SlideShare a Scribd company logo

Repro cell presentation

•
•
Poon Panichpibool
Poon Panichpibool

This document presents an analysis of ReproCell, Inc. (4978:JP), a Japanese biotech company engaged in stem cell technologies including induced pluripotent stem cells (iPSCs) and embryonic stem cells. It provides an overview of ReproCell's business segments in iPSC products and clinical testing services. It also outlines the company's four subsidiaries and their contributions to ReproCell's portfolio. A key point is that the Japanese government estimates the regenerative medicine market will grow substantially over the next 30 years, presenting a long term growth opportunity for ReproCell.

1 of 50
Download to read offline
ReproCell, Inc. (4978:JP) Paradigm Shifting Business for Extraordinary Return December 2, 2015 Poon Panichpibool p.panichpibool@gmail.com Healthcare Group of Global Markets Group University of Virginia
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Agenda Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question?
36 ReproCell, Inc. (4978:JP) Poon Panichpibool 2 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview ReproCell-Innovator in iPS and ESa field aiPS cell-induced pluripoten stem cell. ES cell-embryonic stem cell. Who is ReproCell? Biotech company engage in development of sophisticated stem cell technologies; iPS and ES cell. 1The world’s first commercialized iPS cell - Human iPSC-derived cardiomyocytes and Human iPSC-derived neurons. Drew global attention as a way to replace animal experiments. 2A niche market that large analysis companies are not engaging.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool 2 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview ReproCell-Innovator in iPS and ESa field aiPS cell-induced pluripoten stem cell. ES cell-embryonic stem cell. Who is ReproCell? Biotech company engage in development of sophisticated stem cell technologies; iPS and ES cell. Two main business segments 1. iPS Cell business - Manufacture Research reagents for human iPS/ES cell research and Provide human iPS-derived functional cells used in drug discovery screening1 2. Clinical testing service business - Provide testing services specialized in bone-marrow transplant and organ transplant.2 1The world’s first commercialized iPS cell - Human iPSC-derived cardiomyocytes and Human iPSC-derived neurons. Drew global attention as a way to replace animal experiments. 2A niche market that large analysis companies are not engaging.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool 3 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview Global provider of differentiated cell types including iPSC-derived hepatocytes, cardiomyocytes, and Glu/Ach/DA neurons.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool 3 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview Global provider of differentiated cell types including iPSC-derived hepatocytes, cardiomyocytes, and Glu/Ach/DA neurons. Own Extensive portfolio of embryonic stem cell and induced pluripotent stem cell culture reagents.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool 4 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview Through 4 subsidiaries expanding portfolio of products and services supporting and addressing the needs of researchers and clinicians.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool 4 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview Through 4 subsidiaries expanding portfolio of products and services supporting and addressing the needs of researchers and clinicians. 1. Stemgent - Provide mRNA Reprogramming which is cutting-edge technology to increase efficiency and safety in iPS cell production.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool 4 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview Through 4 subsidiaries expanding portfolio of products and services supporting and addressing the needs of researchers and clinicians. 1. Stemgent - Provide mRNA Reprogramming which is cutting-edge technology to increase efficiency and safety in iPS cell production. 2. Bioserve - One of the Largest commercial human tissue banks in the World.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool 4 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview Through 4 subsidiaries expanding portfolio of products and services supporting and addressing the needs of researchers and clinicians. 1. Stemgent - Provide mRNA Reprogramming which is cutting-edge technology to increase efficiency and safety in iPS cell production. 2. Bioserve - One of the Largest commercial human tissue banks in the World. 3. Reinnervate - Provide advanced technology in 3D cell culture, rapidly growing business.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool 4 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview Through 4 subsidiaries expanding portfolio of products and services supporting and addressing the needs of researchers and clinicians. 1. Stemgent - Provide mRNA Reprogramming which is cutting-edge technology to increase efficiency and safety in iPS cell production. 2. Bioserve - One of the Largest commercial human tissue banks in the World. 3. Reinnervate - Provide advanced technology in 3D cell culture, rapidly growing business. 4. Biopta - Drug development Support Service provider to major pharma manufacturers by receiving and utilizing human fresh tissues and organs from the UK and the US.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool 5 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview iPS and ES cell-The Future of Healthcare Industry
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points 6 Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Long term growth opportunity Japan’s Ministry of Economy, Trade, and Industry estimated the Regenerative Medicine market will grow to 2 Trillion yen in 2020, 17 Trillion yen in 2030, and 50 Trillion yen in 2050.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points 6 Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Long term growth opportunity Japan’s Ministry of Economy, Trade, and Industry estimated the Regenerative Medicine market will grow to 2 Trillion yen in 2020, 17 Trillion yen in 2030, and 50 Trillion yen in 2050. From 50 Trillion yen forecast market, about 42 Trillion yen is a relevant market for ReproCell.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points 6 Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Long term growth opportunity Japan’s Ministry of Economy, Trade, and Industry estimated the Regenerative Medicine market will grow to 2 Trillion yen in 2020, 17 Trillion yen in 2030, and 50 Trillion yen in 2050. From 50 Trillion yen forecast market, about 42 Trillion yen is a relevant market for ReproCell. ReproCell has a Mid and Long term growth strategy to become a leader in the high business potential field of regenerative medicine.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points 7 Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Long term growth opportunity
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points 8 Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Long term growth opportunity Figure: Credit https://www.alliedmarketresearch.com/regenerative-medicines-market
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points 9 Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Long term growth opportunity ReproCell has a Mid and Long term growth strategy to become a leader in the high business potential field of regenerative medicine.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points 10 Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Long term growth opportunity Mid and Long term plan has been boost the Company’s revenue. On target to become a Global leader in regenerative medicine business3 . 3Sales in Millions of JPY
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity 11 Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Support from the Japan Government A Special Zone for iPS Cell Research and Development.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity 12 Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Support from the Japan Government Legislation supports businesses working on regenerative medicine.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 13 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points 4 Unique Competitive Edges The Power of Synergy-One-Stop solution for Wide varieties of iPS&ES cell products
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 14 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points 4 Unique Competitive Edges Benefit from the World’s largest human tissue sample Bank = More iPS&ES cell products Cutting-Edge technologies in mRNA reprogramming and 3D cell culture increase efficiency and safety significantly.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 15 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points 4 Unique Competitive Edges Biopta Acquisition will further expand the business through drug development support services.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 16 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points 4 Unique Competitive Edges Global Scale Marketing channel and Expanding internet sales
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 17 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points 4 Unique Competitive Edges Global Research Network
