Bullish Outlook on JMDC Inc.: Leveraging Healthcare Big Data for Robust GrowthJMDC Inc. (4483.T): High-growth stock leveraging healthcare data to expand business opportunities 15 January 2025 | 4:16PM JST We raise our 12-month target price for JMDC to ¥4,800, from ¥4,400, and upgrade the stock to Buy, from Neutral (upside +28% vs. our coverage average +22%). Since the company leverages healthcare big data to provide a wide range of services not only to pharma companies but also insurers, health insurance associations, and medical institutions, we think it will be viewed as a stock that can deliver growth regardless of the external environment in the pharmaceuticals/healthcare sector (we expect operating profits to grow at a +25% CAGR in FY3/24-FY3/27). While JMDC's earnings outlook has improved following strong 2Q3/25 results (link), the share price has underperformed (-12% since 2Q results vs. TOPIX +1%; Exhibit 1).