Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

Equity Bottom-Up

Apollo Hospitals Enterprise / Equity Bottom-Up

<ul>
<li>Recent results are disappointing and point to slower organic growth especially in the much higher margin Healthcare Services division.</li>
<li>The recent results also provide further evidence revealing the difficulty in expanding the network outside of management contracts.</li>
<li>Apollo is the cheapest of the three main listed hospital groups. At 48 forward PE &amp; 26 forward EV/EBITDA, we expect the core division to be growing faster (9%, Sept-25,Q2-results).</li>
</ul>


Recent results are disappointing and point to slower organic growth especially in the much higher margin Healthcare Services division.
The recent results also provide further evidence revealing the difficulty in expanding the network outside of management contracts.
Apollo is the cheapest of the three main listed hospital groups. At 48 forward PE &amp; 26 forward EV/EBITDA, we expect the core division to be growing faster (9%, Sept-25,Q2-results).


Apollo Hospitals Update (APOLLOHOSP ) – Retain Sell

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Hengrui Pharmaceuticals’ trastuzumab rezetecan got third indication approval in China for colorectal cancer. CSPC Pharma and AstraZeneca entered JV contract for the construction of new-generation biologics manufacturing facility in China.</li>
<li>Takeda Pharmaceutical got FDA approval for Orzeyful for narcolepsy type 1. As a first-in-class orexin treatment, Orzeyful is the only medicine indicated in the U.S. to treat the disease holistically.</li>
<li>Otsuka announced new data from the Phase 3 trial demonstrating that Voyxact stabilizes kidney function decline. Alteogen signed an exclusive license agreement with a global pharmaceutical company for ALT-B4. </li>
</ul>


Hengrui Pharmaceuticals’ trastuzumab rezetecan got third indication approval in China for colorectal cancer. CSPC Pharma and AstraZeneca entered JV contract for the construction of new-generation biologics manufacturing facility in China.
Takeda Pharmaceutical got FDA approval for Orzeyful for narcolepsy type 1. As a first-in-class orexin treatment, Orzeyful is the only medicine indicated in the U.S. to treat the disease holistically.
Otsuka announced new data from the Phase 3 trial demonstrating that Voyxact stabilizes kidney function decline. Alteogen signed an exclusive license agreement with a global pharmaceutical company for ALT-B4. 


APAC Healthcare Weekly (August 9) – Hengrui, CSPC Pharma, Takeda Pharma, Otsuka, Alteogen

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>India recorded an estimated 1.56 million new cancer cases and 0.90 million deaths in 2024. The long-duration demand curve points toward materially higher case volumes by 2040–50.</li>
<li>The listed opportunity is concentrated in oncology capacity, radiotherapy, surgery, diagnostics and accessible drugs. These are scalable revenue pools today, not distant optionality.</li>
<li>HCG Offers the highest cancer purity; Max and Apollo combine oncology with network strength; Medanta adds capacity optionality. Biocon, Dr. Reddy’s and Metropolis are indirect enablers.</li>
</ul>


India recorded an estimated 1.56 million new cancer cases and 0.90 million deaths in 2024. The long-duration demand curve points toward materially higher case volumes by 2040–50.
The listed opportunity is concentrated in oncology capacity, radiotherapy, surgery, diagnostics and accessible drugs. These are scalable revenue pools today, not distant optionality.
HCG Offers the highest cancer purity; Max and Apollo combine oncology with network strength; Medanta adds capacity optionality. Biocon, Dr. Reddy’s and Metropolis are indirect enablers.


India’s Cancer Care Opportunity: Listed Proxies for a 1.6 Million-Case Market

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Mitsubishi UFJ Financial (MUFG) / Technical Analysis

Mitsubishi UFJ Financial (MUFG) (8306 JP)

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI (since our April 23, 2026 Int’l Compass).</li>
<li>With that said, the market is going through a short-term consolidation; the first clue was that a bullish gap finally got filled at $156-$157.20 on ACWI-US.</li>
<li>We've maintained that pullbacks to the 50-day MA on ACWI-US would be infrequent (~once every 1-2 months), but that they'd be buying opportunities, and that's what we believe is happening.</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI (since our April 23, 2026 Int’l Compass).
With that said, the market is going through a short-term consolidation; the first clue was that a bullish gap finally got filled at $156-$157.20 on ACWI-US.
We've maintained that pullbacks to the 50-day MA on ACWI-US would be infrequent (~once every 1-2 months), but that they'd be buying opportunities, and that's what we believe is happening.