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 18 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points 4 Unique Competitive Edges Acquiring promising seed technologies via a Venture Fund - Cell Innovation Partners
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges 19 Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Tactical Asset Allocation BOJ’s QQE Since the launch of QQE program in early 2013, the Japanese market has been in a bullish trend.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges 19 Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Tactical Asset Allocation BOJ’s QQE Since the launch of QQE program in early 2013, the Japanese market has been in a bullish trend. With divergent monetary policy between the Fed and the BOJ, JPY will be further weaken. Hence, it is supportive for exporter like Japan.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges 20 Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Tactical Asset Allocation Figure: TOPIX weekly chart from January 2013 to December 2015. Strong uptrend with two golden crosses.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges 21 Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Tactical Asset Allocation Institutional Investors Support The Government Pension Investment Fund (GPIF) of Japan raised domestic stock allocation from 12% to 25%. . The World’s largest public pension fund remain “Bullish”. Keep funds flowing into the market. Recent abnormal surge in volume and On Balance Volume (OBV) could imply institutional investors’ shares accumulation. Institutional investors can drive stock price significantly.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges 22 Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Tactical Asset Allocation Figure: Most recent Assets Allocation of GPIF.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges 23 Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Tactical Asset Allocation Figure: ReproCell 1 year Weekly Chart. Surge in volume and OBV support this new uptrend.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks 24 Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Macro Global Risk China Economy Slowdown As the 2nd biggest Economy, China’s economy does matter, any slowdown will affect global growth. Failure of Bank of Japan’s Quantitative and Qualitative program (BOJ’s QQE)
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks 24 Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Macro Global Risk China Economy Slowdown As the 2nd biggest Economy, China’s economy does matter, any slowdown will affect global growth. Unavoidably, the recovery of Japan’s economy can be tampered by the China’s slow down. Failure of Bank of Japan’s Quantitative and Qualitative program (BOJ’s QQE)
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks 24 Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Macro Global Risk China Economy Slowdown As the 2nd biggest Economy, China’s economy does matter, any slowdown will affect global growth. Unavoidably, the recovery of Japan’s economy can be tampered by the China’s slow down. Failure of Bank of Japan’s Quantitative and Qualitative program (BOJ’s QQE) If the QQE program fail, the consequence can be much worse than "the Lost Decade of Japan".
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks 24 Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Macro Global Risk China Economy Slowdown As the 2nd biggest Economy, China’s economy does matter, any slowdown will affect global growth. Unavoidably, the recovery of Japan’s economy can be tampered by the China’s slow down. Failure of Bank of Japan’s Quantitative and Qualitative program (BOJ’s QQE) If the QQE program fail, the consequence can be much worse than "the Lost Decade of Japan". Investors will lose confidence in the Japanese equities which lead to market sell off.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk 25 Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Social, Political, and Legislative Risk Changing in Healthcare regulation Any change in regulation can potentially affect ReproCell’s business. However, with the Japan’s government support on regenerative medicine business via the newly registered PMDA4 , this risk is subsided. 4The Act on the Safety of Regenerative Medicine, and Pharmaceutical and Medical Device Act or PMDA enforced on November 25 2014. More information http://www.mhlw.go.jp/english/policy/health-medical/ medical-care/dl/150407-01.pdf
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk 26 Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Currency Risk Weak Japanese Yen due to BOJ’s QQE Japanese Yen will continue weakening as a result of BOJ’s QQE. Fed’s decision on interest rate will affect the direction of USD/JPY. Long YCS to mitigate the FX risk ProShares UltraShort Yen (YCS) will allow investors to hedge FX risk. Possible ratio of 2:1 hedging to stay fully hedged5 . 5But not perfectly 100% hedged
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk 27 Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Language Barrier Lost in translation (Japanese) Most Japanese companies will release their materials in both Japanese and English. However, it does take awhile until they put English version on their IR website. Use Bloomberg terminal, Capital IQ, Thomson Reuters Eikon, and http://www.kaijinet.com/jpExpress/default.aspx to keep update on earning and news.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier 28 Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Difficult Money Management Trading in a board lot Unlike the US market, trading a stock in the Japanese market is done in a unit of a board Lot. i.e. 1 Lot = 100 shares, 1000 shares. It can be difficult to completely control money management.
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation 29 Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Valuation Comparable Analysis For a comparable analysis, 8 Japanese companies were used to calculate multiples6 as shown in the following table. Company EV/Sales P/TBV7 Takara Bio (4974) 4.7x 2.8x Tella (2191) 6.5x 7.0x Medinet (2370) 7.2x 2.2x MediBIC (2369) 14.1x 13.3x Japan Tissue Engi- neering (7774) 27.6x 5.8x CellSeed (7776) 53.6x 2.7x HealiosK.K. (4593) 161.1x 22.1x ReproCell (4978) 20.6x 4.5x 6Most companies have negative earning, hence, only two multiples were used. 7Multiples from Capital IQ
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation 30 Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Valuation Comparable Analysis Here are different implied share prices. Share Price Share Price from from EV/Sales P/TBV8 High 2,799 2,142 Low 170 211 Mean 751 773 Median 329 561 8Share Price in JPY
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis 31 Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Valuation DCF To calculate target price using DCF, here are assumptions. WACC calculation 1. Corporate TaxRate = 3.64%9 2. Risk Free Rate = 10yr JGB = 0.32%10 3. Risk Premium = 6.8%11 4. Equity β = 0.312 5. Industry Equity β = 2.7 6. Cost of Debt = 6.87% 7. Cost of Equity-Company = 2.4% 9http://people.stern.nyu.edu/adamodar/New_Home_Page/ datacurrent.html#capstru, due to Government Support in Biotech. Normally, tax rate = 33% after the most recent cut from Abenomics. 10Bloomberg 11http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ ctryprem.html 12CapitalIQ
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis 32 Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Valuation DCF Growth rate 1. Revenue Growth rate = 35% conservative case13 2. Revenue Growth rate = 70% case 214 DCF target price 1. Case 1 - Conservative case = 535 JPY 2. Case 2 - 1% Market Share case = 1,248 JPY 13Much less than company’s forecast growth at 150% 14Assume that ReproCell has 1% of 2020 Global Market Share (2 Trillions JPY)
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow 33 Technical Analysis Summary of Valuation Q&A Question? Contact Information Valuation Technical Analysis ReproCell share price just broke out from a long downtrend resistance. From the recent movement, the target price will be at 1.618 Fibonacci Extensions which is 639 JPY. Figure: 3 Months Daily chart of Reprocell (4978:JP)
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis 34 Summary of Valuation Q&A Question? Contact Information Valuation Summary Summary of Valuation Method Target Upside RRR15 Price (JPY) Downside (%) EV/Revenue (Comp.) 328 -24 -0.33 P/TBV (Comp.) 560 29 0.28 DCF1 535 23 0.34 DCF2 1,248 187 0.04 Fib. Extensions 639 47 0.17 15RRR=Risk Reward Ratio=Risk/Reward; Assume Risk is 8% cutloss. Ideally, prefer RRR < 0.50
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A 35 Question? Contact Information Q&A Questions Time The only way you get a real education in the market is To invest cash, Track your trade, and Study your mistakes. Jesse Livermore If you have any question, please feel free to ask me. Credit to sharelatex website. 16 16This presentation is created by LATEX
36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? 36 Contact Information Q&A Contact Information In case you have any comments, suggestions or have found additional information, please do not hesitate to contact me. You can find my contact details below. Poon Panichpibool p.panichpibool@gmail.com 2021 Ivy Road, Apt. B4 Charlottesville, VA 22903
Thank you for your attention!

