Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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

<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/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

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With 2 days left to review cutoff, there could be 1 inclusion and 3 deletions for the index at the September rebalance.</li>
<li>Even if there are no constituent changes, capping changes will lead to one-way turnover of 4.4% and a round-trip trade of A$212m.</li>
<li>The final list of inclusions/exclusions will depend on price movements till Friday and whether the index provider makes any significant changes to the free float of stocks in the universe.</li>
</ul>


With 2 days left to review cutoff, there could be 1 inclusion and 3 deletions for the index at the September rebalance.
Even if there are no constituent changes, capping changes will lead to one-way turnover of 4.4% and a round-trip trade of A$212m.
The final list of inclusions/exclusions will depend on price movements till Friday and whether the index provider makes any significant changes to the free float of stocks in the universe.


MV Australia Equal Weight Index Rebalance Preview: One Add & A Few Deletes

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

HD Hyundai Marine Solution  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, the focus remained on <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a>, even as <a href="https://www.smartkarma.com/entities/sichuan-baicha-baidao-industrial" target="_blank" data-smartkarma-citation="entities:40029:1" rel="noopener">Sichuan Baicha Baidao Industrial</a> is gearing up to launch its IPO. </li>
<li>On the placement front, there were deals across India, South Korea and Australia.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, the focus remained on HD Hyundai Marine Solution (443060 KS), even as Sichuan Baicha Baidao Industrial is gearing up to launch its IPO. 
On the placement front, there were deals across India, South Korea and Australia.


ECM Weekly (15th Apr 2024) - Hyundai Marine, Bharti, Kayou, Zeekr, ChaPanda, Samsung, WT Micr, Sompo

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)

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

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

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

MV Australia Equal Weight Index Rebalance Preview: One Add & A Few Deletes

There could be 1 add and 3 deletes in Sep. Even if there are no constituent changes, capping changes will lead to one-way turnover of 4.4% and a...

Brian Freitas

ECM Weekly (15th Apr 2024) - Hyundai Marine, Bharti, Kayou, Zeekr, ChaPanda, Samsung, WT Micr, Sompo

Yesterday it was Sompo's turn to provide an update on its cross-shareholding plans. It plans to sell atleast JPY600bn (US$4bn) worth of shares over...

Sumeet Singh

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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

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

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

MV Australia Equal Weight Index Rebalance Preview: One Add & A Few Deletes

There could be 1 add and 3 deletes in Sep. Even if there are no constituent changes, capping changes will lead to one-way turnover of 4.4% and a...

Brian Freitas

ECM Weekly (15th Apr 2024) - Hyundai Marine, Bharti, Kayou, Zeekr, ChaPanda, Samsung, WT Micr, Sompo

Yesterday it was Sompo's turn to provide an update on its cross-shareholding plans. It plans to sell atleast JPY600bn (US$4bn) worth of shares over...

Sumeet Singh

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

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