External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>We have analyzed the 2024 and 4Q24 financial results of key overseas CXOs and upstream companies, covering clinical CROs, preclinical CROs, C(D)MOs, and life science tools suppliers.</li><li>While the companies in our coverage universe continued to face pressure on revenue and profit growth in 2024, half demonstrated improved performance in 2H24 versus 1H24.</li><li>Specifically, C(D)MOs and life science tools suppliers showed positive trends in financial performance, demand outlook, and guidance for 2025. </li></ul><p><em>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.</em></p>

We have analyzed the 2024 and 4Q24 financial results of key overseas CXOs and upstream companies, covering clinical CROs, preclinical CROs, C(D)MOs, and life science tools suppliers.While the companies in our coverage universe continued to face pressure on revenue and profit growth in 2024, half demonstrated improved performance in 2H24 versus 1H24.Specifically, C(D)MOs and life science tools suppliers showed positive trends in financial performance, demand outlook, and guidance for 2025. 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.

Healthcare - Results Review of Overseas CXO and Life Science Tools Sectors in 2024 & 4Q24

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Celltrion has received European Commission approval for Avtozma (CT-P47), a biosimilar referencing Actemra. Samsung Biologics and Biocon launched their respective Stelara biosimilars in the U.S.</li>
<li>KKR is acquiring up to 54% of equity in Healthcare Global Enterprises for INR445/share. The transaction is expected to close by 3Q25. The acquisition triggers an open offer from KKR.</li>
<li>Zydus Lifesciences is ready to launch India’s first vaccine against new strain of influenza virus (Southern Hemisphere 2025) in the 2025. Glenmark Pharmaceuticals has launched Epinephrine Injection in the U.S.</li>
</ul>


Celltrion has received European Commission approval for Avtozma (CT-P47), a biosimilar referencing Actemra. Samsung Biologics and Biocon launched their respective Stelara biosimilars in the U.S.
KKR is acquiring up to 54% of equity in Healthcare Global Enterprises for INR445/share. The transaction is expected to close by 3Q25. The acquisition triggers an open offer from KKR.
Zydus Lifesciences is ready to launch India’s first vaccine against new strain of influenza virus (Southern Hemisphere 2025) in the 2025. Glenmark Pharmaceuticals has launched Epinephrine Injection in the U.S.


APAC Healthcare Weekly (Mar 2)- Celltrion, Samsung Biologics, Biocon, Zydus Life, Healthcare Global

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our long-term outlook remains bullish on global equities (MSCI ACWI). Germany and Europe continue to lead, our favorite theme we have been buying since January 9th.</li>
<li>Near-Term we wouldn't be surprised to see a pullback to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on SPX in the coming weeks, where we are buyers.</li>
<li>This report was initially sent out Thursday morning, and as of this writing SPX is now testing support at 5850. Bottom potential.</li>
</ul>


Our long-term outlook remains bullish on global equities (MSCI ACWI). Germany and Europe continue to lead, our favorite theme we have been buying since January 9th.
Near-Term we wouldn't be surprised to see a pullback to range supports at $116 on ACWI-US and 5770-5850 or 5600-5670 on SPX in the coming weeks, where we are buyers.
This report was initially sent out Thursday morning, and as of this writing SPX is now testing support at 5850. Bottom potential.


Germany and Europe Continue to Lead; Remain Overweight Germany and U.S.; Bullish Outlook Intact

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 3 March.</li>
<li>Our top 10 Korean stock picks from 14 to 28 January are down on average 1.8%, slightly outperforming KOSPI which is down 2.2% in the same period.</li>
<li>The top 10 Korean stock picks (bi-weekly) include SL Corp, Korea Electric Terminal, BNK Financial, S1, LX International, Doubleugames, Samsung C&amp;T, Amorepacific Corp (pref), SK Telecom, and POSCO International. </li>
</ul>


In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 3 March.
Our top 10 Korean stock picks from 14 to 28 January are down on average 1.8%, slightly outperforming KOSPI which is down 2.2% in the same period.
The top 10 Korean stock picks (bi-weekly) include SL Corp, Korea Electric Terminal, BNK Financial, S1, LX International, Doubleugames, Samsung C&amp;T, Amorepacific Corp (pref), SK Telecom, and POSCO International. 


Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (3 March 2025)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> achieved 178% YoY and 21% QoQ revenue growth to KRW1,064B in 4Q24, driven by rapid growth of new products such as Remsima SC, Yuflyma, and Steqeyma.</li>
<li>Celltrion guided for 2025 revenue of KRW5.0T, up 43% YoY. Celltrion is targeting COGS ratio in 20%s by 4Q25. Operating profit margin is expected to recover to 30%s in 2025.  </li>
<li>New launches, COGS improvement, and cost efficiency will drive 2025 growth. This year, Celltrion received European approval for four biosimilars and three biosimilars are under regulatory review in the U.S.</li>
</ul>



Celltrion Inc (068270 KS) achieved 178% YoY and 21% QoQ revenue growth to KRW1,064B in 4Q24, driven by rapid growth of new products such as Remsima SC, Yuflyma, and Steqeyma.
Celltrion guided for 2025 revenue of KRW5.0T, up 43% YoY. Celltrion is targeting COGS ratio in 20%s by 4Q25. Operating profit margin is expected to recover to 30%s in 2025.  
New launches, COGS improvement, and cost efficiency will drive 2025 growth. This year, Celltrion received European approval for four biosimilars and three biosimilars are under regulatory review in the U.S.


Celltrion (068270 KS): Record High Sales in 4Q; Sequentially Weaker Profit; Solid Outlook for 2025

South Korea

Samsung Biologics Co.,Ltd. manufactures bio-healthcare products. The Company develops, refines, and distributes biopharmaceutical products.

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Samsung Biologics (207940 KS)

Healthcare - Results Review of Overseas CXO and Life Science Tools Sectors in 2024 & 4Q24

We have analyzed the 2024 and 4Q24 financial results of key overseas CXOs and upstream companies, covering clinical CROs, preclinical CROs,...

CMB International

APAC Healthcare Weekly (Mar 2)- Celltrion, Samsung Biologics, Biocon, Zydus Life, Healthcare Global

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

Tina Banerjee

Germany and Europe Continue to Lead; Remain Overweight Germany and U.S.; Bullish Outlook Intact

Germany and Europe Continue to Lead; Remain Overweight Germany $DAX $EWG and the U.S. $SPX; Bullish Outlook Intact on $ACWI above $116. $SPX...

Vermilion Research

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (3 March 2025)

In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 3 March.

Douglas Kim

Celltrion (068270 KS): Record High Sales in 4Q; Sequentially Weaker Profit; Solid Outlook for 2025

Celltrion reported 178% revenue growth in 4Q24. The company guided for 2025 revenue of KRW5.0T, up 43% YoY. Operating profit margin is expected to...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

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Healthcare - Results Review of Overseas CXO and Life Science Tools Sectors in 2024 & 4Q24

We have analyzed the 2024 and 4Q24 financial results of key overseas CXOs and upstream companies, covering clinical CROs, preclinical CROs,...

CMB International

APAC Healthcare Weekly (Mar 2)- Celltrion, Samsung Biologics, Biocon, Zydus Life, Healthcare Global

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

Tina Banerjee

Germany and Europe Continue to Lead; Remain Overweight Germany and U.S.; Bullish Outlook Intact

Germany and Europe Continue to Lead; Remain Overweight Germany $DAX $EWG and the U.S. $SPX; Bullish Outlook Intact on $ACWI above $116. $SPX...

Vermilion Research

Top 10 Korean Stock Picks and Key Catalysts Bi-Weekly (3 March 2025)

In this insight, we provide the top 10 stocks picks and key catalysts in the Korean stock market for the two weeks starting 3 March.

Douglas Kim

Celltrion (068270 KS): Record High Sales in 4Q; Sequentially Weaker Profit; Solid Outlook for 2025

​Celltrion reported 178% revenue growth in 4Q24. The company guided for 2025 revenue of KRW5.0T, up 43% YoY. Operating profit margin is expected to...

Tina Banerjee

Celltrion reported 178% revenue growth in 4Q24. The company guided for 2025 revenue of KRW5.0T, up 43% YoY. Operating profit margin is expected to...