JVC – Visit Note – 20180329

• The company has clearly split its business into 4 distinct operating units with each having independent P&Ls and
  leadership.
• The still young mobile clinics business is an indirect play on manufacturing FDI growth Vietnam
• The ongoing Vinamed-Mediplas investigation should not have a direct impact on JVC.
• Hitachi still remains a key supplier for JVC but growing relationship with Sakura to help penetrate a new segment of the devices market
• Affiliate service model helps address dwindling government funding for public hospitals but could be asset-intensive.

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