Recommended

Challenges and Opportunities for the Pharmaceutical Industry
Challenges and Opportunities for the Pharmaceutical IndustryChallenges and Opportunities for the Pharmaceutical Industry
Challenges and Opportunities for the Pharmaceutical Industry
European Industrial Pharmacists Group
 
The Pharmaceutical Industry and the Industrial Pharmacist: A Partnership for ...
The Pharmaceutical Industry and the Industrial Pharmacist: A Partnership for ...The Pharmaceutical Industry and the Industrial Pharmacist: A Partnership for ...
The Pharmaceutical Industry and the Industrial Pharmacist: A Partnership for ...
European Industrial Pharmacists Group
 
Pharmaceutical Offshoring Landscape A Syndicated Report
Pharmaceutical Offshoring Landscape A Syndicated ReportPharmaceutical Offshoring Landscape A Syndicated Report
Pharmaceutical Offshoring Landscape A Syndicated Report
shekhar619
 
HPAPI DS/DP Manufacturing - Industry Trends
HPAPI DS/DP Manufacturing - Industry TrendsHPAPI DS/DP Manufacturing - Industry Trends
HPAPI DS/DP Manufacturing - Industry Trends
DrReddysCPS
 
Eli lilly ranbaxy jv
Eli lilly ranbaxy jvEli lilly ranbaxy jv
Eli lilly ranbaxy jv
Rajendra Inani
 
Global and APAC OTC trends (March 2013)
Global and APAC OTC trends (March 2013)Global and APAC OTC trends (March 2013)
Global and APAC OTC trends (March 2013)
QuintilesIMS Asia Pacific
 
Eli Lilly-Ranbaxy Alliance
Eli Lilly-Ranbaxy AllianceEli Lilly-Ranbaxy Alliance
Eli Lilly-Ranbaxy Alliance
Karan Jaidka
 
Global Sourcing in Pharma
Global Sourcing in PharmaGlobal Sourcing in Pharma
Global Sourcing in Pharma
gurmeetsingh144
 

Recommended

Challenges and Opportunities for the Pharmaceutical Industry
Challenges and Opportunities for the Pharmaceutical IndustryChallenges and Opportunities for the Pharmaceutical Industry
Challenges and Opportunities for the Pharmaceutical Industry
European Industrial Pharmacists Group
 
The Pharmaceutical Industry and the Industrial Pharmacist: A Partnership for ...
The Pharmaceutical Industry and the Industrial Pharmacist: A Partnership for ...The Pharmaceutical Industry and the Industrial Pharmacist: A Partnership for ...
The Pharmaceutical Industry and the Industrial Pharmacist: A Partnership for ...
European Industrial Pharmacists Group
 
Pharmaceutical Offshoring Landscape A Syndicated Report
Pharmaceutical Offshoring Landscape A Syndicated ReportPharmaceutical Offshoring Landscape A Syndicated Report
Pharmaceutical Offshoring Landscape A Syndicated Report
shekhar619
 
HPAPI DS/DP Manufacturing - Industry Trends
HPAPI DS/DP Manufacturing - Industry TrendsHPAPI DS/DP Manufacturing - Industry Trends
HPAPI DS/DP Manufacturing - Industry Trends
DrReddysCPS
 
Eli lilly ranbaxy jv
Eli lilly ranbaxy jvEli lilly ranbaxy jv
Eli lilly ranbaxy jv
Rajendra Inani
 
Global and APAC OTC trends (March 2013)
Global and APAC OTC trends (March 2013)Global and APAC OTC trends (March 2013)
Global and APAC OTC trends (March 2013)
QuintilesIMS Asia Pacific
 
Eli Lilly-Ranbaxy Alliance
Eli Lilly-Ranbaxy AllianceEli Lilly-Ranbaxy Alliance
Eli Lilly-Ranbaxy Alliance
Karan Jaidka
 
Global Sourcing in Pharma
Global Sourcing in PharmaGlobal Sourcing in Pharma
Global Sourcing in Pharma
gurmeetsingh144
 
El calentamiento global
El calentamiento globalEl calentamiento global
El calentamiento global
Melany Nicoll Basurto Jauregui
 
Elango Resume 2015 [94056]
Elango Resume 2015 [94056]Elango Resume 2015 [94056]
Elango Resume 2015 [94056]
Elangovan Raman
 
7NE Lesson 13 plan
7NE Lesson 13 plan7NE Lesson 13 plan
7NE Lesson 13 plan
Jeremy Tang
 
7NE Lesson 17 PEE feedback
7NE Lesson 17 PEE feedback7NE Lesson 17 PEE feedback
7NE Lesson 17 PEE feedback
Jeremy Tang
 
Past Continuous tense
Past Continuous tensePast Continuous tense
Past Continuous tense
englishsp4
 
Economia
EconomiaEconomia
Economia
Alexandre Misturini
 
Alignment of blocked out maxillary lateral incisors-jcojuly2000
Alignment of blocked out maxillary lateral incisors-jcojuly2000Alignment of blocked out maxillary lateral incisors-jcojuly2000
Alignment of blocked out maxillary lateral incisors-jcojuly2000
Indian dental academy
 
M3 stock presentation
M3 stock presentationM3 stock presentation
M3 stock presentation
Poon Panichpibool
 
9AS L6 PEE practice Lesson plan
9AS L6 PEE practice Lesson plan9AS L6 PEE practice Lesson plan
9AS L6 PEE practice Lesson plan
Jeremy Tang
 
Participará gobierno de Nuevo León en rehabilitación del parque La Huasteca
Participará gobierno de Nuevo León en rehabilitación del parque La HuastecaParticipará gobierno de Nuevo León en rehabilitación del parque La Huasteca
Participará gobierno de Nuevo León en rehabilitación del parque La Huasteca
Pablo Carrillo
 
Living with someone with depression
Living with someone with depressionLiving with someone with depression
Living with someone with depression
Fausto Petrone
 
Arte conceptual-arte-objetual por vazques rocca (1)
Arte conceptual-arte-objetual por vazques rocca (1)Arte conceptual-arte-objetual por vazques rocca (1)
Arte conceptual-arte-objetual por vazques rocca (1)
Municipalidad de Salta
 
Soft Skill-3 Poor Listening Steps(The ordinary Professional Guide)
Soft Skill-3 Poor Listening Steps(The ordinary Professional Guide)Soft Skill-3 Poor Listening Steps(The ordinary Professional Guide)
Soft Skill-3 Poor Listening Steps(The ordinary Professional Guide)
Col Mukteshwar Prasad
 
Dr. ta presentatio
Dr. ta presentatioDr. ta presentatio
Dr. ta presentatio
arulmoli
 
Entrepeneurship on the front line - innovate stage, 2 september 2015
Entrepeneurship on the front line - innovate stage, 2 september 2015Entrepeneurship on the front line - innovate stage, 2 september 2015
Entrepeneurship on the front line - innovate stage, 2 september 2015
NHS England
 
Specialty Medicine Revolution - Chris Bogan Keynote ((H2-2016)
Specialty Medicine Revolution - Chris Bogan Keynote ((H2-2016)Specialty Medicine Revolution - Chris Bogan Keynote ((H2-2016)
Specialty Medicine Revolution - Chris Bogan Keynote ((H2-2016)
Chris Bogan
 
Ernie Desmarais - Reichert Business Plan 09.18.15
Ernie Desmarais - Reichert Business Plan 09.18.15Ernie Desmarais - Reichert Business Plan 09.18.15
Ernie Desmarais - Reichert Business Plan 09.18.15
Ernie Desmarais
 
Bio-Pharma: China 2010 - 2020
Bio-Pharma: China 2010 - 2020Bio-Pharma: China 2010 - 2020
Bio-Pharma: China 2010 - 2020
France Houdard
 
Playing to win in the life science tools market
Playing to win in the life science tools marketPlaying to win in the life science tools market
Playing to win in the life science tools market
Bill Kelly
 
Analyst Report ReproCELL. Inc
Analyst Report ReproCELL. IncAnalyst Report ReproCELL. Inc
Analyst Report ReproCELL. Inc
J-Phoenix Research Inc.
 
