Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Sinovac / In Depth: Sinovac’s Covid fortune fuels bitter boardroom battle</li><li>Wahaha /Chinese beverage heir was an American citizen, U.S. tax records reveal</li><li>Visa /U.S. visa scrutiny pushes Chinese students to scrub their social media</li></ul>

Sinovac / In Depth: Sinovac’s Covid fortune fuels bitter boardroom battleWahaha /Chinese beverage heir was an American citizen, U.S. tax records revealVisa /U.S. visa scrutiny pushes Chinese students to scrub their social media

CX Daily: Sinovac’s Covid Fortune Fuels Bitter Boardroom Battle 

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>The load factor in 2025-26E may decline more quickly than previously anticipated due to a slower-than-expected increase in passenger numbers.</li><li>This deceleration is primarily driven by weak tourist demand — particularly from China, which continues to contract — contrasted with a faster rise in flight frequency.</li><li>The imbalance stems from a sharp expansion in fleet sizes, which have now surpassed pre-COVID levels, especially among low-cost carriers such as AAV and Thai Lion Air, whose fleets in 2025E are projected to reach 103% and 114% of their 2019 levels, respectively. </li></ul>

The load factor in 2025-26E may decline more quickly than previously anticipated due to a slower-than-expected increase in passenger numbers.This deceleration is primarily driven by weak tourist demand — particularly from China, which continues to contract — contrasted with a faster rise in flight frequency.The imbalance stems from a sharp expansion in fleet sizes, which have now surpassed pre-COVID levels, especially among low-cost carriers such as AAV and Thai Lion Air, whose fleets in 2025E are projected to reach 103% and 114% of their 2019 levels, respectively. 

Aviation Sector - Load Factor Has Begun to Decline and Is Approaching Pre-COVID Levels

Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

Aethlon Medical, Inc. operates as a medical device company. The Company provides a platform to develop medical devices that target the selective removal of disease-promoting particles from the circulatory system. Aethlon Medical develops medical devices that address unmet medical needs in cancer, infectious disease, and other life-threatening conditions.

<ul><li>Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S. but no treatment has proven effective yet.</li><li>Aethlon collaborated with the UCSF Medical Center Long COVID clinic to evaluate plasma samples from participants with Long COVID symptoms & examine whether they could benefit from the Hemopurifier.</li><li>We estimate, given the company's focus on controlling costs, that expense associated with this effort was de minimis.</li></ul>

Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S. but no treatment has proven effective yet.Aethlon collaborated with the UCSF Medical Center Long COVID clinic to evaluate plasma samples from participants with Long COVID symptoms & examine whether they could benefit from the Hemopurifier.We estimate, given the company's focus on controlling costs, that expense associated with this effort was de minimis.

Long COVID is estimated to lead to about $2b-$6.5b of related costs/year for the ~44 to 48m people suffering in the U.S.

Global Healthcare Analyst

Tina Banerjee

Bangkok Dusit Medical Services / Equity Bottom-Up

Bangkok Dusit Medical Services Public Company Limited operates Bangkok General Hospital. The Hospital specializes in cardiovascular, lung, neurological, eye and genitourinary cancer, as well as physical therapy and medical imaging.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> posted 6% rise in revenue from hospital operations in 1Q25 as International and Thai patients revenue reported growth of 11% and 4% YoY, respectively.</li>
<li>EBITDA grew at 7% YoY to THB 7.2B on higher revenues and better cost management while net profit also rose 7% to THB 4.3B on lower interest cost. Margins expand.</li>
<li>Corona surge in Thailand pose short term deterrents. Stable financial performance with strong inpatient revenue growth, healthy occupancy and largely stable EBITDA margin will be key in the long-term run.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) posted 6% rise in revenue from hospital operations in 1Q25 as International and Thai patients revenue reported growth of 11% and 4% YoY, respectively.
EBITDA grew at 7% YoY to THB 7.2B on higher revenues and better cost management while net profit also rose 7% to THB 4.3B on lower interest cost. Margins expand.
Corona surge in Thailand pose short term deterrents. Stable financial performance with strong inpatient revenue growth, healthy occupancy and largely stable EBITDA margin will be key in the long-term run.


Bangkok Dusit Medical Services (BDMS TB): 1Q25 Stable; Resurgent Covid Might Scar 2Q

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Bright Horizons Family Solutions / Equity Bottom-Up

Bright Horizons Family Solutions Inc. provides child care and early education services as well as other services designed to help employers and families better address the challenges of work and life. The Company provides services primarily under multi-year contracts with employers who offer child care and other dependent care solutions as part of their employee benefits packages.

Bright Horizons Family Solutions (BFAM US)

<ul>
<li>Bright Horizons Family Solutions reported a robust start to 2025, with revenue increasing by 7% to $666 million and adjusted EPS rising by 51% to $0.77 per share.</li>
<li>This growth is driven by strategic execution across its business segments, indicating a positive trajectory despite some economic headwinds.</li>
<li>The Full Service Child Care segment grew by 6% to $511 million, with operating margins expanding by 210 basis points to 6.5%.</li>
</ul>


Bright Horizons Family Solutions reported a robust start to 2025, with revenue increasing by 7% to $666 million and adjusted EPS rising by 51% to $0.77 per share.
This growth is driven by strategic execution across its business segments, indicating a positive trajectory despite some economic headwinds.
The Full Service Child Care segment grew by 6% to $511 million, with operating margins expanding by 210 basis points to 6.5%.


Bright Horizons Family Solutions: Utilization & Recovery to Pre-COVID Levels To UP Their Game!

On the impact of Coronavirus and COVID-19