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Highlights

  • FPH is an ASX-listed healthcare company which offers medical devices and technologies.
  • With the easing of pandemic related restrictions, FPH’s operating revenue improved considerably in 2HFY23.
  • Mitsubishi UFJ Financial Group Inc. has the maximum shareholding in the firm with a stake of around 8.27%.

Fisher & Paykel Healthcare Corporation Limited (ASX: FPH) offers medical devices and technologies which are used in acute and chronic respiratory care, surgery and treating obstructive sleep apnea. FPH’s products are sold in over 120 countries worldwide.

With the easing of pandemic-related restrictions worldwide, the company witnessed significant improvement in business in the middle of the financial year 2023 (FY23), as operating revenue increased by 14% YoY in the second half of FY23 (2HFY23).

However, in FY23, the total operating revenue dropped by 6% to NZD 1,581.1 million and net profit after tax dropped by 34% YoY to NZD 250.3 million.

The period saw new product launches and the building of infrastructure.

Top 10 shareholders of FPH

The top 10 shareholders of FPH have nearly 32.66% stake in the company, while the top four shareholders have a 21.77% stake in the firm. Mitsubishi UFJ Financial Group Inc. and Hyperion Asset Management Limited have the highest stake in FPH, with a shareholding of ~8.27% and ~5.05%, respectively.

Recent business update

Through an ASX update dated 29 August 2023, the company informed about the update in its guidance for 1HFY24. The expected range of net profit after tax is NZD 95-105 million, and expected operating revenue is around NZD 790 million.

Outlook

In FY24, the company expects to deliver revenue of circa NZD 1.70 billion. Considering the land and building programs, the expected capital expenditure in FY24 is NZD 450 million.

The company expects to report a gross margin improvement of 200 basis points in constant currency during the stated period.

Share performance of FPH

FPH shares closed 0.5% up at AUD 20.24 apiece. Including today’s gain, FPH’s shares have dropped by 16.40% in the last six months.

The 52-week high of FPH is AUD 26.08, recorded on 1 May 2023, while the 52-week low is AUD 16.11 apiece, recorded on 13 October 2022.

 

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

 

Note 2: The reference date for all price data, currency, is 27 September 2023. The reference data in this report has been partly sourced from REFINITIV.