Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" data-smartkarma-citation="entities:15915:1" rel="noopener">Asahi Intecc (7747 JP)</a> reported strong FY24 result, with all key parameters beating estimates. FY24 revenue exceeds ¥100B, a significant milestone of the mid-term management plan.</li>
<li>For FY25, Asahi Intecc has guided for revenue of ¥117B (up 9% YoY), operating profit of ¥25B (up 14% YoY), and net profit of ¥19B (up 19% YoY).</li>
<li>Growth will be driven by increase in overseas revenue in medical division despite the impact of stronger yen. Positive environment and strong demand enhance conviction on the long-term growth prospect.</li>
</ul>



Asahi Intecc (7747 JP) reported strong FY24 result, with all key parameters beating estimates. FY24 revenue exceeds ¥100B, a significant milestone of the mid-term management plan.
For FY25, Asahi Intecc has guided for revenue of ¥117B (up 9% YoY), operating profit of ¥25B (up 14% YoY), and net profit of ¥19B (up 19% YoY).
Growth will be driven by increase in overseas revenue in medical division despite the impact of stronger yen. Positive environment and strong demand enhance conviction on the long-term growth prospect.


2024 High Conviction Update: Asahi Intecc (7747 JP)- FY24 Result Tops Guidance; Positive Outlook

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Emcure Pharmaceuticals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emcure-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:35585:1" rel="noopener">Emcure Pharmaceuticals</a> raised around US$240m in its India IPO. Subscription rates were strong.</li>
<li>Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.</li>
<li>We have looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.</li>
</ul>



Emcure Pharmaceuticals raised around US$240m in its India IPO. Subscription rates were strong.
Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
We have looked at the company’s past performance in our earlier note. In this note, we talk about the trading dynamics.


Emcure Pharma Pre-IPO Trading - Strong Subscription, Will Pop

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emcure-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:35585:1" rel="noopener">Emcure Pharmaceuticals</a> is looking to raise around US$240m in its upcoming India IPO.</li>
<li>Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.</li>
<li>We have looked at the company’s past performance, in our earlier note. In this note, we talk about the RHP updates and take a quick look at valuations.</li>
</ul>



Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO.
Emcure Pharmaceuticals (EP) is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas.
We have looked at the company’s past performance, in our earlier note. In this note, we talk about the RHP updates and take a quick look at valuations.


Emcure Pharmaceuticals Pre-IPO - Refiling Updates and Valuations

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a> entered into a definitive agreement to acquire <a href="https://www.smartkarma.com/entities/shockwave-medical-inc" target="_blank" data-smartkarma-citation="entities:28730:1" rel="noopener">Shockwave Medical Inc (SWAV US)</a> for $335/share in cash or an enterprise value of $13.1B.</li>
<li>Offer price represents 4.7% premium over yesterday’s closing price or around 19% premium over the undisturbed price. The deal is expected to close by mid-2024.</li>
<li>With no product overlap and competition concern, the deal is expected to get regulatory approval. With reasonable deal valuation, shareholders approval is also expected.</li>
</ul>



Johnson &amp; Johnson (JNJ US) entered into a definitive agreement to acquire Shockwave Medical Inc (SWAV US) for $335/share in cash or an enterprise value of $13.1B.
Offer price represents 4.7% premium over yesterday’s closing price or around 19% premium over the undisturbed price. The deal is expected to close by mid-2024.
With no product overlap and competition concern, the deal is expected to get regulatory approval. With reasonable deal valuation, shareholders approval is also expected.


Shockwave Medical Inc (SWAV US): Johnson & Johnson (JNJ US)’s Acquisition Offer

<ul>
<li>ChrysCap is looking to raise around US$295m via selling a 2.8% stake in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at the IPO, lock-up release and prior placement in our earlier notes. In this note, we talk about the current deal dynamics.</li>
</ul>


ChrysCap is looking to raise around US$295m via selling a 2.8% stake in Mankind Pharma.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at the IPO, lock-up release and prior placement in our earlier notes. In this note, we talk about the current deal dynamics.


Mankind Pharma Placement - Well Flagged, past Deals Have Done Well but Its Expensive

United States

Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

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Abbott Laboratories (ABT US)

2024 High Conviction Update: Asahi Intecc (7747 JP)- FY24 Result Tops Guidance; Positive Outlook

Asahi Intecc reported ¥100B revenue for FY24, a significant milestone of the mid-term management plan. Even after excluding Fx, the company sees...

Tina Banerjee

Emcure Pharma Pre-IPO Trading - Strong Subscription, Will Pop

Emcure Pharmaceuticals raised around US$240m in its India IPO. Subscription rates were strong for institutional and HNI tranche.

Sumeet Singh

Emcure Pharmaceuticals Pre-IPO - Refiling Updates and Valuations

Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

Shockwave Medical Inc (SWAV US): Johnson & Johnson (JNJ US)’s Acquisition Offer

J&J to acquire Shockwave Medical for $335 per share. With no product overlap, the deal is expected to receive regulatory and shareholder...

Tina Banerjee

Mankind Pharma Placement - Well Flagged, past Deals Have Done Well but Its Expensive

ChrysCap is looking to raise around US$295m via selling a 2.8% stake in Mankind Pharma. In this note, we talk about the deal dynamics.

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2024 High Conviction Update: Asahi Intecc (7747 JP)- FY24 Result Tops Guidance; Positive Outlook

Asahi Intecc reported ¥100B revenue for FY24, a significant milestone of the mid-term management plan. Even after excluding Fx, the company sees...

Tina Banerjee

Emcure Pharma Pre-IPO Trading - Strong Subscription, Will Pop

Emcure Pharmaceuticals raised around US$240m in its India IPO. Subscription rates were strong for institutional and HNI tranche.

Sumeet Singh

Emcure Pharmaceuticals Pre-IPO - Refiling Updates and Valuations

Emcure Pharmaceuticals is looking to raise around US$240m in its upcoming India IPO. In this note, we talk about valuations.

Sumeet Singh

Shockwave Medical Inc (SWAV US): Johnson & Johnson (JNJ US)’s Acquisition Offer

​J&J to acquire Shockwave Medical for $335 per share. With no product overlap, the deal is expected to receive regulatory and shareholder...

Tina Banerjee

Mankind Pharma Placement - Well Flagged, past Deals Have Done Well but Its Expensive

ChrysCap is looking to raise around US$295m via selling a 2.8% stake in Mankind Pharma. In this note, we talk about the deal dynamics.

Sumeet Singh

J&J to acquire Shockwave Medical for $335 per share. With no product overlap, the deal is expected to receive regulatory and shareholder...