Looking Outside of Technology/A.I. Themes; Korea and Taiwan Likely to Consolidate?

<ul>
<li>Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.</li>
<li>BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.</li>
<li>Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.</li>
</ul>


Hengrui Pharmaceuticals entered license agreements with BMS to advance 13 early-stage programs in oncology, hematology, and immunology. Sino Biopharmaceutical entered exclusive strategic collaboration with GlaxoSmithKline for Hepatitis B drug bepirovisen.
BeOne received FDA approval for Beqalzi for the treatment of mantle cell lymphoma. Otsuka’s subsidiary, Taiho Pharmaceutical secured FDA approval for Inqovi plus venetoclax for newly diagnosed acute myeloid leukemia.
Celltrion has acquired Gifrer, a 114-year-old local healthcare company in France. Bora Pharmaceuticals will acquire GMP manufacturing operations, including the CDMO business, of MacroGenics for $122.5M.


APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

India

Apollo Hospitals Enterprise Limited owns and operates hospitals in India.  The Company also runs a 24-hour pharmacy network via over 120 outlets across India. Apollo Hospitals also runs clinics and offer managed care and family health plans. The Company has a variety of locations in Chennai, Hyderabad, Delhi, Dubai, Vizag, Bilaspur and Chengannur.

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Apollo Hospitals Enterprise (APHS IN)

Apollo Hospitals Update (APOLLOHOSP ) – Retain Sell

Disappointing results, indicating slower organic growth in the higher margin Healthcare Services division. Results also demonstrate difficulty in...

daaimon

APAC Healthcare Weekly (August 9) – Hengrui, CSPC Pharma, Takeda Pharma, Otsuka, Alteogen

Hengrui’s trastuzumab rezetecan got 3rd indication approval in China. CSPC and AstraZeneca form JV for biologics manufacturing facility in China....

Tina Banerjee

India’s Cancer Care Opportunity: Listed Proxies for a 1.6 Million-Case Market

India faces a growing cancer burden with 1.56 million new cases in 2024, highlighting the need for increased oncology capacity and accessible...

Nimish Maheshwari

Looking Outside of Technology/A.I. Themes; Korea and Taiwan Likely to Consolidate?

Looking Outside of Technology/A.I. Themes; Korea and Taiwan Likely to Consolidate? Normal Pullback to 50-day MA on $ACWI. Bullish Outlook Intact

Vermilion Research

APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Hengrui stuck licensing agreement with BMS. Sino Bio enters exclusive collaboration with GSK. BeOne got FDA approval for new drug. Bora will...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Apollo Hospitals Update (APOLLOHOSP ) – Retain Sell

Disappointing results, indicating slower organic growth in the higher margin Healthcare Services division. Results also demonstrate difficulty in...

daaimon

APAC Healthcare Weekly (August 9) – Hengrui, CSPC Pharma, Takeda Pharma, Otsuka, Alteogen

Hengrui’s trastuzumab rezetecan got 3rd indication approval in China. CSPC and AstraZeneca form JV for biologics manufacturing facility in China....

Tina Banerjee

India’s Cancer Care Opportunity: Listed Proxies for a 1.6 Million-Case Market

​India faces a growing cancer burden with 1.56 million new cases in 2024, highlighting the need for increased oncology capacity and accessible...

Nimish Maheshwari

Looking Outside of Technology/A.I. Themes; Korea and Taiwan Likely to Consolidate?

Looking Outside of Technology/A.I. Themes; Korea and Taiwan Likely to Consolidate? Normal Pullback to 50-day MA on $ACWI. Bullish Outlook Intact

Vermilion Research

APAC Healthcare Weekly (May 17) – Hengrui, Sino Bio, BeOne, Otsuka, Celltrion, Bora Pharmaceuticals

Hengrui stuck licensing agreement with BMS. Sino Bio enters exclusive collaboration with GSK. BeOne got FDA approval for new drug. Bora will...

Tina Banerjee

India faces a growing cancer burden with 1.56 million new cases in 2024, highlighting the need for increased oncology capacity and accessible...