Global Healthcare Analyst

Tina Banerjee

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

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>Today, the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> reached a new all-time high while implied volatility is near record low levels. The combination makes for a good opportunity to hedge.</li>
<li>Volatility assessment trough conventional volatility metrics and one new chart not seen anywhere else.</li>
<li>An actionable example of a put option hedge is presented, striking a balance between protection and cost.</li>
</ul>


Today, the S&amp;P/ASX 200 (AS51 INDEX) reached a new all-time high while implied volatility is near record low levels. The combination makes for a good opportunity to hedge.
Volatility assessment trough conventional volatility metrics and one new chart not seen anywhere else.
An actionable example of a put option hedge is presented, striking a balance between protection and cost.


EQD | S&P/ASX 200 Option Strategy -  Today's All-Time-High Calls for Proactive Hedging

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of ASX Stocks as of Dec 13th (reported today) which has an aggregated short interest worth USD21.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Pilbara Minerals, Xero, Apa, Coles, Wisetech Global.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Dec 13th (reported today) which has an aggregated short interest worth USD21.8bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Pilbara Minerals, Xero, Apa, Coles, Wisetech Global.


ASX Short Interest Weekly (Dec 13th): Pilbara Minerals, Xero, Apa, Coles, Wisetech Global

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Rejected Offer: Grifols' independent committee rejected Brookfield's proposed valuation of €10.50 per Class A share €7.62 per Class B share, citing significant undervaluation of the company's long-term prospects.</li>
<li>Stakeholder Dynamics: Brookfield seeks a statutory amendment to differentiate Class A and B share prices, while opposition from Brandes (13.5% of Class B shares) and Mason complicates negotiations.</li>
<li>Financial Recovery: Grifols achieved 12% revenue growth in Q3 2024, reduced net debt to €8.1 billion, and targets a 4.5x leverage ratio by year-end, supporting improved financial stability.</li>
</ul>


Rejected Offer: Grifols' independent committee rejected Brookfield's proposed valuation of €10.50 per Class A share €7.62 per Class B share, citing significant undervaluation of the company's long-term prospects.
Stakeholder Dynamics: Brookfield seeks a statutory amendment to differentiate Class A and B share prices, while opposition from Brandes (13.5% of Class B shares) and Mason complicates negotiations.
Financial Recovery: Grifols achieved 12% revenue growth in Q3 2024, reduced net debt to €8.1 billion, and targets a 4.5x leverage ratio by year-end, supporting improved financial stability.


Lowball Non-Binding Indication from Brookfield

External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Behring to continue the heavy liftingCSL is a global biotechnology company holding the #1 or #2 position in its three key markets: (1) plasma-derived therapies (Behring), (2) flu vaccines (Seqirus) and (3) iron products (Vifor).</li><li>Behring is CSL’s largest division (72% of revenue) and we expect it will continue to do the heavy lifting in the near-term, both in topline growth and margin expansion.</li><li>CSL’s FY25 revenue guidance of 5%-7% (BPe 6.5%) is comprised of “high single digit” growth for Behring...</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Behring to continue the heavy liftingCSL is a global biotechnology company holding the #1 or #2 position in its three key markets: (1) plasma-derived therapies (Behring), (2) flu vaccines (Seqirus) and (3) iron products (Vifor).Behring is CSL’s largest division (72% of revenue) and we expect it will continue to do the heavy lifting in the near-term, both in topline growth and margin expansion.CSL’s FY25 revenue guidance of 5%-7% (BPe 6.5%) is comprised of “high single digit” growth for Behring...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CSL Limited (CSL): Margin Recovery to Drive Earnings

United States

CSL Limited develops, manufactures, and markets human pharmaceutical and diagnostic products derived from human plasma. The Company provides products include pediatric and adult vaccines, infection, pain medicine, skin disorder remedies, antivenoms, anticoagulants, and immunoglobulins.

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CSL (CSL AT)

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

EQD | S&P/ASX 200 Option Strategy - Today's All-Time-High Calls for Proactive Hedging

See an innovative and novel chart. Today's S&P/ASX 200 new all-time high in combination with record low volatility presents a good opportunity to...

Gaudenz Schneider

ASX Short Interest Weekly (Dec 13th): Pilbara Minerals, Xero, Apa, Coles, Wisetech Global

We analyzed ASX short interest report for the past week and highlight short interest changes in Pilbara Minerals, Xero, Apa, Coles, Wisetech Global.

Ke Yan, CFA, FRM

Lowball Non-Binding Indication from Brookfield

Rejected Offer: Grifols' independent committee rejected Brookfield's proposed valuation of €10.50 per Class A share, citing significant...

Jesus Rodriguez Aguilar

CSL Limited (CSL): Margin Recovery to Drive Earnings

Behring is CSL’s largest division (72% of revenue) and we expect it will continue to do the heavy lifting in the near-term, both in topline growth...

Bell Potter

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

EQD | S&P/ASX 200 Option Strategy - Today's All-Time-High Calls for Proactive Hedging

See an innovative and novel chart. Today's ​S&P/ASX 200 new all-time high in combination with record low volatility presents a good opportunity to...

Gaudenz Schneider

ASX Short Interest Weekly (Dec 13th): Pilbara Minerals, Xero, Apa, Coles, Wisetech Global

We analyzed ASX short interest report for the past week and highlight short interest changes in Pilbara Minerals, Xero, Apa, Coles, Wisetech Global.

Ke Yan, CFA, FRM

Lowball Non-Binding Indication from Brookfield

Rejected Offer: Grifols' independent committee rejected Brookfield's proposed valuation of €10.50 per Class A share, citing significant...

Jesus Rodriguez Aguilar

CSL Limited (CSL): Margin Recovery to Drive Earnings

Behring is CSL’s largest division (72% of revenue) and we expect it will continue to do the heavy lifting in the near-term, both in topline growth...

Bell Potter

See an innovative and novel chart. Today's S&P/ASX 200 new all-time high in combination with record low volatility presents a good opportunity to...