Independent Insight Provider

Stewart Paterson

Macroeconomics

Any analysis of China's credit growth over the past six years or so would suggest that it is unsustainable and that as a result, when the day of reckoning comes, the country and the rest of the world will be hit by another deflationary shock. Indeed, global inflation has started to wane again in recent months (see: <a href="https://www.smartkarma.com/insights/money-matters-the-end-of-reflation" target="_blank" data-smartkarma-citation="insights:10500">Money Matters: The End of Reflation?</a>). Commodities have broadly speaking been weak and base effects mean headline numbers are fading. Investors however have broadly speaking pushed…

Any analysis of China's credit growth over the past six years or so would suggest that it is unsustainable and that as a result, when the day of reckoning comes, the country and the rest of the world will be hit by another deflationary shock. Indeed, global inflation has started to wane again in recent months (see: Money Matters: The End of Reflation?). Commodities have broadly speaking been weak and base effects mean headline numbers are fading. Investors however have broadly speaking pushed…

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Shanghai Fosun Pharmaceutical (Group) / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/8045" target="_blank" data-smartkarma-citation="entities:8045:1">Shanghai Fosun Pharmaceutical (Group) (2196 HK)</a> is raising US$203 – 209m through issuing 55m primary shares with a 25m shares upsize option. The deal represents 12% of the company's enlarged share capital (excluding upsize).The deal scores poorly on our framework owing to its expensive valuation relative to peers and high leverage. The company reported a strong set of 1Q2017 results and is close to completing its acquisition of Gland Pharma. However, positive sentiment from the deal is likely…

Shanghai Fosun Pharmaceutical (Group) (2196 HK) is raising US$203 – 209m through issuing 55m primary shares with a 25m shares upsize option. The deal represents 12% of the company's enlarged share capital (excluding upsize).The deal scores poorly on our framework owing to its expensive valuation relative to peers and high leverage. The company reported a strong set of 1Q2017 results and is close to completing its acquisition of Gland Pharma. However, positive sentiment from the deal is likely…

Fosun Pharma - Positive Sentiment from Acquisition Likely Priced in and Valuations Seem Stretched

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

Equity Bottom-Up

Consun Pharma has managed to book a double-digit growth in revenue and earnings, 47.2% and 23.2% respectively; thanks to the sales growth of 13.8% Y-o-Y in Uremic Clearance Granule (UCG) and integrating Guangxi Yulin Pharmaceutical into Consun’s.The company also plans to carry out the development of new products to increase their foothold in kidney disease, venturing into imaging products, women and children healthcare, liver and gallbladder solution, skincare solution, digestive solution and a new form of the bone fixing water, in a hydrogel. All of which will set another momentum for double-digit sales growth for this coming financial year.As the share price trades at 15x PE, it is still cheaper compared to <a href="https://www.smartkarma.com/entities/8045" target="_blank">Shanghai Fosun Pharmaceutical (Group) (2196 HK)</a> at 21x, <a href="https://www.smartkarma.com/entities/16578" target="_blank" data-smartkarma-citation="entities:16578:1">China Resources Dubl Crne Phrmctl Co Ltd (600062 CH)</a>  at 22x, or <a href="https://www.smartkarma.com/entities/16359" target="_blank" data-smartkarma-citation="entities:16359:1">Northeast Pharmaceutical A (000597 CH)</a> at 198x.

Consun Pharma has managed to book a double-digit growth in revenue and earnings, 47.2% and 23.2% respectively; thanks to the sales growth of 13.8% Y-o-Y in Uremic Clearance Granule (UCG) and integrating Guangxi Yulin Pharmaceutical into Consun’s.The company also plans to carry out the development of new products to increase their foothold in kidney disease, venturing into imaging products, women and children healthcare, liver and gallbladder solution, skincare solution, digestive solution and a new form of the bone fixing water, in a hydrogel. All of which will set another momentum for double-digit sales growth for this coming financial year.As the share price trades at 15x PE, it is still cheaper compared to Shanghai Fosun Pharmaceutical (Group) (2196 HK) at 21x, China Resources Dubl Crne Phrmctl Co Ltd (600062 CH)  at 22x, or Northeast Pharmaceutical A (000597 CH) at 198x. 

