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Financial News, Analysis and Data

Online financial media company focused on Australian equities, with a global perspective

Equity Bottom-Up

<ul><li>Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions</li></ul>

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

NEXTDC Ltd - Rudi's View: Aussie Broadband, oOh!media, Paladin Energy, Seek, Xero & More

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ansell-ltd" target="_blank" data-smartkarma-citation="entities:10777:1" rel="noopener">Ansell Ltd (ANN AU)</a> reported 30% YoY growth in revenue to $1,019M in 1HFY25 backed by strong Healthcare and Industrial business contribution. EBIT margin expanded 250bps to 12.5%.</li>
<li>KBU integration is progressing well and APIP measures bearing fruit generating higher savings. The company has realized a savings of $22M in H1FY25, compared to $7M in H1FY24.</li>
<li>Ansell revised FY25 adjusted EPS from $1.10–1.27 to $1.18–1.28, with the midpoint beating consensus. Management expects continued organic constant currency sales growth in H2FY25, but slower than H1FY25.</li>
</ul>



Ansell Ltd (ANN AU) reported 30% YoY growth in revenue to $1,019M in 1HFY25 backed by strong Healthcare and Industrial business contribution. EBIT margin expanded 250bps to 12.5%.
KBU integration is progressing well and APIP measures bearing fruit generating higher savings. The company has realized a savings of $22M in H1FY25, compared to $7M in H1FY24.
Ansell revised FY25 adjusted EPS from $1.10–1.27 to $1.18–1.28, with the midpoint beating consensus. Management expects continued organic constant currency sales growth in H2FY25, but slower than H1FY25.


Ansell Ltd (ANN AU): Healthcare Business Revival Drives H1 Result; FY25 Guidance Raised

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cochlear-ltd" target="_blank" data-smartkarma-citation="entities:918:1" rel="noopener">Cochlear Ltd (COH AU)</a> now expects FY25 underlying net profit to be at the lower end of A$410–430M guidance range due to lower services revenue and higher cloud-related investment.</li>
<li>Despite 5% growth in H1FY25, Cochlear reiterated that “solid market growth rates to drive cochlear implant unit growth of around 10% in FY25.”</li>
<li>Cochlear is expected to release next-generation cochlear implant in mid-2025. The introduction of the new off-the-ear Nucleus Kanso 3 sound processor is expected to contribute to services revenue from FY26.</li>
</ul>



Cochlear Ltd (COH AU) now expects FY25 underlying net profit to be at the lower end of A$410–430M guidance range due to lower services revenue and higher cloud-related investment.
Despite 5% growth in H1FY25, Cochlear reiterated that “solid market growth rates to drive cochlear implant unit growth of around 10% in FY25.”
Cochlear is expected to release next-generation cochlear implant in mid-2025. The introduction of the new off-the-ear Nucleus Kanso 3 sound processor is expected to contribute to services revenue from FY26.


Cochlear Ltd (COH AU): Negative Reaction Is Overdone; Performance Reversal Is Imminent

Thematic (Sector/Industry)

<ul>
<li>Daiichi Sankyo has announced that Dato-DXd has been recommended for approval in EU. Astellas Pharma has submitted new drug application for conditional approval of Izervay for Geographic Atrophy in Japan.</li>
<li>SanBio has successfully secured the planned production yield for the second commercial production run to meet the approval conditions for the shipment of Akuugo suspension for intracranial implantation.</li>
<li>IHH Healthcare is seeking compensation of INR109.3B from Daiichi Sankyo for its stake buy in Fortis Healthcare. Dr. Reddy’s Laboratories entered licensing agreement with Shanghai Henlius Biotech for Darzalex biosimilar.</li>
</ul>


Daiichi Sankyo has announced that Dato-DXd has been recommended for approval in EU. Astellas Pharma has submitted new drug application for conditional approval of Izervay for Geographic Atrophy in Japan.
SanBio has successfully secured the planned production yield for the second commercial production run to meet the approval conditions for the shipment of Akuugo suspension for intracranial implantation.
IHH Healthcare is seeking compensation of INR109.3B from Daiichi Sankyo for its stake buy in Fortis Healthcare. Dr. Reddy’s Laboratories entered licensing agreement with Shanghai Henlius Biotech for Darzalex biosimilar.


