Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

Before the Battle. Even before this key 2nd presidential debate in St Louis on October 9 (but October 10 Thai time), the press raised many issues. Both candidates seem to be having a tough time yo:<ul><li>
Wikileaks vs Hillary: Julian Assange of Wikileaks threatened to spill the beans on Hillary saying that she sat on the board of France's cement maker Lafarge, which operates in certain areas of Iraq and paid taxes to ISIS. Gee whiz! The French should be more angry about this than Americans. Terrorists…</li></ul>

Before the Battle. Even before this key 2nd presidential debate in St Louis on October 9 (but October 10 Thai time), the press raised many issues. Both candidates seem to be having a tough time yo:
Wikileaks vs Hillary: Julian Assange of Wikileaks threatened to spill the beans on Hillary saying that she sat on the board of France's cement maker Lafarge, which operates in certain areas of Iraq and paid taxes to ISIS. Gee whiz! The French should be more angry about this than Americans. Terrorists…

Strike 2 in St Louis: Trump's Town Hall Trap

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Capital Markets

We are following up on our previous post on the proposed listing of Samsung BioLogics <a href="https://www.smartkarma.com/insights/us-9-billion-valuation-is-rarefied-air" target="_blank" data-smartkarma-citation="insights:5368">US$9 Billion Valuation Is Rarefied Air</a>  in response to several inquiries regarding the Bioepis JV. Recall that the company has partnerships with both Merck (MRK:US) and Biogen (BGEN:US) to develop and market a portfolio of biosimilar products. Samsung's management has argued that Bioepis is worth US$4.5 - 5 bilion based on the market opportunity. In addition, Biogen has the option to increase its stake up to 49%.Our analysis of the pipeline, competitive dynamics, and sell-side forecasts for Biogen's biosimilars business do not support Samsung's argument.

We are following up on our previous post on the proposed listing of Samsung BioLogics US$9 Billion Valuation Is Rarefied Air  in response to several inquiries regarding the Bioepis JV. Recall that the company has partnerships with both Merck (MRK:US) and Biogen (BGEN:US) to develop and market a portfolio of biosimilar products. Samsung's management has argued that Bioepis is worth US$4.5 - 5 bilion based on the market opportunity. In addition, Biogen has the option to increase its stake up to 49%.Our analysis of the pipeline, competitive dynamics, and sell-side forecasts for Biogen's biosimilars business do not support Samsung's argument. 

Bioepis Details Don't Support the Valuation

Samsung Biologics   / Equity Capital Markets

Samsung's proposed ~US$9 billion valuation for Samsung BioLogics would out the latter in a very select company: a US$9 billion market cap for a business that has modest revenue (US$80 million in 2015) and operating losses.  Of the 56 biotechnology and pharmaceutical companies globally with US$10B+ market caps, only one (Biomarin: BMRN US) is unprofitable (based on 2017 estimates).  In addition, Biogen's investment in subsidiary Samsung Bioepis looks like a far cry from US$5 billion, but we lack…

Samsung's proposed ~US$9 billion valuation for Samsung BioLogics would out the latter in a very select company: a US$9 billion market cap for a business that has modest revenue (US$80 million in 2015) and operating losses.  Of the 56 biotechnology and pharmaceutical companies globally with US$10B+ market caps, only one (Biomarin: BMRN US) is unprofitable (based on 2017 estimates).  In addition, Biogen's investment in subsidiary Samsung Bioepis looks like a far cry from US$5 billion, but we lack…

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

<ul><li class="p1">Our early read on the buying and selling activity of our top managers during the second quarter uncovered a few nuggets.</li><li class="p1">New-money purchases were somewhat anaemic. Not a single name that showed up as new-money purchases during the second quarter were bought by more than one of our top managers. </li><li class="p2">Conviction buying was not focused on any one sector. Although the purchases that took place during the period were fairly well spread out among the financial-services, healthcare, technology, and consumer cyclical sectors, most of the buying was focused on high-quality names with defendable economic moats—exemplified by a greater number of wide- and narrow-moat names.</li></ul>Analysts: Eric Compton &amp; Greggory Warren

Our early read on the buying and selling activity of our top managers during the second quarter uncovered a few nuggets.New-money purchases were somewhat anaemic. Not a single name that showed up as new-money purchases during the second quarter were bought by more than one of our top managers. Conviction buying was not focused on any one sector. Although the purchases that took place during the period were fairly well spread out among the financial-services, healthcare, technology, and consumer cyclical sectors, most of the buying was focused on high-quality names with defendable economic moats—exemplified by a greater number of wide- and narrow-moat names.Analysts: Eric Compton &amp; Greggory Warren

Our Ultimate Stock-Pickers Top 10 New-Money Purchases

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

A comprehensive world survey of population heights over the last century has thrown up some surprising results. Americans have had the smallest height gain of any developed country, whereas Koreans have grown by an average of six inches over the last 100 years.

A comprehensive world survey of population heights over the last century has thrown up some surprising results. Americans have had the smallest height gain of any developed country, whereas Koreans have grown by an average of six inches over the last 100 years. 

United States

Biogen Inc. develops, manufactures, and commercializes therapies, focusing on neurology, oncology, and immunology. The Company products address diseases such as multiple sclerosis, non-hodgkin's lymphoma, rheumatoid arthritis, crohn's disease, and psoriasis.

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Biogen (BIIB UW)

Strike 2 in St Louis: Trump's Town Hall Trap

Before the Battle. Even before this key 2nd presidential debate in St Louis on October 9 (but October 10 Thai time), the press raised many issues....

Athaporn Arayasantiparb, CFA

Bioepis Details Don't Support the Valuation

We are following up on our previous post on the proposed listing of Samsung BioLogics US$9 Billion Valuation Is Rarefied Air in response to...

Kemp Dolliver, CFA

US$9 Billion Valuation Is Rarefied Air

Samsung's proposed ~US$9 billion valuation for Samsung BioLogics would out the latter in a very select company: a US$9 billion market cap for a...

Kemp Dolliver, CFA

Our Ultimate Stock-Pickers Top 10 New-Money Purchases

Our early read on the buying and selling activity of our top managers during the second quarter uncovered a few nuggets. New-money purchases were...

Morningstar, Inc.

A 'heads Up' on Changing World Heights

A comprehensive world survey of population heights over the last century has thrown up some surprising results. Americans have had the smallest...

Bixmoor

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