External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>SHL is a global Pathology company operating in several European markets as well as Australia, US and NZ, holding leading positions in Australia, Germany, Switzerland, UK, Belgium and the #3 position in the US.</li><li>Pathology is an essential healthcare service with mandated growth, but the international network has been developed over decades via dozens of acquisitions in select markets.</li><li>Pathology comprises of c.85% of group revenue, followed by the 3rd largest Australian radiology business (by number of clinics / radiologists, but 2nd largest by market share) comprising c.10% of revenue and the balance via a domestic clinical services business.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SHL is a global Pathology company operating in several European markets as well as Australia, US and NZ, holding leading positions in Australia, Germany, Switzerland, UK, Belgium and the #3 position in the US.Pathology is an essential healthcare service with mandated growth, but the international network has been developed over decades via dozens of acquisitions in select markets.Pathology comprises of c.85% of group revenue, followed by the 3rd largest Australian radiology business (by number of clinics / radiologists, but 2nd largest by market share) comprising c.10% of revenue and the balance via a domestic clinical services business.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sonic Healthcare (SHL): Intelligent Pathology

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cochlear-ltd" target="_blank" data-smartkarma-citation="entities:918:1" rel="noopener">Cochlear Ltd (COH AU)</a> now expects FY25 underlying net profit to be at the lower end of A$410–430M guidance range due to lower services revenue and higher cloud-related investment.</li>
<li>Despite 5% growth in H1FY25, Cochlear reiterated that “solid market growth rates to drive cochlear implant unit growth of around 10% in FY25.”</li>
<li>Cochlear is expected to release next-generation cochlear implant in mid-2025. The introduction of the new off-the-ear Nucleus Kanso 3 sound processor is expected to contribute to services revenue from FY26.</li>
</ul>



Cochlear Ltd (COH AU) now expects FY25 underlying net profit to be at the lower end of A$410–430M guidance range due to lower services revenue and higher cloud-related investment.
Despite 5% growth in H1FY25, Cochlear reiterated that “solid market growth rates to drive cochlear implant unit growth of around 10% in FY25.”
Cochlear is expected to release next-generation cochlear implant in mid-2025. The introduction of the new off-the-ear Nucleus Kanso 3 sound processor is expected to contribute to services revenue from FY26.


Cochlear Ltd (COH AU): Negative Reaction Is Overdone; Performance Reversal Is Imminent

Thematic (Sector/Industry)

<ul>
<li>Hansoh Pharmaceutical announced that a new indication of Xinyue has been included in the Priority Review. Astellas Pharma announced positive update from the Phase 3 EV-302 clinical trial.</li>
<li>CSL has received EU approval for HAE drug, Andemry. Imugene announce more positive results from its Phase 1b trial of azer-cel, an allogenic therapy in relapsed/refractory diffuse large B-cell lymphoma.</li>
<li>LigaChem Bio signed technology transfer agreement for a new anticancer target antibody for the development of ADC candidates with Daan Biotherapeutics. Lupin received FDA approval for generic Atrovent Nasal Spray.</li>
</ul>


Hansoh Pharmaceutical announced that a new indication of Xinyue has been included in the Priority Review. Astellas Pharma announced positive update from the Phase 3 EV-302 clinical trial.
CSL has received EU approval for HAE drug, Andemry. Imugene announce more positive results from its Phase 1b trial of azer-cel, an allogenic therapy in relapsed/refractory diffuse large B-cell lymphoma.
LigaChem Bio signed technology transfer agreement for a new anticancer target antibody for the development of ADC candidates with Daan Biotherapeutics. Lupin received FDA approval for generic Atrovent Nasal Spray.


APAC Healthcare Weekly (Feb 16)- Hansoh Pharma, Astellas Pharma, CSL, Imugene, LigaChem Bio, Lupin

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://archive.is/b5mG6" target="_blank" rel="noopener">Reportedly</a>, <a href="https://www.smartkarma.com/entities/australian-clinical-labs-limited" target="_blank" data-smartkarma-citation="entities:36020:1" rel="noopener">Australian Clinical Labs (ACL AU)</a> and <a href="https://www.smartkarma.com/entities/healius-ltd-6d4d947d-ad32-4aea-b2d8-265f5768b55e" target="_blank" data-smartkarma-citation="entities:14208:1" rel="noopener">Healius (HLS AU)</a> may reload a merger. </li>
<li>The 2023 merger of the second and third-largest pathology plays was blocked by the ACCC. Any follow-up merger will similarly be blocked unless the combined entity jettisons certain ops.  </li>
<li>Since the collapse of the merger, Healius has sold its diagnostic business; Crescent Capital has exited ACL; and <a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a> and <a href="https://www.smartkarma.com/entities/integral-diagnostics-ltd" target="_blank" data-smartkarma-citation="entities:24306:1" rel="noopener">Integral Diagnostics (IDX AU)</a> merged.</li>
</ul>



Reportedly, Australian Clinical Labs (ACL AU) and Healius (HLS AU) may reload a merger. 
The 2023 merger of the second and third-largest pathology plays was blocked by the ACCC. Any follow-up merger will similarly be blocked unless the combined entity jettisons certain ops.  
Since the collapse of the merger, Healius has sold its diagnostic business; Crescent Capital has exited ACL; and Capitol Health (CAJ AU) and Integral Diagnostics (IDX AU) merged.


