Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

Equity Bottom-Up

<ul>
<li>GLP-1s are “a solution” for obesity and not “the solution”. There are over 100 GLP-1s in development and this space could become very commoditised.</li>
<li>Its valuation has certainly become a lot more palatable, and Novo Nordisk is now trading on a FPE of 24.</li>
<li>Lilly’s Zepbound is the preferred GLP-1: Given the better tolerance, and superior results, Zepbound is chosen over Wegovy.</li>
</ul>


GLP-1s are “a solution” for obesity and not “the solution”. There are over 100 GLP-1s in development and this space could become very commoditised.
Its valuation has certainly become a lot more palatable, and Novo Nordisk is now trading on a FPE of 24.
Lilly’s Zepbound is the preferred GLP-1: Given the better tolerance, and superior results, Zepbound is chosen over Wegovy.


Is It Time to Go Long Novo Nordisk (NVO US)?

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Anhui Province will lead the first National biological drugs VBP in 2025. However, we are optimistic because we think the whole industry will start to bottom out from here.</li>
<li>EVER001 has the potential to become “a game changer” for membranous nephropathy treatment. We are waiting for Everest Medicines to reach licensing cooperation based on EVER001 in the future.</li>
<li>The real motivation for the Disposals of WuXi XDC shares could be to boost WuXi AppTec's stock price first so that the management can again reduce positions at high level.</li>
</ul>


Anhui Province will lead the first National biological drugs VBP in 2025. However, we are optimistic because we think the whole industry will start to bottom out from here.
EVER001 has the potential to become “a game changer” for membranous nephropathy treatment. We are waiting for Everest Medicines to reach licensing cooperation based on EVER001 in the future.
The real motivation for the Disposals of WuXi XDC shares could be to boost WuXi AppTec's stock price first so that the management can again reduce positions at high level.


China Healthcare Weekly (Jan.19)- WuXi AppTec Sells Shares in WuXi XDC, National Biological Drug VBP

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Samsung Biologics secured highest ever contract manufacturing order worth KRW2.07T ($1.4B) from a European pharmaceutical company. The cumulative order volume has now surpassed $17.6B.</li>
<li>FDA has accepted Daiichi Sankyo’s revised filing for Dato-DXd for certain types of non-small cell lung cancer (NSCLC) and Eisai’s BLA for Leqembi subcutaneous autoinjector for weekly maintenance dosing.</li>
<li>Sun Pharma is acquiring Canada-based Antibe Therapeutics, a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation. Biocon got FDA clearance for insulin facility in Malaysia.</li>
</ul>


Samsung Biologics secured highest ever contract manufacturing order worth KRW2.07T ($1.4B) from a European pharmaceutical company. The cumulative order volume has now surpassed $17.6B.
FDA has accepted Daiichi Sankyo’s revised filing for Dato-DXd for certain types of non-small cell lung cancer (NSCLC) and Eisai’s BLA for Leqembi subcutaneous autoinjector for weekly maintenance dosing.
Sun Pharma is acquiring Canada-based Antibe Therapeutics, a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation. Biocon got FDA clearance for insulin facility in Malaysia.


APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Semiconductor Manufacturing International Corp (SMIC) / Event-Driven

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>SOUTHBOUND gross trading activity was again not stronger per day than the previous several weeks, but SB Net Buying was again BIG. Given the change in Tencent, remarkable even.</li>
<li>The story was follow-through, but SMIC and Xiaomi were also big buys. This is shaping up to be a "let's buy what US Persons cannot" moment.</li>
<li>No sectors saw net selling through CCASS data five days to Weds. Top 10 activity was quite concentrated this week. Very few stray names.</li>
</ul>


SOUTHBOUND gross trading activity was again not stronger per day than the previous several weeks, but SB Net Buying was again BIG. Given the change in Tencent, remarkable even.
The story was follow-through, but SMIC and Xiaomi were also big buys. This is shaping up to be a "let's buy what US Persons cannot" moment.
No sectors saw net selling through CCASS data five days to Weds. Top 10 activity was quite concentrated this week. Very few stray names.


