IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/syngenta-ag-84b1a20a-a381-401b-aa06-25b303fce01e" target="_blank" data-smartkarma-citation="entities:25035:1" rel="noopener">Syngenta AG (SYNN SW)</a>, a world-class agribusiness, is seeking to raise US$9.5bn in Shanghai’s STAR market at a valuation of US$50bn. The Shanghai bourse will review the filing on 29-March.</li>
<li>The business is in rude health with accelerating growth, market share gains, solid margins and cash generation. The IPO proceeds will help reduce leverage. </li>
<li>A US$50 billion valuation is justifiable and implies a modest discount to peer multiples (including an AH premium). The IPO is worth a look.</li>
</ul>



Syngenta AG (SYNN SW), a world-class agribusiness, is seeking to raise US$9.5bn in Shanghai’s STAR market at a valuation of US$50bn. The Shanghai bourse will review the filing on 29-March.
The business is in rude health with accelerating growth, market share gains, solid margins and cash generation. The IPO proceeds will help reduce leverage. 
A US$50 billion valuation is justifiable and implies a modest discount to peer multiples (including an AH premium). The IPO is worth a look.


Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>Comirnaty had had a significant positive impact on <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a>’s revenue in 2021. 2022 will be no different. However, outlook for COVID-19 vaccine is uncertain beyond 2022.</li>
<li>Apart from the existing blockbuster fast-growing drugs, Pfizer has a rich late-stage pipeline. Its alopecia areata drug candidate, ritlecitinib has potential to become a blockbuster drug.  </li>
<li>Pfizer aims to add $25 billion revenue to its 2030 top-line expectations. Thus far, the company has announced two deals toward this ambition, entailing potential revenue addition of $7.5 billion.</li>
</ul>


Comirnaty had had a significant positive impact on Pfizer Inc (PFE US)’s revenue in 2021. 2022 will be no different. However, outlook for COVID-19 vaccine is uncertain beyond 2022.
Apart from the existing blockbuster fast-growing drugs, Pfizer has a rich late-stage pipeline. Its alopecia areata drug candidate, ritlecitinib has potential to become a blockbuster drug.  
Pfizer aims to add $25 billion revenue to its 2030 top-line expectations. Thus far, the company has announced two deals toward this ambition, entailing potential revenue addition of $7.5 billion.


Pfizer Inc (PFE US): What’s Lie Ahead of Comirnaty? Potential Blockbuster Drugs in Pipeline

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belite-bio-inc" target="_blank" data-smartkarma-citation="entities:35842:1" rel="noopener">Belite Bio (BLTE US)</a> shares jumped 383% from its IPO price of $6 (announced in late April). Its lead candidate LBS-008 is in clinical trial for currently untreatable eye diseases.</li>
<li>LBS-008 continues to be well-tolerated. Interim safety and preliminary efficacy data from ongoing two-year phase 2 trial remained positive in Stargardt disease.</li>
<li>Belite is well-funded to commercialize its pipeline. With the progression of the clinical trial and more data readouts, we believe further stream is left in Belite Bio’s share price.</li>
</ul>



Belite Bio (BLTE US) shares jumped 383% from its IPO price of $6 (announced in late April). Its lead candidate LBS-008 is in clinical trial for currently untreatable eye diseases.
LBS-008 continues to be well-tolerated. Interim safety and preliminary efficacy data from ongoing two-year phase 2 trial remained positive in Stargardt disease.
Belite is well-funded to commercialize its pipeline. With the progression of the clinical trial and more data readouts, we believe further stream is left in Belite Bio’s share price.


Belite Bio (BLTE US): Lead Drug Candidate Tapping into Niche Market with Massive Opportunity

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

<ul type="disc"><li>There is new medical opinion on the daily use of aspirin to prevent first heart attack or stroke affirming why there is market opportunity for VAZALORE even though the monthly price is greater than other aspirin options on the market. When we initiated coverage of PLx Pharma (PLXP) we had highlighted the growing concerns within the medical community of the risks associated with taking aspirin daily.</li></ul> <ul type="disc"><li>The U.S. Preventive Services Task Force said the health risks for patients 60 years old and older outweigh the benefits for taking a daily dose of aspirin. This is not the first-time daily aspirin regimen has come under scrutiny.</li></ul> <ul type="disc"><li>VAZALORE works by breaking up in the duodenum instead of the stomach. This is different than traditional aspirin and has shown clinical evidence of improved results.</li></ul> <ul type="disc"><li>We are emboldened by the medical community reaffirmation on traditional aspirin risks being a positive for VAZALORE and PLXP’s stock price. We would recommend owning shares of PLXP prior to the earnings release.</li></ul>