Australian Clinical Labs (ACL AU) / Healius (HLS AU): Round 2?

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.

<ul>
<li>The <a href="https://www.smartkarma.com/entities/capitol-health-ltd" target="_blank" data-smartkarma-citation="entities:14504:1" rel="noopener">Capitol Health (CAJ AU)</a> IE considers <a href="https://www.smartkarma.com/entities/integral-diagnostics-ltd" target="_blank" data-smartkarma-citation="entities:24306:1" rel="noopener">Integral Diagnostics (IDX AU)</a>’s merger proposal (0.12849 Integral shares per Capitol share) fair and reasonable. </li>
<li>While ACCC informal clearance is an overhang, the evidence suggests that clearance should be secured. The shareholder vote risk is low.</li>
<li>The offer terms are attractive. At the last close and for the 14 November payment, the gross/annualised spread is 4.7%/37.3%.  </li>
</ul>


The Capitol Health (CAJ AU) IE considers Integral Diagnostics (IDX AU)’s merger proposal (0.12849 Integral shares per Capitol share) fair and reasonable. 
While ACCC informal clearance is an overhang, the evidence suggests that clearance should be secured. The shareholder vote risk is low.
The offer terms are attractive. At the last close and for the 14 November payment, the gross/annualised spread is 4.7%/37.3%.  


Capitol Health (CAJ AU): ACCC Overhang as Scheme Meeting Set for 31 October

Australia

Sonic Healthcare Limited is a medical diagnostics company with operations in Australia, New Zealand, and Europe.  The Company provides a comprehensive range of pathology and diagnostic imaging services to medical practitioners, hospitals and their patients along with providing administrative services and facilities to medical practitioners.

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Sonic Healthcare (SHL AU)

Sonic Healthcare (SHL): Intelligent Pathology

Pathology is an essential healthcare service with mandated growth, but the international network has been developed over decades via dozens of...

Bell Potter

Cochlear Ltd (COH AU): Negative Reaction Is Overdone; Performance Reversal Is Imminent

Cochlear expects FY25 profit to be at the lower end of guidance range, but remains optimistic about maintaining 10% implant volume growth. The...

Tina Banerjee

APAC Healthcare Weekly (Feb 16)- Hansoh Pharma, Astellas Pharma, CSL, Imugene, LigaChem Bio, Lupin

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

Australian Clinical Labs (ACL AU) / Healius (HLS AU): Round 2?

After heady days during Covid, demand has tapered, but higher operating costs remain. Consolidation makes sense. Healius is trading below it pre...

David Blennerhassett

Capitol Health (CAJ AU): ACCC Overhang as Scheme Meeting Set for 31 October

The merger update notes that Integral has proposed to divest a Capitol clinic in Melton, Victoria, to secure ACCC approval. The ACCC provisional...

Arun George

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Sonic Healthcare (SHL): Intelligent Pathology

Pathology is an essential healthcare service with mandated growth, but the international network has been developed over decades via dozens of...

Bell Potter

Cochlear Ltd (COH AU): Negative Reaction Is Overdone; Performance Reversal Is Imminent

​Cochlear expects FY25 profit to be at the lower end of guidance range, but remains optimistic about maintaining 10% implant volume growth. The...

Tina Banerjee

APAC Healthcare Weekly (Feb 16)- Hansoh Pharma, Astellas Pharma, CSL, Imugene, LigaChem Bio, Lupin

APAC healthcare companies continued to get approvals for new products and initiates clinical trials. The companies continued with acquisitions and...

Tina Banerjee

Australian Clinical Labs (ACL AU) / Healius (HLS AU): Round 2?

After heady days during Covid, demand has tapered, but higher operating costs remain. Consolidation makes sense. Healius is trading below it pre...

David Blennerhassett

Capitol Health (CAJ AU): ACCC Overhang as Scheme Meeting Set for 31 October

The merger update notes that Integral has proposed to divest a Capitol clinic in Melton, Victoria, to secure ACCC approval. The ACCC provisional...

Arun George

Cochlear expects FY25 profit to be at the lower end of guidance range, but remains optimistic about maintaining 10% implant volume growth. The...