HK Connect SOUTHBOUND Flows (To 17 Jan 2025); Again Big Net Buying by SB, Again on Tech

Shanghai Henlius Biotech  / Equity Bottom-Up

<ul>
<li>For Fosun, every major capital operation is the result of careful consideration after a long time. If it is a deal that Mr. Guo fully supports, there’s basically no problem.</li>
<li>For the privatization, the board of directors of Henlius has no special opposition. We think that this privatization would have no impact on the operation of Henlius in the future,</li>
<li>As the phenomenon of undervaluation of Henlius is difficult to fundamentally change, the Cancellation Price is attractive for most investors. There’re risks if choosing Share Alternative. Cash Alternative is preferred. </li>
</ul>


For Fosun, every major capital operation is the result of careful consideration after a long time. If it is a deal that Mr. Guo fully supports, there’s basically no problem.
For the privatization, the board of directors of Henlius has no special opposition. We think that this privatization would have no impact on the operation of Henlius in the future,
As the phenomenon of undervaluation of Henlius is difficult to fundamentally change, the Cancellation Price is attractive for most investors. There’re risks if choosing Share Alternative. Cash Alternative is preferred. 


Shanghai Henlius Biotech (2696 HK) - Some Thoughts About the Privatization

China

Innovent Biologics, Inc. operates as a biopharmaceutical company. The Company develops, manufactures, and distributes monoclonal antibody drug candidates for the treatment of oncology, ophthalmology, autoimmune, cardiovascular, and other diseases. Innovent Biologics serves customers in China.

Price Gauge
52-week Range	0.00 - 0.00
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Innovent Biologics Inc (1801 HK)

Is It Time to Go Long Novo Nordisk (NVO US)?

GLP-1s are "a" solution for obesity. With 100+ in development, the market could become overcrowded. NN's valuation is more realistic now, but we...

daaimon

China Healthcare Weekly (Jan.19)- WuXi AppTec Sells Shares in WuXi XDC, National Biological Drug VBP

Anhui to lead the national biological drug VBP, industry expected to rebound.EVER001 may be game changer for MN.Disposal of WuXi XDC shares may...

Xinyao (Criss) Wang

APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

HK Connect SOUTHBOUND Flows (To 17 Jan 2025); Again Big Net Buying by SB, Again on Tech

SOUTHBOUND continues to buy heavily in tech and finance. Gross flows remain light but net flows are very strong. AH Premia are now the lowest in...

Travis Lundy

Shanghai Henlius Biotech (2696 HK) - Some Thoughts About the Privatization

Lin Lijun/Mr.Guo both graduated from Fudan and may have known each other for a long time. The info circulating outside is Lin adds positions cus he...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Is It Time to Go Long Novo Nordisk (NVO US)?

​GLP-1s are "a" solution for obesity. With 100+ in development, the market could become overcrowded. NN's valuation is more realistic now, but we...

daaimon

China Healthcare Weekly (Jan.19)- WuXi AppTec Sells Shares in WuXi XDC, National Biological Drug VBP

​Anhui to lead the national biological drug VBP, industry expected to rebound.EVER001 may be game changer for MN.Disposal of WuXi XDC shares may...

Xinyao (Criss) Wang

APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

HK Connect SOUTHBOUND Flows (To 17 Jan 2025); Again Big Net Buying by SB, Again on Tech

SOUTHBOUND continues to buy heavily in tech and finance. Gross flows remain light but net flows are very strong. AH Premia are now the lowest in...

Travis Lundy

Shanghai Henlius Biotech (2696 HK) - Some Thoughts About the Privatization

Lin Lijun/Mr.Guo both graduated from Fudan and may have known each other for a long time. The info circulating outside is Lin adds positions cus he...

Xinyao (Criss) Wang

GLP-1s are "a" solution for obesity. With 100+ in development, the market could become overcrowded. NN's valuation is more realistic now, but we...

Anhui to lead the national biological drug VBP, industry expected to rebound.EVER001 may be game changer for MN.Disposal of WuXi XDC shares may...