HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Angelalign Technology  / Equity Bottom-Up

<ul>
<li>Angelalign’s business model is easily challenged by lower priced similar competing products. Once Angelalign’s products lose price advantage, it would lead to a rapid decline in overall sales performance. </li>
<li>Performance growth could still be under pressure this year due to unsatisfactory demand.The potential price war, further price reduction and increasing selling/marketing expenses would put more pressure on profit margin.</li>
<li>Angelalign hasn’t accumulated enough data size due to few overseas customers, which could lead to product quality issues and slow internationalization progress. There is downside risk due to overvaluation.</li>
</ul>


Angelalign’s business model is easily challenged by lower priced similar competing products. Once Angelalign’s products lose price advantage, it would lead to a rapid decline in overall sales performance. 
Performance growth could still be under pressure this year due to unsatisfactory demand.The potential price war, further price reduction and increasing selling/marketing expenses would put more pressure on profit margin.
Angelalign hasn’t accumulated enough data size due to few overseas customers, which could lead to product quality issues and slow internationalization progress. There is downside risk due to overvaluation.


Angelalign Technology (6699.HK) - 2023 May Not See a Turnaround in Performance

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 14th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Sensetime, Semiconductor Manufacturing International, Cnooc, China Mobile, Tencent, Meituan, Kuaishou Technology.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of April 14th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Sensetime, Semiconductor Manufacturing International, Cnooc, China Mobile, Tencent, Meituan, Kuaishou Technology.


Hong Kong Connect Flows (Apr 14th): Sensetime, SMIC, Cnooc, China Mobile, Tencent, Meituan, Kuaishou

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 10th.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, Hong Kong Exchanges And Clearing, Industrial And Commercial Bank Of China, China Construction Bank, Kuaishou Technology, Tencent, Li Ning.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 10th.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Hong Kong Exchanges And Clearing, Industrial And Commercial Bank Of China, China Construction Bank, Kuaishou Technology, Tencent, Li Ning.


Hong Kong Connect Flows (Feb 10th): Meituan, HKEx, ICBC, CCB, Kuaishou, Tencent, Li Ning

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 3rd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Meituan, Sensetime, Tencent, China Construction Bank, Hong Kong Exchanges And Clearing.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 3rd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Meituan, Sensetime, Tencent, China Construction Bank, Hong Kong Exchanges And Clearing.


Hong Kong Connect Flows (Feb 3rd): Meituan, Sensetime, Tencent, CCB, HKEx

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/straumann-holding-ag" target="_blank" data-smartkarma-citation="entities:22493:1" rel="noopener">Straumann Holding AG (STMN SW)</a> is the global leader in dental implantology, with ~29% market share. With multi-brand implant portfolio, the company is well-positioned to capture the market opportunity.  </li>
<li>Straumann raised expectations for 2022 organic revenue growth to the mid-teen percentage range from low double-digit percentage range earlier, versus the strong comparative year (+42% organic revenue growth in 2021).</li>
<li>Straumann has significantly expanded its addressable market to CHF18B+. To achieve the company’s ambition of CHF5B revenue by 2030, an average organic growth rate of ~10% annually is needed.</li>
</ul>



Straumann Holding AG (STMN SW) is the global leader in dental implantology, with ~29% market share. With multi-brand implant portfolio, the company is well-positioned to capture the market opportunity.  
Straumann raised expectations for 2022 organic revenue growth to the mid-teen percentage range from low double-digit percentage range earlier, versus the strong comparative year (+42% organic revenue growth in 2021).
Straumann has significantly expanded its addressable market to CHF18B+. To achieve the company’s ambition of CHF5B revenue by 2030, an average organic growth rate of ~10% annually is needed.


Straumann Holding AG (STMN SW): Strong Organic Revenue Growth Indicates Continued Business Recovery

China

Angelalign Technology Inc. produces and sells medical devices. The Company manufactures and sells Invisible orthodontic without brackets aligner and other products. Angelalign Technology markets its products throughout China.

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Angelalign Technology (6699 HK)