APAC Healthcare Weekly (Feb 9)- Daiichi Sankyo, Astellas, SanBio, IHH, Henlius Biotech, Dr. Reddy’s

<ul>
<li>
<a href="https://www.smartkarma.com/entities/top-glove-corp-bhd" target="_blank" data-smartkarma-citation="entities:20759:1" rel="noopener">Top Glove Corp (TOPG MK)</a> achieved 16% QoQ revenue growth in 3QFY24, on 13% sequential volume increase and higher ASP. 3QFY24 operational loss reduced to RM34M from RM59M in 2QFY24.</li>
<li>Considering the current demand and supply condition, Top Glove expects the ASP to further increase. The company aims to recover its EBITDA margin to pre-pandemic levels of 15% by FY26.</li>
<li>With rising import alert and expected tariff increase on Chinese manufacturers, the US demand may shift from China to Malaysia. Top Glove is poised to benefit from potential trade diversion.</li>
</ul>



Top Glove Corp (TOPG MK) achieved 16% QoQ revenue growth in 3QFY24, on 13% sequential volume increase and higher ASP. 3QFY24 operational loss reduced to RM34M from RM59M in 2QFY24.
Considering the current demand and supply condition, Top Glove expects the ASP to further increase. The company aims to recover its EBITDA margin to pre-pandemic levels of 15% by FY26.
With rising import alert and expected tariff increase on Chinese manufacturers, the US demand may shift from China to Malaysia. Top Glove is poised to benefit from potential trade diversion.


Top Glove Corp (TOPG MK): Volume and ASP Growth Achieved in 3QFY24; Sees Higher Global Demand Ahead

Australia

Ansell Limited provides health and safety protection solutions. The Company has operations in North America, Latin America, EMEA, and Asia. Ansell holds positions in the industrial and medical gloves market, as well as health and well being category worldwide.

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Ansell Ltd (ANN AU)

NEXTDC Ltd - Rudi's View: Aussie Broadband, oOh!media, Paladin Energy, Seek, Xero & More

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

FNArena

Ansell Ltd (ANN AU): Healthcare Business Revival Drives H1 Result; FY25 Guidance Raised

Ansell sees 30% YoY revenue growth in 1HFY25, with EBIT margin expanding 250bps to 12.5%. The company has revised FY25 adjusted EPS from...

Tina Banerjee

Cochlear Ltd (COH AU): Negative Reaction Is Overdone; Performance Reversal Is Imminent

Cochlear expects FY25 profit to be at the lower end of guidance range, but remains optimistic about maintaining 10% implant volume growth. The...

Tina Banerjee

APAC Healthcare Weekly (Feb 9)- Daiichi Sankyo, Astellas, SanBio, IHH, Henlius Biotech, Dr. Reddy’s

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

Tina Banerjee

Top Glove Corp (TOPG MK): Volume and ASP Growth Achieved in 3QFY24; Sees Higher Global Demand Ahead

The U.S. will raise tariffs on Chinese medical and surgical gloves to 50%, from 7.5% currently, in January 2025 and to 100% by January 2026. As a...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NEXTDC Ltd - Rudi's View: Aussie Broadband, oOh!media, Paladin Energy, Seek, Xero & More

Update on changes to and revisions of analysts' Best Ideas and Conviction Calls, as well as Model Portfolio compositions

FNArena

Ansell Ltd (ANN AU): Healthcare Business Revival Drives H1 Result; FY25 Guidance Raised

​Ansell sees 30% YoY revenue growth in 1HFY25, with EBIT margin expanding 250bps to 12.5%. The company has revised FY25 adjusted EPS from...

Tina Banerjee

Cochlear Ltd (COH AU): Negative Reaction Is Overdone; Performance Reversal Is Imminent

​Cochlear expects FY25 profit to be at the lower end of guidance range, but remains optimistic about maintaining 10% implant volume growth. The...

Tina Banerjee

APAC Healthcare Weekly (Feb 9)- Daiichi Sankyo, Astellas, SanBio, IHH, Henlius Biotech, Dr. Reddy’s

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

Tina Banerjee

Top Glove Corp (TOPG MK): Volume and ASP Growth Achieved in 3QFY24; Sees Higher Global Demand Ahead

The U.S. will raise tariffs on Chinese medical and surgical gloves to 50%, from 7.5% currently, in January 2025 and to 100% by January 2026. As a...

Tina Banerjee

Ansell sees 30% YoY revenue growth in 1HFY25, with EBIT margin expanding 250bps to 12.5%. The company has revised FY25 adjusted EPS from...

Cochlear expects FY25 profit to be at the lower end of guidance range, but remains optimistic about maintaining 10% implant volume growth. The...