There is new medical opinion on the daily use of aspirin to prevent first heart attack or stroke affirming why there is market opportunity for VAZALORE even though the monthly price is greater than other aspirin options on the market. When we initiated coverage of PLx Pharma (PLXP) we had highlighted the growing concerns within the medical community of the risks associated with taking aspirin daily. The U.S. Preventive Services Task Force said the health risks for patients 60 years old and older outweigh the benefits for taking a daily dose of aspirin. This is not the first-time daily aspirin regimen has come under scrutiny. VAZALORE works by breaking up in the duodenum instead of the stomach. This is different than traditional aspirin and has shown clinical evidence of improved results. We are emboldened by the medical community reaffirmation on traditional aspirin risks being a positive for VAZALORE and PLXP’s stock price. We would recommend owning shares of PLXP prior to the earnings release.

<a href="https://www.smartkarma.com/entities/pharmasgp-gmbh" target="_blank" data-smartkarma-citation="entities:29009:1" rel="noopener">PharmaSGP (1780644D GR)</a> is a pure-play consumer health company with a broad portfolio of leading chemical-free non-prescription pharmaceuticals sold over the counter (OTC) and other healthcare products. PharmaSGP has launched an IPO on the Frankfurt Stock Exchange at a price range of €31.50-36.50 per share. The offer, which a purely a secondary raise, will raise gross proceeds of €304.3-352.6 million for the selling shareholders. The book-building process is expected to end on 18 June, with trading expected to commence on 19 June.<div class="content-highlight">PharmaSGP is a play on the chemical-free OTC market in Continental Europe which is growing due to the ageing of the population, a trend towards self-medication and the growing demand for natural remedies. Overall, PharmaSGP offers strong fundamentals at an attractive valuation, in our view.</div>

PharmaSGP (1780644D GR) is a pure-play consumer health company with a broad portfolio of leading chemical-free non-prescription pharmaceuticals sold over the counter (OTC) and other healthcare products. PharmaSGP has launched an IPO on the Frankfurt Stock Exchange at a price range of €31.50-36.50 per share. The offer, which a purely a secondary raise, will raise gross proceeds of €304.3-352.6 million for the selling shareholders. The book-building process is expected to end on 18 June, with trading expected to commence on 19 June.PharmaSGP is a play on the chemical-free OTC market in Continental Europe which is growing due to the ageing of the population, a trend towards self-medication and the growing demand for natural remedies. Overall, PharmaSGP offers strong fundamentals at an attractive valuation, in our view.

PharmaSGP IPO Initiation: Potent Medicine

Germany

Bayer AG produces and markets healthcare and agricultural products. The Company manufactures products that include aspirin, antibiotics, anti-infectives, cardiovascular, oncology, central nervous system drugs, over-the-counter medications, diagnostics, and animal health products, as well as crop protection products, plastics, and polyurethanes.

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Bayer (BAYN GR)

Syngenta IPO: The Investment Case

The business is in rude health with accelerating growth, market share gains, solid margins and cash generation. The IPO proceeds will help reduce...

Arun George

Pfizer Inc (PFE US): What’s Lie Ahead of Comirnaty? Potential Blockbuster Drugs in Pipeline

By leveraging on windfall gains from COVID portfolio, Pfizer is developing additional growth spots for future revenue growth. Its pipeline and...

Tina Banerjee

Belite Bio (BLTE US): Lead Drug Candidate Tapping into Niche Market with Massive Opportunity

Belite’s lead candidate LBS-008 is targeting unmet market for AMD. With no approved drug for either of the targeted indications, LBS-008 has...

Tina Banerjee

PLXP: Headlines to Buy

News headlines of medical opinion on taking aspirin daily should be construed as a positive for PLXP and its drug VAZALORE. Negative opinion on...

BWS Financial Inc

PharmaSGP IPO Initiation: Potent Medicine

PharmaSGP (1780644D GR) is a pure-play consumer health company with a broad portfolio of leading chemical-free non-prescription pharmaceuticals...

Arun George

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