Japan In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...
Japan In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...Japan In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...
Japan In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...
ReportsnReports
 
Organ-on-a-chip Market.pdf
Organ-on-a-chip Market.pdfOrgan-on-a-chip Market.pdf
Organ-on-a-chip Market.pdf
sagarsingh443888
 

More Related Content

Viewers also liked

El calentamiento global
El calentamiento globalEl calentamiento global
El calentamiento global
Melany Nicoll Basurto Jauregui
 
Elango Resume 2015 [94056]
Elango Resume 2015 [94056]Elango Resume 2015 [94056]
Elango Resume 2015 [94056]
Elangovan Raman
 
7NE Lesson 13 plan
7NE Lesson 13 plan7NE Lesson 13 plan
7NE Lesson 13 plan
Jeremy Tang
 
7NE Lesson 17 PEE feedback
7NE Lesson 17 PEE feedback7NE Lesson 17 PEE feedback
7NE Lesson 17 PEE feedback
Jeremy Tang
 
Past Continuous tense
Past Continuous tensePast Continuous tense
Past Continuous tense
englishsp4
 
Economia
EconomiaEconomia
Economia
Alexandre Misturini
 
Alignment of blocked out maxillary lateral incisors-jcojuly2000
Alignment of blocked out maxillary lateral incisors-jcojuly2000Alignment of blocked out maxillary lateral incisors-jcojuly2000
Alignment of blocked out maxillary lateral incisors-jcojuly2000
Indian dental academy
 
M3 stock presentation
M3 stock presentationM3 stock presentation
M3 stock presentation
Poon Panichpibool
 
9AS L6 PEE practice Lesson plan
9AS L6 PEE practice Lesson plan9AS L6 PEE practice Lesson plan
9AS L6 PEE practice Lesson plan
Jeremy Tang
 
Participará gobierno de Nuevo León en rehabilitación del parque La Huasteca
Participará gobierno de Nuevo León en rehabilitación del parque La HuastecaParticipará gobierno de Nuevo León en rehabilitación del parque La Huasteca
Participará gobierno de Nuevo León en rehabilitación del parque La Huasteca
Pablo Carrillo
 
Living with someone with depression
Living with someone with depressionLiving with someone with depression
Living with someone with depression
Fausto Petrone
 
Arte conceptual-arte-objetual por vazques rocca (1)
Arte conceptual-arte-objetual por vazques rocca (1)Arte conceptual-arte-objetual por vazques rocca (1)
Arte conceptual-arte-objetual por vazques rocca (1)
Municipalidad de Salta
 
Soft Skill-3 Poor Listening Steps(The ordinary Professional Guide)
Soft Skill-3 Poor Listening Steps(The ordinary Professional Guide)Soft Skill-3 Poor Listening Steps(The ordinary Professional Guide)
Soft Skill-3 Poor Listening Steps(The ordinary Professional Guide)
Col Mukteshwar Prasad
 

Viewers also liked (13)

El calentamiento global
El calentamiento globalEl calentamiento global
El calentamiento global
 
Elango Resume 2015 [94056]
Elango Resume 2015 [94056]Elango Resume 2015 [94056]
Elango Resume 2015 [94056]
 
7NE Lesson 13 plan
7NE Lesson 13 plan7NE Lesson 13 plan
7NE Lesson 13 plan
 
7NE Lesson 17 PEE feedback
7NE Lesson 17 PEE feedback7NE Lesson 17 PEE feedback
7NE Lesson 17 PEE feedback
 
Past Continuous tense
Past Continuous tensePast Continuous tense
Past Continuous tense
 
Economia
EconomiaEconomia
Economia
 
Alignment of blocked out maxillary lateral incisors-jcojuly2000
Alignment of blocked out maxillary lateral incisors-jcojuly2000Alignment of blocked out maxillary lateral incisors-jcojuly2000
Alignment of blocked out maxillary lateral incisors-jcojuly2000
 
M3 stock presentation
M3 stock presentationM3 stock presentation
M3 stock presentation
 
9AS L6 PEE practice Lesson plan
9AS L6 PEE practice Lesson plan9AS L6 PEE practice Lesson plan
9AS L6 PEE practice Lesson plan
 
Participará gobierno de Nuevo León en rehabilitación del parque La Huasteca
Participará gobierno de Nuevo León en rehabilitación del parque La HuastecaParticipará gobierno de Nuevo León en rehabilitación del parque La Huasteca
Participará gobierno de Nuevo León en rehabilitación del parque La Huasteca
 
Living with someone with depression
Living with someone with depressionLiving with someone with depression
Living with someone with depression
 
Arte conceptual-arte-objetual por vazques rocca (1)
Arte conceptual-arte-objetual por vazques rocca (1)Arte conceptual-arte-objetual por vazques rocca (1)
Arte conceptual-arte-objetual por vazques rocca (1)
 
Soft Skill-3 Poor Listening Steps(The ordinary Professional Guide)
Soft Skill-3 Poor Listening Steps(The ordinary Professional Guide)Soft Skill-3 Poor Listening Steps(The ordinary Professional Guide)
Soft Skill-3 Poor Listening Steps(The ordinary Professional Guide)
 

Similar to Repro cell presentation

Dr. ta presentatio
Dr. ta presentatioDr. ta presentatio
Dr. ta presentatio
arulmoli
 
Entrepeneurship on the front line - innovate stage, 2 september 2015
Entrepeneurship on the front line - innovate stage, 2 september 2015Entrepeneurship on the front line - innovate stage, 2 september 2015
Entrepeneurship on the front line - innovate stage, 2 september 2015
NHS England
 
Specialty Medicine Revolution - Chris Bogan Keynote ((H2-2016)
Specialty Medicine Revolution - Chris Bogan Keynote ((H2-2016)Specialty Medicine Revolution - Chris Bogan Keynote ((H2-2016)
Specialty Medicine Revolution - Chris Bogan Keynote ((H2-2016)
Chris Bogan
 
Ernie Desmarais - Reichert Business Plan 09.18.15
Ernie Desmarais - Reichert Business Plan 09.18.15Ernie Desmarais - Reichert Business Plan 09.18.15
Ernie Desmarais - Reichert Business Plan 09.18.15
Ernie Desmarais
 
Bio-Pharma: China 2010 - 2020
Bio-Pharma: China 2010 - 2020Bio-Pharma: China 2010 - 2020
Bio-Pharma: China 2010 - 2020
France Houdard
 
Playing to win in the life science tools market
Playing to win in the life science tools marketPlaying to win in the life science tools market
Playing to win in the life science tools market
Bill Kelly
 
Analyst Report ReproCELL. Inc
Analyst Report ReproCELL. IncAnalyst Report ReproCELL. Inc
Analyst Report ReproCELL. Inc
J-Phoenix Research Inc.
 
