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As soon as the news of Japan easing tourist visas for people from China was released, local retail travel stocks surged immediately.
① The Japanese Foreign Minister, Toshimitsu Motegi, announced the relaxation of visa requirements for Chinese tourists to Japan, expected to be implemented in spring 2025. ② After the announcement, retail and tourism-related stocks in Japan rose, with J. Front Retailing Co. soaring by 8.38%, while Isetan Mitsukoshi Holdings and Takashimaya increased by 6.98% and 3.69%, respectively.
QOL HD Research Memo (10): The basic policy is to provide stable profit returns, and a shareholder benefit program has also been introduced.
■ Shareholder returns and SDGs initiatives 1. Shareholder Return Policy Quall Holdings <3034> maintains a basic policy of continuing stable profit returns to shareholders while ensuring internal reserves for future business development and strengthening the management base. Although there are no specific criteria like promised dividend payout ratios for the amount of dividends, there is an intention not to reduce dividends and to continue progressive dividends. Based on this basic policy, for the fiscal year ending March 2025, the dividend per share is expected to be,
Kuwol HD Research Memo (7): Aiming for revenue of 300 billion yen and operating profit of 24 billion yen in the fiscal year ending March 2027.
■Medium-term performance targets and growth Global Strategy 1. Medium-term performance targets QOL Holdings <3034> announced its three-year medium-term performance targets until the fiscal year ending March 2027 in May 2024. The company aims for sustainable growth while strengthening its management foundation as a comprehensive Health Care company covering everything from Pharmaceutical research and development (ApoPlus Station) to manufacturing and sales (Daiichi Sankyo Esfa, Fujinaga Pharmaceutical), medical staffing services (ApoPlus Station, On Call), and dispensing pharmacies (QOL).
Qual HD Research Memo (4): Daiichi Sankyo Esfa is a major fabless company specializing in generic Pharmaceuticals with AG products as its main focus.
■Company Overview 4. Pharmaceutical Business The pharmaceutical business consists of two companies: Fujinaga Pharmaceutical and Daiichi Sankyo Esfa, with the majority being occupied by Daiichi Sankyo Esfa. Daiichi Sankyo Esfa is a fabless manufacturer specializing in planning and sales, established in 2010 by Daiichi Sankyo to enter the generic pharmaceutical market. It boasts the third-largest sales scale in the domestic generic pharmaceutical market, and when it comes to AG products alone, it held approximately 26% in fiscal year 2022, ranking as the top company. About 75% of the revenue is generated from AG products, with the sales items including Daiichi Sankyo.
Kual HD Research Memo (3): Developing 'Health Care Pharmacies' through 'one-on-one pharmacies' and collaboration with other Industries.
■Company Overview 2. Pharmacy Business (1) Business Scale and Positioning in the Industry The pharmacy business mainly involves the operation of dispensing pharmacies. As of the end of September 2024, of the total 953 stores, approximately 98% or 931 stores are dispensing pharmacies, with the remaining 22 stores operating as in-hospital kiosks. Furthermore, about 93% of segment revenue comes from prescription sales (so-called dispensing revenue), and the remainder comes from product sales in pharmacies, convenience stores, and in-hospital stores.
Quall HD Research Memo (2): Expansion from the pharmacy business to Medical related BPO business and pharmaceutical business.
■ Company Overview 1. History Kuo Holdings <3034> was established in 1992 by the current honorary chairman, Masaru Nakamura. In 1993, the first pharmacy was opened in Nihonbashi Kabutocho, and since then, the company has actively utilized M&A in addition to its own store openings to expand its network of pharmacies. Alongside this, it has also sought to enter related and peripheral businesses, establishing Phase-On Co., Ltd. in 2003 to enter the clinical trial-related business, and in 2008, Kuo Medis Co., Ltd. was established.