from 1.0% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has increased by 6% per year and the company’s share price has also increased by 6% per year. Price Target Changed • Jul 13
Price target increased by 12% to JP¥2,198 Up from JP¥1,970, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of JP¥2,283. Stock is up 14% over the past year. The company is forecast to post earnings per share of JP¥159 for next year compared to JP¥185 last year. Announcement • May 31
MediPal Holdings Corporation to Report Q1, 2024 Results on Aug 02, 2023 MediPal Holdings Corporation announced that they will report Q1, 2024 results on Aug 02, 2023 Reported Earnings • May 17
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: JP¥185 (up from JP¥140 in FY 2022). Revenue: JP¥3.36t (up 2.1% from FY 2022). Net income: JP¥38.8b (up 32% from FY 2022). Profit margin: 1.2% (up from 0.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 20%. Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 2% per year. Major Estimate Revision • May 15
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from JP¥3.39t to JP¥3.51t. EPS estimate increased from JP¥147 to JP¥167 per share. Net income forecast to grow 7.6% next year vs 15% growth forecast for Healthcare industry in Japan. Consensus price target of JP¥1,970 unchanged from last update. Share price rose 2.7% to JP¥2,157 over the past week. Announcement • May 14
MediPal Holdings Corporation, Annual General Meeting, Jun 27, 2023 MediPal Holdings Corporation, Annual General Meeting, Jun 27, 2023. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥23.00 per share at 2.6% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 02 June 2023. Payout ratio is a comfortable 16% and the cash payout ratio is 77%. Trailing yield: 2.6%. Lower than top quartile of Japanese dividend payers (3.6%). Higher than average of industry peers (2.3%). Buying Opportunity • Mar 13
Now 22% undervalued Over the last 90 days, the stock is up 3.2%. The fair value is estimated to be JP¥2,344, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.6%. For the next 3 years, revenue is forecast to grow by 1.4% per annum. Earnings is also forecast to grow by 1.1% per annum over the same time period. Reported Earnings • Feb 02
Third quarter 2023 earnings released: EPS: JP¥59.65 (vs JP¥49.09 in 3Q 2022) Third quarter 2023 results: EPS: JP¥59.65 (up from JP¥49.09 in 3Q 2022). Revenue: JP¥882.0b (up 2.1% from 3Q 2022). Net income: JP¥12.5b (up 22% from 3Q 2022). Profit margin: 1.4% (up from 1.2% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year. Announcement • Nov 30
MediPal Holdings Corporation to Report Q3, 2023 Results on Feb 01, 2023 MediPal Holdings Corporation announced that they will report Q3, 2023 results on Feb 01, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: JP¥43.12 (vs JP¥43.25 in 2Q 2022) Second quarter 2023 results: EPS: JP¥43.12 (down from JP¥43.25 in 2Q 2022). Revenue: JP¥847.1b (up 3.5% from 2Q 2022). Net income: JP¥9.05b (flat on 2Q 2022). Profit margin: 1.1% (in line with 2Q 2022). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 12% per year. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 8 non-independent directors. Independent Outside Director Hiroshi Iwamoto was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 02
Second quarter 2023 earnings released: EPS: JP¥43.12 (vs JP¥43.25 in 2Q 2022) Second quarter 2023 results: EPS: JP¥43.12 (down from JP¥43.25 in 2Q 2022). Revenue: JP¥847.1b (up 3.5% from 2Q 2022). Net income: JP¥9.05b (flat on 2Q 2022). Profit margin: 1.1% (in line with 2Q 2022). Revenue is forecast to stay flat during the next 3 years compared to a 5.1% growth forecast for the Healthcare industry in Japan. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 11% per year. Upcoming Dividend • Sep 22
Upcoming dividend of JP¥23.00 per share Eligible shareholders must have bought the stock before 29 September 2022. Payment date: 02 December 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Japanese dividend payers (3.7%). Higher than average of industry peers (2.2%). Reported Earnings • Jul 31
First quarter 2023 earnings released: EPS: JP¥39.39 (vs JP¥44.98 in 1Q 2022) First quarter 2023 results: EPS: JP¥39.39 (down from JP¥44.98 in 1Q 2022). Revenue: JP¥838.3b (up 1.6% from 1Q 2022). Net income: JP¥8.27b (down 12% from 1Q 2022). Profit margin: 1.0% (in line with 1Q 2022). Over the next year, revenue is forecast to grow 1.1%, compared to a 4.4% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • May 19
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: JP¥140 (up from JP¥114 in FY 2021). Revenue: JP¥3.29t (up 2.5% from FY 2021). Net income: JP¥29.4b (up 23% from FY 2021). Profit margin: 0.9% (up from 0.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to stay flat compared to a 3.5% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has fallen by 10% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • May 18
Investor sentiment deteriorated over the past week After last week's 23% share price decline to JP¥1,723, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 14x in the Healthcare industry in Japan. Total loss to shareholders of 23% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 9 non-independent directors. Independent Outside Director Kuniko Masako was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of JP¥21.00 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 02 June 2022. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 2.0%. Lower than top quartile of Japanese dividend payers (3.4%). In line with average of industry peers (2.0%). Reported Earnings • Feb 02
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: EPS: JP¥49.09 (up from JP¥21.05 in 3Q 2021). Revenue: JP¥864.0b (up 1.6% from 3Q 2021). Net income: JP¥10.3b (up 133% from 3Q 2021). Profit margin: 1.2% (up from 0.5% in 3Q 2021). Revenue missed analyst estimates by 1.2%. Earnings per share (EPS) exceeded analyst estimates by 7.2%. Over the next year, revenue is forecast to grow 1.2%, compared to a 5.2% growth forecast for the industry in Japan. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 6% per year. Buying Opportunity • Jan 25
Now 20% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be JP¥2,592, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 5.9% per annum over the last 3 years. 