Japan In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...
Japan In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...Japan In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...
Japan In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...
ReportsnReports
 
Organ-on-a-chip Market.pdf
Organ-on-a-chip Market.pdfOrgan-on-a-chip Market.pdf
Organ-on-a-chip Market.pdf
sagarsingh443888
 
Developing a Globally Competitive Singaporean Life Science Industry
Developing a Globally Competitive Singaporean Life Science IndustryDeveloping a Globally Competitive Singaporean Life Science Industry
Developing a Globally Competitive Singaporean Life Science Industry
XiangQian (XQ) Lin
 
Biotech CxO Challenges in Life Sciences Survey 2018
Biotech CxO Challenges in Life Sciences Survey 2018Biotech CxO Challenges in Life Sciences Survey 2018
Biotech CxO Challenges in Life Sciences Survey 2018
Covance
 
Genentech
GenentechGenentech
Genentech
Marianna Malaspina
 
Top 5 promising stem cell stocks
Top 5 promising stem cell stocks Top 5 promising stem cell stocks
Top 5 promising stem cell stocks
Avi Surana
 
Joel Liederman
Joel LiedermanJoel Liederman
Joel Liederman
ichil
 
The Pharma Partners China Forum 2015: Jan 15/16 San Francisco
The Pharma Partners China Forum 2015: Jan 15/16 San FranciscoThe Pharma Partners China Forum 2015: Jan 15/16 San Francisco
The Pharma Partners China Forum 2015: Jan 15/16 San Francisco
✪ Asa Cox (ThePharmaPartner)
 
R&D To Commercialisation - LSX C-Suite Challenges in Life Sciences Survey 201...
R&D To Commercialisation - LSX C-Suite Challenges in Life Sciences Survey 201...R&D To Commercialisation - LSX C-Suite Challenges in Life Sciences Survey 201...
R&D To Commercialisation - LSX C-Suite Challenges in Life Sciences Survey 201...
Covance
 
PEGS China-2016-Brochure
PEGS China-2016-BrochurePEGS China-2016-Brochure
PEGS China-2016-Brochure
Nicole Proulx
 
Pharma Focus Asia Issue 21
Pharma Focus Asia Issue 21Pharma Focus Asia Issue 21
Pharma Focus Asia Issue 21
yahyasultan
 
China In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...
China In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...China In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...
China In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...
ReportsnReports
 
2011_10_20_slide-deck_AZ_SB6
2011_10_20_slide-deck_AZ_SB62011_10_20_slide-deck_AZ_SB6
2011_10_20_slide-deck_AZ_SB6
Dr. Stefan Busch
 

Similar to Repro cell presentation (20)

Dr. ta presentatio
Dr. ta presentatioDr. ta presentatio
Dr. ta presentatio
 
Entrepeneurship on the front line - innovate stage, 2 september 2015
Entrepeneurship on the front line - innovate stage, 2 september 2015Entrepeneurship on the front line - innovate stage, 2 september 2015
Entrepeneurship on the front line - innovate stage, 2 september 2015
 
Specialty Medicine Revolution - Chris Bogan Keynote ((H2-2016)
Specialty Medicine Revolution - Chris Bogan Keynote ((H2-2016)Specialty Medicine Revolution - Chris Bogan Keynote ((H2-2016)
Specialty Medicine Revolution - Chris Bogan Keynote ((H2-2016)
 
Ernie Desmarais - Reichert Business Plan 09.18.15
Ernie Desmarais - Reichert Business Plan 09.18.15Ernie Desmarais - Reichert Business Plan 09.18.15
Ernie Desmarais - Reichert Business Plan 09.18.15
 
Bio-Pharma: China 2010 - 2020
Bio-Pharma: China 2010 - 2020Bio-Pharma: China 2010 - 2020
Bio-Pharma: China 2010 - 2020
 
Playing to win in the life science tools market
Playing to win in the life science tools marketPlaying to win in the life science tools market
Playing to win in the life science tools market
 
Analyst Report ReproCELL. Inc
Analyst Report ReproCELL. IncAnalyst Report ReproCELL. Inc
Analyst Report ReproCELL. Inc
 
Japan In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...
Japan In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...Japan In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...
Japan In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...
 
Organ-on-a-chip Market.pdf
Organ-on-a-chip Market.pdfOrgan-on-a-chip Market.pdf
Organ-on-a-chip Market.pdf
 
Developing a Globally Competitive Singaporean Life Science Industry
Developing a Globally Competitive Singaporean Life Science IndustryDeveloping a Globally Competitive Singaporean Life Science Industry
Developing a Globally Competitive Singaporean Life Science Industry
 
Biotech CxO Challenges in Life Sciences Survey 2018
Biotech CxO Challenges in Life Sciences Survey 2018Biotech CxO Challenges in Life Sciences Survey 2018
Biotech CxO Challenges in Life Sciences Survey 2018
 
Genentech
GenentechGenentech
Genentech
 
Top 5 promising stem cell stocks
Top 5 promising stem cell stocks Top 5 promising stem cell stocks
Top 5 promising stem cell stocks
 
Joel Liederman
Joel LiedermanJoel Liederman
Joel Liederman
 
The Pharma Partners China Forum 2015: Jan 15/16 San Francisco
The Pharma Partners China Forum 2015: Jan 15/16 San FranciscoThe Pharma Partners China Forum 2015: Jan 15/16 San Francisco
The Pharma Partners China Forum 2015: Jan 15/16 San Francisco
 
R&D To Commercialisation - LSX C-Suite Challenges in Life Sciences Survey 201...
R&D To Commercialisation - LSX C-Suite Challenges in Life Sciences Survey 201...R&D To Commercialisation - LSX C-Suite Challenges in Life Sciences Survey 201...
R&D To Commercialisation - LSX C-Suite Challenges in Life Sciences Survey 201...
 
PEGS China-2016-Brochure
PEGS China-2016-BrochurePEGS China-2016-Brochure
PEGS China-2016-Brochure
 
Pharma Focus Asia Issue 21
Pharma Focus Asia Issue 21Pharma Focus Asia Issue 21
Pharma Focus Asia Issue 21
 
China In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...
China In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...China In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...
China In Vitro Diagnostics Market Outlook to 2018- Clinical Chemistry Genetic...
 
2011_10_20_slide-deck_AZ_SB6
2011_10_20_slide-deck_AZ_SB62011_10_20_slide-deck_AZ_SB6
2011_10_20_slide-deck_AZ_SB6
 

Recently uploaded

Best Competitive Marble Pricing in Dubai - ☎ 9928909666
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Best Competitive Marble Pricing in Dubai - ☎ 9928909666
Best Competitive Marble Pricing in Dubai - ☎ 9928909666
Stone Art Hub
 
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
BBPMedia1
 
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
AnnySerafinaLove
 
DearbornMusic-KatherineJasperFullSailUni
DearbornMusic-KatherineJasperFullSailUniDearbornMusic-KatherineJasperFullSailUni
DearbornMusic-KatherineJasperFullSailUni
katiejasper96
 
Business storytelling: key ingredients to a story
Business storytelling: key ingredients to a storyBusiness storytelling: key ingredients to a story
Business storytelling: key ingredients to a story
Alexandra Fulford
 
❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Fin...
❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Fin...❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Fin...
❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Fin...
❼❷⓿❺❻❷❽❷❼❽ Dpboss Kalyan Satta Matka Guessing Matka Result Main Bazar chart
 