Consun Pharma 2016 FY: What's in the New Concoction?

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

While the US consumer health industry will remain a strong centre for investment, development and technology innovation in 2017 and is expected to reach US$77 billion by 2021, the election of Donald Trump has created uncertainty among the industry, government agencies and consumers, especially around regulations, local production incentives, and changes to the Affordable Care Act.

While the US consumer health industry will remain a strong centre for investment, development and technology innovation in 2017 and is expected to reach US$77 billion by 2021, the election of Donald Trump has created uncertainty among the industry, government agencies and consumers, especially around regulations, local production incentives, and changes to the Affordable Care Act.

Trump Health Effect: What Is Next for the Consumer Health Industry Under Trump's Leadership?

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and medical equipment diverge across the region, and still trail the per capita averages of the 34 OECD member countries. </li><li>For a shorter-term perspective, over the past five weeks, four Healthcare stocks (Cordlife Group, iX Biopharma, UG Healthcare Corporation &amp; Health Management International) have released Annual Reports whilst a secondary listing (Techcomp Holdings) has released an Interim Report.</li><li>Within these reports, there are examples of how the Healthcare Sector is adapting to Asia Pacific demographics, maintaining an ongoing focus on Research &amp; Development, monitoring pharmaceutical &amp; food regulation trends, collaborating with communities to build business channels, expansion of production lines and pursuing value chain management in manufacturing and distribution. </li></ul>

From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and medical equipment diverge across the region, and still trail the per capita averages of the 34 OECD member countries. For a shorter-term perspective, over the past five weeks, four Healthcare stocks (Cordlife Group, iX Biopharma, UG Healthcare Corporation &amp; Health Management International) have released Annual Reports whilst a secondary listing (Techcomp Holdings) has released an Interim Report.Within these reports, there are examples of how the Healthcare Sector is adapting to Asia Pacific demographics, maintaining an ongoing focus on Research &amp; Development, monitoring pharmaceutical &amp; food regulation trends, collaborating with communities to build business channels, expansion of production lines and pursuing value chain management in manufacturing and distribution. 

China

Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is a pharmaceutical company. Through its subsidiaries, the Company manufactures genetic medicines, Chinese traditional medicines, diagnostic products, and medical instruments, provides technology, marketing, and advertising services, as well as invests in import and export trading.

Shanghai Fosun Pharmaceutical (Group) (2196 HK)

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Shanghai Fosun Pharmaceutical (Group) (2196 HK)

Money Matters: A Fish Called Wanda

Any analysis of China's credit growth over the past six years or so would suggest that it is unsustainable and that as a result, when the day of...

Stewart Paterson

Fosun Pharma - Positive Sentiment from Acquisition Likely Priced in and Valuations Seem Stretched

Shanghai Fosun Pharmaceutical (Group) (2196 HK) is raising US$203 – 209m through issuing 55m primary shares with a 25m shares upsize option. The...

Zhen Zhou, Toh

Consun Pharma 2016 FY: What's in the New Concoction?

Consun Pharma has managed to book a double-digit growth in revenue and earnings, 47.2% and 23.2% respectively; thanks to the sales growth of 13.8%...

Henry Soediarko

Trump Health Effect: What Is Next for the Consumer Health Industry Under Trump's Leadership?

While the US consumer health industry will remain a strong centre for investment, development and technology innovation in 2017 and is expected to...

Euromonitor International Ltd.

Key Drivers of Asia's Healthcare Sector

From a demand perspective, Asia’s population is growing as is longevity. On the supply side, Asia’s number of doctors, nurses, hospitals and...

Singapore Exchange Ltd (SGX)

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