Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

Equity Bottom-Up

<ul>
<li>Our 2021 thesis failed on its own terms: the shares fell about 61% and total return was roughly −42%, although revenue and profit grew modestly.</li>
<li>The error was framing royalties as a perpetual bond: streams expire, troponin delivered a quarter of the cited estimate, and China eroded the edges.</li>
<li>At about 11× earnings and a near-10% yield, the market now prices a run-off; neurology's move into approved tests is the option.</li>
</ul>


Our 2021 thesis failed on its own terms: the shares fell about 61% and total return was roughly −42%, although revenue and profit grew modestly.
The error was framing royalties as a perpetual bond: streams expire, troponin delivered a quarter of the cited estimate, and China eroded the edges.
At about 11× earnings and a near-10% yield, the market now prices a run-off; neurology's move into approved tests is the option.


Bioventix Revisited: The Bond Proxy That Forgot Its Maturity Date

Thematic (Sector/Industry)

<ul data-v-2d66ea9f="">
<li data-v-2d66ea9f="">An equity portfolio (or a collection of businesses) can be seen as a savings account that has some unique advantages;</li>
<li data-v-2d66ea9f="">We conducted a look-through review to find out how our (managed) savings account looks like.</li>
</ul>


An equity portfolio (or a collection of businesses) can be seen as a savings account that has some unique advantages;
We conducted a look-through review to find out how our (managed) savings account looks like.


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

<ul><li><strong>U.S. equity markets remain resilient. </strong>Led by strength in technology and biotech, the Nasdaq hit a new all-time high yesterday. Small-cap indexes are also hitting all-time highs. Moreover, the S&amp;P 500 has moved to a new high relative to May prices, providing new evidence that the market is likely to continue its trend higher. Given these developments, our outlook continues to move toward the bullish camp. In today’s report we highlight attractive and actionable stocks within Energy (Refiners) and Health Care (Cardiovascular Products, and Surgical Devices &amp; Equipment).</li></ul>

U.S. equity markets remain resilient. Led by strength in technology and biotech, the Nasdaq hit a new all-time high yesterday. Small-cap indexes are also hitting all-time highs. Moreover, the S&amp;P 500 has moved to a new high relative to May prices, providing new evidence that the market is likely to continue its trend higher. Given these developments, our outlook continues to move toward the bullish camp. In today’s report we highlight attractive and actionable stocks within Energy (Refiners) and Health Care (Cardiovascular Products, and Surgical Devices &amp; Equipment).

U.S. Equity Strategy: Opportunities in Refiners & Med Device Makers

<ul>
<li>I seldom touched those unpredicatble biotech stocks, but Bioventix is an exception;</li>
<li>The company provides a bond-like cash streams for its owners, through a well-moated, highly predictable business model;</li>
<li>Although it is not clear whether the share can offer a 20% total return at this price level, I see a high chance for it to outperform the market benchmark with a limited downside from here in the long run.</li>
</ul>


I seldom touched those unpredicatble biotech stocks, but Bioventix is an exception;
The company provides a bond-like cash streams for its owners, through a well-moated, highly predictable business model;
Although it is not clear whether the share can offer a 20% total return at this price level, I see a high chance for it to outperform the market benchmark with a limited downside from here in the long run.


Bioventix: A Rare Biotech Play with a Low-Risk, High-Return Model

United Kingdom

Bioventix specializes in the development and commercial supply of high-affinity sheep monoclonal antibodies (SMAs) for use in immunodiagnostics, particularly in clinical diagnostics and drugs of abuse testing. These antibodies are beneficial for detecting targets present at low concentrations or small molecules. The company is headquartered in Farnham, Surrey, UK, and was founded in 2003.

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Bioventix (BVXP LN)

Bioventix Revisited: The Bond Proxy That Forgot Its Maturity Date

Bioventix's margins and dividends held, yet the shares fell 61%. Our 2021 bond-proxy thesis ignored that royalties mature. Why the setup has...

Urbem Capital

Equity Portfolio as a Savings Account

What type of savings account would you prefer to have for the long run? How about a high-yield savings account with a rising interest rate?

Urbem Capital

U.S. Equity Strategy: Opportunities in Refiners & Med Device Makers

U.S. equity markets remain resilient. Led by strength in technology and biotech, the Nasdaq hit a new all-time high yesterday. Small-cap indexes...

Vermilion Research

Bioventix: A Rare Biotech Play with a Low-Risk, High-Return Model

Although it is not clear whether this bond proxy can offer a 20% total return at this level, I see a high chance for it to outperform the benchmark...

Urbem Capital

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