GKohler - Retail Scavenger Hunt Presentation
GKohler - Retail Scavenger Hunt PresentationGKohler - Retail Scavenger Hunt Presentation
GKohler - Retail Scavenger Hunt Presentation
GraceKohler1
 
一比一原版新西兰奥塔哥大学毕业证（otago毕业证）如何办理
一比一原版新西兰奥塔哥大学毕业证（otago毕业证）如何办理一比一原版新西兰奥塔哥大学毕业证（otago毕业证）如何办理
一比一原版新西兰奥塔哥大学毕业证（otago毕业证）如何办理
taqyea
 
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...
Neil Horowitz
 
The latest Heat Pump Manual from Newentide
The latest Heat Pump Manual from NewentideThe latest Heat Pump Manual from Newentide
The latest Heat Pump Manual from Newentide
JoeYangGreatMachiner
 
Call8328958814 satta matka Kalyan result satta guessing
Call8328958814 satta matka Kalyan result satta guessingCall8328958814 satta matka Kalyan result satta guessing
Call8328958814 satta matka Kalyan result satta guessing
➑➌➋➑➒➎➑➑➊➍
 
Best Forex Brokers Comparison in INDIA 2024
Best Forex Brokers Comparison in INDIA 2024Best Forex Brokers Comparison in INDIA 2024
Best Forex Brokers Comparison in INDIA 2024
Top Forex Brokers Review
 
3 Simple Steps To Buy Verified Payoneer Account In 2024
3 Simple Steps To Buy Verified Payoneer Account In 20243 Simple Steps To Buy Verified Payoneer Account In 2024
3 Simple Steps To Buy Verified Payoneer Account In 2024
SEOSMMEARTH
 
Lundin Gold Corporate Presentation - June 2024
Lundin Gold Corporate Presentation - June 2024Lundin Gold Corporate Presentation - June 2024
Lundin Gold Corporate Presentation - June 2024
Adnet Communications
 
Pitch Deck Teardown: Kinnect's $250k Angel deck
Pitch Deck Teardown: Kinnect's $250k Angel deckPitch Deck Teardown: Kinnect's $250k Angel deck
Pitch Deck Teardown: Kinnect's $250k Angel deck
HajeJanKamps
 
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...
my Pandit
 
Observation Lab PowerPoint Assignment for TEM 431
Observation Lab PowerPoint Assignment for TEM 431Observation Lab PowerPoint Assignment for TEM 431
Observation Lab PowerPoint Assignment for TEM 431
ecamare2
 
2022 Vintage Roman Numerals Men Rings
2022 Vintage Roman Numerals Men Rings2022 Vintage Roman Numerals Men Rings
2022 Vintage Roman Numerals Men Rings
aragme
 
Top mailing list providers in the USA.pptx
Top mailing list providers in the USA.pptxTop mailing list providers in the USA.pptx
Top mailing list providers in the USA.pptx
JeremyPeirce1
 
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Satta Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Satta MatkaDpboss Matka Guessing Satta Matta Matka Kalyan Chart Satta Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Satta Matka
➒➌➎➏➑➐➋➑➐➐Dpboss Matka Guessing Satta Matka Kalyan Chart Indian Matka
 

Recently uploaded (20)

Best Competitive Marble Pricing in Dubai - ☎ 9928909666
Best Competitive Marble Pricing in Dubai - ☎ 9928909666Best Competitive Marble Pricing in Dubai - ☎ 9928909666
Best Competitive Marble Pricing in Dubai - ☎ 9928909666
 
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
NIMA2024 | De toegevoegde waarde van DEI en ESG in campagnes | Nathalie Lam |...
 
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
Anny Serafina Love - Letter of Recommendation by Kellen Harkins, MS.
 
DearbornMusic-KatherineJasperFullSailUni
DearbornMusic-KatherineJasperFullSailUniDearbornMusic-KatherineJasperFullSailUni
DearbornMusic-KatherineJasperFullSailUni
 
Business storytelling: key ingredients to a story
Business storytelling: key ingredients to a storyBusiness storytelling: key ingredients to a story
Business storytelling: key ingredients to a story
 
❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Fin...
❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Fin...❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Fin...
❼❷⓿❺❻❷❽❷❼❽ Dpboss Matka Result Satta Matka Guessing Satta Fix jodi Kalyan Fin...
 
GKohler - Retail Scavenger Hunt Presentation
GKohler - Retail Scavenger Hunt PresentationGKohler - Retail Scavenger Hunt Presentation
GKohler - Retail Scavenger Hunt Presentation
 
一比一原版新西兰奥塔哥大学毕业证（otago毕业证）如何办理
一比一原版新西兰奥塔哥大学毕业证（otago毕业证）如何办理一比一原版新西兰奥塔哥大学毕业证（otago毕业证）如何办理
一比一原版新西兰奥塔哥大学毕业证（otago毕业证）如何办理
 
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...
Brian Fitzsimmons on the Business Strategy and Content Flywheel of Barstool S...
 
The latest Heat Pump Manual from Newentide
The latest Heat Pump Manual from NewentideThe latest Heat Pump Manual from Newentide
The latest Heat Pump Manual from Newentide
 
Call8328958814 satta matka Kalyan result satta guessing
Call8328958814 satta matka Kalyan result satta guessingCall8328958814 satta matka Kalyan result satta guessing
Call8328958814 satta matka Kalyan result satta guessing
 
Best Forex Brokers Comparison in INDIA 2024
Best Forex Brokers Comparison in INDIA 2024Best Forex Brokers Comparison in INDIA 2024
Best Forex Brokers Comparison in INDIA 2024
 
3 Simple Steps To Buy Verified Payoneer Account In 2024
3 Simple Steps To Buy Verified Payoneer Account In 20243 Simple Steps To Buy Verified Payoneer Account In 2024
3 Simple Steps To Buy Verified Payoneer Account In 2024
 
Lundin Gold Corporate Presentation - June 2024
Lundin Gold Corporate Presentation - June 2024Lundin Gold Corporate Presentation - June 2024
Lundin Gold Corporate Presentation - June 2024
 
Pitch Deck Teardown: Kinnect's $250k Angel deck
Pitch Deck Teardown: Kinnect's $250k Angel deckPitch Deck Teardown: Kinnect's $250k Angel deck
Pitch Deck Teardown: Kinnect's $250k Angel deck
 
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...
Unveiling the Dynamic Personalities, Key Dates, and Horoscope Insights: Gemin...
 
Observation Lab PowerPoint Assignment for TEM 431
Observation Lab PowerPoint Assignment for TEM 431Observation Lab PowerPoint Assignment for TEM 431
Observation Lab PowerPoint Assignment for TEM 431
 
2022 Vintage Roman Numerals Men Rings
2022 Vintage Roman Numerals Men Rings2022 Vintage Roman Numerals Men Rings
2022 Vintage Roman Numerals Men Rings
 
Top mailing list providers in the USA.pptx
Top mailing list providers in the USA.pptxTop mailing list providers in the USA.pptx
Top mailing list providers in the USA.pptx
 
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Satta Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Satta MatkaDpboss Matka Guessing Satta Matta Matka Kalyan Chart Satta Matka
Dpboss Matka Guessing Satta Matta Matka Kalyan Chart Satta Matka
 

Repro cell presentation

  • 1. ReproCell, Inc. (4978:JP) Paradigm Shifting Business for Extraordinary Return December 2, 2015 Poon Panichpibool p.panichpibool@gmail.com Healthcare Group of Global Markets Group University of Virginia
  • 2. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Agenda Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question?
  • 3. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool 2 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview ReproCell-Innovator in iPS and ESa field aiPS cell-induced pluripoten stem cell. ES cell-embryonic stem cell. Who is ReproCell? Biotech company engage in development of sophisticated stem cell technologies; iPS and ES cell. 1The world’s first commercialized iPS cell - Human iPSC-derived cardiomyocytes and Human iPSC-derived neurons. Drew global attention as a way to replace animal experiments. 2A niche market that large analysis companies are not engaging.
  • 4. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool 2 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview ReproCell-Innovator in iPS and ESa field aiPS cell-induced pluripoten stem cell. ES cell-embryonic stem cell. Who is ReproCell? Biotech company engage in development of sophisticated stem cell technologies; iPS and ES cell. Two main business segments 1. iPS Cell business - Manufacture Research reagents for human iPS/ES cell research and Provide human iPS-derived functional cells used in drug discovery screening1 2. Clinical testing service business - Provide testing services specialized in bone-marrow transplant and organ transplant.2 1The world’s first commercialized iPS cell - Human iPSC-derived cardiomyocytes and Human iPSC-derived neurons. Drew global attention as a way to replace animal experiments. 2A niche market that large analysis companies are not engaging.
  • 5. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool 3 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview Global provider of differentiated cell types including iPSC-derived hepatocytes, cardiomyocytes, and Glu/Ach/DA neurons.
  • 6. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool 3 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview Global provider of differentiated cell types including iPSC-derived hepatocytes, cardiomyocytes, and Glu/Ach/DA neurons. Own Extensive portfolio of embryonic stem cell and induced pluripotent stem cell culture reagents.
  • 7. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool 4 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview Through 4 subsidiaries expanding portfolio of products and services supporting and addressing the needs of researchers and clinicians.
  • 8. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool 4 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview Through 4 subsidiaries expanding portfolio of products and services supporting and addressing the needs of researchers and clinicians. 1. Stemgent - Provide mRNA Reprogramming which is cutting-edge technology to increase efficiency and safety in iPS cell production.
  • 9. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool 4 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview Through 4 subsidiaries expanding portfolio of products and services supporting and addressing the needs of researchers and clinicians. 1. Stemgent - Provide mRNA Reprogramming which is cutting-edge technology to increase efficiency and safety in iPS cell production. 2. Bioserve - One of the Largest commercial human tissue banks in the World.
  • 10. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool 4 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview Through 4 subsidiaries expanding portfolio of products and services supporting and addressing the needs of researchers and clinicians. 1. Stemgent - Provide mRNA Reprogramming which is cutting-edge technology to increase efficiency and safety in iPS cell production. 2. Bioserve - One of the Largest commercial human tissue banks in the World. 3. Reinnervate - Provide advanced technology in 3D cell culture, rapidly growing business.
  • 11. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool 4 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview Through 4 subsidiaries expanding portfolio of products and services supporting and addressing the needs of researchers and clinicians. 1. Stemgent - Provide mRNA Reprogramming which is cutting-edge technology to increase efficiency and safety in iPS cell production. 2. Bioserve - One of the Largest commercial human tissue banks in the World. 3. Reinnervate - Provide advanced technology in 3D cell culture, rapidly growing business. 4. Biopta - Drug development Support Service provider to major pharma manufacturers by receiving and utilizing human fresh tissues and organs from the UK and the US.
  • 12. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool 5 Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Business Overview iPS and ES cell-The Future of Healthcare Industry
  • 13. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points 6 Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Long term growth opportunity Japan’s Ministry of Economy, Trade, and Industry estimated the Regenerative Medicine market will grow to 2 Trillion yen in 2020, 17 Trillion yen in 2030, and 50 Trillion yen in 2050.
  • 14. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points 6 Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Long term growth opportunity Japan’s Ministry of Economy, Trade, and Industry estimated the Regenerative Medicine market will grow to 2 Trillion yen in 2020, 17 Trillion yen in 2030, and 50 Trillion yen in 2050. From 50 Trillion yen forecast market, about 42 Trillion yen is a relevant market for ReproCell.
  • 15. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points 6 Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Long term growth opportunity Japan’s Ministry of Economy, Trade, and Industry estimated the Regenerative Medicine market will grow to 2 Trillion yen in 2020, 17 Trillion yen in 2030, and 50 Trillion yen in 2050. From 50 Trillion yen forecast market, about 42 Trillion yen is a relevant market for ReproCell. ReproCell has a Mid and Long term growth strategy to become a leader in the high business potential field of regenerative medicine.
  • 16. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points 7 Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Long term growth opportunity
  • 17. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points 8 Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Long term growth opportunity Figure: Credit https://www.alliedmarketresearch.com/regenerative-medicines-market
  • 18. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points 9 Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Long term growth opportunity ReproCell has a Mid and Long term growth strategy to become a leader in the high business potential field of regenerative medicine.
  • 19. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points 10 Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Long term growth opportunity Mid and Long term plan has been boost the Company’s revenue. On target to become a Global leader in regenerative medicine business3 . 3Sales in Millions of JPY
  • 20. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity 11 Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Support from the Japan Government A Special Zone for iPS Cell Research and Development.
  • 21. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity 12 Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Support from the Japan Government Legislation supports businesses working on regenerative medicine.
  • 22. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 13 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points 4 Unique Competitive Edges The Power of Synergy-One-Stop solution for Wide varieties of iPS&ES cell products
  • 23. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 14 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points 4 Unique Competitive Edges Benefit from the World’s largest human tissue sample Bank = More iPS&ES cell products Cutting-Edge technologies in mRNA reprogramming and 3D cell culture increase efficiency and safety significantly.
  • 24. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 15 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points 4 Unique Competitive Edges Biopta Acquisition will further expand the business through drug development support services.
  • 25. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 16 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points 4 Unique Competitive Edges Global Scale Marketing channel and Expanding internet sales
  • 26. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 17 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points 4 Unique Competitive Edges Global Research Network
  • 27. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 18 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points 4 Unique Competitive Edges Acquiring promising seed technologies via a Venture Fund - Cell Innovation Partners
  • 28. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges 19 Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Tactical Asset Allocation BOJ’s QQE Since the launch of QQE program in early 2013, the Japanese market has been in a bullish trend.
  • 29. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges 19 Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Tactical Asset Allocation BOJ’s QQE Since the launch of QQE program in early 2013, the Japanese market has been in a bullish trend. With divergent monetary policy between the Fed and the BOJ, JPY will be further weaken. Hence, it is supportive for exporter like Japan.
  • 30. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges 20 Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Tactical Asset Allocation Figure: TOPIX weekly chart from January 2013 to December 2015. Strong uptrend with two golden crosses.
  • 31. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges 21 Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Tactical Asset Allocation Institutional Investors Support The Government Pension Investment Fund (GPIF) of Japan raised domestic stock allocation from 12% to 25%. . The World’s largest public pension fund remain “Bullish”. Keep funds flowing into the market. Recent abnormal surge in volume and On Balance Volume (OBV) could imply institutional investors’ shares accumulation. Institutional investors can drive stock price significantly.
  • 32. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges 22 Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Tactical Asset Allocation Figure: Most recent Assets Allocation of GPIF.
  • 33. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges 23 Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Key Thesis Points Tactical Asset Allocation Figure: ReproCell 1 year Weekly Chart. Surge in volume and OBV support this new uptrend.
  • 34. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks 24 Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Macro Global Risk China Economy Slowdown As the 2nd biggest Economy, China’s economy does matter, any slowdown will affect global growth. Failure of Bank of Japan’s Quantitative and Qualitative program (BOJ’s QQE)
  • 35. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks 24 Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Macro Global Risk China Economy Slowdown As the 2nd biggest Economy, China’s economy does matter, any slowdown will affect global growth. Unavoidably, the recovery of Japan’s economy can be tampered by the China’s slow down. Failure of Bank of Japan’s Quantitative and Qualitative program (BOJ’s QQE)
  • 36. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks 24 Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Macro Global Risk China Economy Slowdown As the 2nd biggest Economy, China’s economy does matter, any slowdown will affect global growth. Unavoidably, the recovery of Japan’s economy can be tampered by the China’s slow down. Failure of Bank of Japan’s Quantitative and Qualitative program (BOJ’s QQE) If the QQE program fail, the consequence can be much worse than "the Lost Decade of Japan".
  • 37. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks 24 Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Macro Global Risk China Economy Slowdown As the 2nd biggest Economy, China’s economy does matter, any slowdown will affect global growth. Unavoidably, the recovery of Japan’s economy can be tampered by the China’s slow down. Failure of Bank of Japan’s Quantitative and Qualitative program (BOJ’s QQE) If the QQE program fail, the consequence can be much worse than "the Lost Decade of Japan". Investors will lose confidence in the Japanese equities which lead to market sell off.
  • 38. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk 25 Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Social, Political, and Legislative Risk Changing in Healthcare regulation Any change in regulation can potentially affect ReproCell’s business. However, with the Japan’s government support on regenerative medicine business via the newly registered PMDA4 , this risk is subsided. 4The Act on the Safety of Regenerative Medicine, and Pharmaceutical and Medical Device Act or PMDA enforced on November 25 2014. More information http://www.mhlw.go.jp/english/policy/health-medical/ medical-care/dl/150407-01.pdf
  • 39. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk 26 Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Currency Risk Weak Japanese Yen due to BOJ’s QQE Japanese Yen will continue weakening as a result of BOJ’s QQE. Fed’s decision on interest rate will affect the direction of USD/JPY. Long YCS to mitigate the FX risk ProShares UltraShort Yen (YCS) will allow investors to hedge FX risk. Possible ratio of 2:1 hedging to stay fully hedged5 . 5But not perfectly 100% hedged
  • 40. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk 27 Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Language Barrier Lost in translation (Japanese) Most Japanese companies will release their materials in both Japanese and English. However, it does take awhile until they put English version on their IR website. Use Bloomberg terminal, Capital IQ, Thomson Reuters Eikon, and http://www.kaijinet.com/jpExpress/default.aspx to keep update on earning and news.
  • 41. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier 28 Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Risks Difficult Money Management Trading in a board lot Unlike the US market, trading a stock in the Japanese market is done in a unit of a board Lot. i.e. 1 Lot = 100 shares, 1000 shares. It can be difficult to completely control money management.
  • 42. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation 29 Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Valuation Comparable Analysis For a comparable analysis, 8 Japanese companies were used to calculate multiples6 as shown in the following table. Company EV/Sales P/TBV7 Takara Bio (4974) 4.7x 2.8x Tella (2191) 6.5x 7.0x Medinet (2370) 7.2x 2.2x MediBIC (2369) 14.1x 13.3x Japan Tissue Engi- neering (7774) 27.6x 5.8x CellSeed (7776) 53.6x 2.7x HealiosK.K. (4593) 161.1x 22.1x ReproCell (4978) 20.6x 4.5x 6Most companies have negative earning, hence, only two multiples were used. 7Multiples from Capital IQ
  • 43. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation 30 Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Valuation Comparable Analysis Here are different implied share prices. Share Price Share Price from from EV/Sales P/TBV8 High 2,799 2,142 Low 170 211 Mean 751 773 Median 329 561 8Share Price in JPY
  • 44. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis 31 Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Valuation DCF To calculate target price using DCF, here are assumptions. WACC calculation 1. Corporate TaxRate = 3.64%9 2. Risk Free Rate = 10yr JGB = 0.32%10 3. Risk Premium = 6.8%11 4. Equity β = 0.312 5. Industry Equity β = 2.7 6. Cost of Debt = 6.87% 7. Cost of Equity-Company = 2.4% 9http://people.stern.nyu.edu/adamodar/New_Home_Page/ datacurrent.html#capstru, due to Government Support in Biotech. Normally, tax rate = 33% after the most recent cut from Abenomics. 10Bloomberg 11http://pages.stern.nyu.edu/~adamodar/New_Home_Page/datafile/ ctryprem.html 12CapitalIQ
  • 45. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis 32 Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? Contact Information Valuation DCF Growth rate 1. Revenue Growth rate = 35% conservative case13 2. Revenue Growth rate = 70% case 214 DCF target price 1. Case 1 - Conservative case = 535 JPY 2. Case 2 - 1% Market Share case = 1,248 JPY 13Much less than company’s forecast growth at 150% 14Assume that ReproCell has 1% of 2020 Global Market Share (2 Trillions JPY)
  • 46. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow 33 Technical Analysis Summary of Valuation Q&A Question? Contact Information Valuation Technical Analysis ReproCell share price just broke out from a long downtrend resistance. From the recent movement, the target price will be at 1.618 Fibonacci Extensions which is 639 JPY. Figure: 3 Months Daily chart of Reprocell (4978:JP)
  • 47. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis 34 Summary of Valuation Q&A Question? Contact Information Valuation Summary Summary of Valuation Method Target Upside RRR15 Price (JPY) Downside (%) EV/Revenue (Comp.) 328 -24 -0.33 P/TBV (Comp.) 560 29 0.28 DCF1 535 23 0.34 DCF2 1,248 187 0.04 Fib. Extensions 639 47 0.17 15RRR=Risk Reward Ratio=Risk/Reward; Assume Risk is 8% cutloss. Ideally, prefer RRR < 0.50
  • 48. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A 35 Question? Contact Information Q&A Questions Time The only way you get a real education in the market is To invest cash, Track your trade, and Study your mistakes. Jesse Livermore If you have any question, please feel free to ask me. Credit to sharelatex website. 16 16This presentation is created by LATEX
  • 49. 36 ReproCell, Inc. (4978:JP) Poon Panichpibool Business Overview Key Thesis Points Long term growth opportunity Support from the Japan Government 4 Unique Competitive Edges Tactical Asset Allocation Risks Macro Global Risk Social, Political, and Legislative Risk Currency Risk Language Barrier Difficult Money Management Valuation Comparable Analysis Discounted Cash Flow Technical Analysis Summary of Valuation Q&A Question? 36 Contact Information Q&A Contact Information In case you have any comments, suggestions or have found additional information, please do not hesitate to contact me. You can find my contact details below. Poon Panichpibool p.panichpibool@gmail.com 2021 Ivy Road, Apt. B4 Charlottesville, VA 22903
  • 50. Thank you for your attention!