HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

HBM Holdings Limited / Equity Capital Markets

On November 22nd 2020 , <a href="https://www.smartkarma.com/entities/harbour-biomed-holdings-limited" target="_blank" data-smartkarma-citation="entities:29717:1" rel="noopener">Harbour Biomed (2142 HK)</a> got approved to list on the main board of the Hong Kong Stock Exchange. Harbour is a biopharmaceutical company engaged in the R&amp;D of differential antibody therapies for immune and tumor diseases, and has more than 10 potential differentiated drug candidates in a diversified and balanced pipeline. So what is Harbour's core competence that set it apart from other biopharmaceutical companies?

On November 22nd 2020 , Harbour Biomed (2142 HK) got approved to list on the main board of the Hong Kong Stock Exchange. Harbour is a biopharmaceutical company engaged in the R&amp;D of differential antibody therapies for immune and tumor diseases, and has more than 10 potential differentiated drug candidates in a diversified and balanced pipeline. So what is Harbour's core competence that set it apart from other biopharmaceutical companies?

Pre-IPO Harbour Biomed (2142.HK) - Don't Ignore The "Hidden Value"

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Edding Genor Group / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/genor-biopharma" target="_blank" data-smartkarma-citation="entities:29201:1" rel="noopener">Genor Biopharma (0883276D CH)</a> aka JHBP Holdings is a biopharmaceutical company focusing on developing and commercializing oncology and autoimmune drugs. Its drug candidates encompass the top three oncology targets and five out of the ten bestselling drugs globally. Genor is backed by Hillhouse Capital, Temasek and <a href="https://www.smartkarma.com/entities/hangzhou-tigermed-consulting-h" target="_blank" data-smartkarma-citation="entities:29212:1" rel="noopener">Hangzhou Tigermed Consulting (H) (3347 HK)</a>. It is seeking a Hong Kong IPO to raise around $300 million, according to press reports. <div class="content-highlight">Genor has a broad drug pipeline with significant near-term revenue potential from as early as 2021. Overall, we believe that the prospectus for Genor’s late-stage drug assets is favourable. </div>

Genor Biopharma (0883276D CH) aka JHBP Holdings is a biopharmaceutical company focusing on developing and commercializing oncology and autoimmune drugs. Its drug candidates encompass the top three oncology targets and five out of the ten bestselling drugs globally. Genor is backed by Hillhouse Capital, Temasek and Hangzhou Tigermed Consulting (H) (3347 HK). It is seeking a Hong Kong IPO to raise around $300 million, according to press reports. Genor has a broad drug pipeline with significant near-term revenue potential from as early as 2021. Overall, we believe that the prospectus for Genor’s late-stage drug assets is favourable. 

JHBP Holdings (Genor Biopharma) IPO Initiation: Hunting for a Cure

Innovent Biologics / Equity Capital Markets

Despite a recent spell of lacklustre early-stage biotech flotations that have slumped post-IPO, <a href="https://www.smartkarma.com/entities/27452" target="_blank" data-smartkarma-citation="entities:27452:1">Innovent Biologics Inc (1801 HK)</a>'s shares popped 19% on its debut in Hong Kong. Post the first-day share price pop; we advise IPO investors to take money off the table. Our analysis suggests that the current share price already factors in ambitious targets regarding peak market share and terminal EBIT margin for its key late-stage drug (sintilimab).

Despite a recent spell of lacklustre early-stage biotech flotations that have slumped post-IPO, Innovent Biologics Inc (1801 HK)'s shares popped 19% on its debut in Hong Kong. Post the first-day share price pop; we advise IPO investors to take money off the table. Our analysis suggests that the current share price already factors in ambitious targets regarding peak market share and terminal EBIT margin for its key late-stage drug (sintilimab).

Innovent Biologics IPO First-Day: Take Money off the Table

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Equity Bottom-Up

Firms have spent billions of dollars developing a means of reversing Alzheimer's Disease. A new report suggests that they've been looking in the wrong direction. If the report is correct, this is great news for Alzheimer's patients, their families and there carers. It is not so good for the pharmaceutical industry, particularly those companies pushing to get their drugs approved because there is no alternative on the market.

Firms have spent billions of dollars developing a means of reversing Alzheimer's Disease. A new report suggests that they've been looking in the wrong direction. If the report is correct, this is great news for Alzheimer's patients, their families and there carers. It is not so good for the pharmaceutical industry, particularly those companies pushing to get their drugs approved because there is no alternative on the market.

Alzheimer's Disease and the Link with the Herpes Simplex Virus

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Recent developments in <a href="https://www.smartkarma.com/entities/22932" target="_blank" data-smartkarma-citation="entities:22932:1">Samsung Biologics Co., (207940 KS)</a>'s business have been mixed with a negative skew. First, partner <a href="https://www.smartkarma.com/entities/26820" target="_blank" data-smartkarma-citation="entities:26820:1">Merck &amp; Co Inc (MRK UN)</a> terminated a product development project, reducing long-term revenue and earnings prospects. Second, recent biosimilar product launches face increased competition relative to prior launches. Third, the CMO business' capacity is expanding dramatically while backlogs have been stagnant. Fourth, accounting controversies are returning to the fore. The company's US$27 billion market cap remains a function of earnings prospects in 4-5 years, which we think are likely to disappoint.

Recent developments in Samsung Biologics Co., (207940 KS)'s business have been mixed with a negative skew. First, partner Merck &amp; Co Inc (MRK UN) terminated a product development project, reducing long-term revenue and earnings prospects. Second, recent biosimilar product launches face increased competition relative to prior launches. Third, the CMO business' capacity is expanding dramatically while backlogs have been stagnant. Fourth, accounting controversies are returning to the fore. The company's US$27 billion market cap remains a function of earnings prospects in 4-5 years, which we think are likely to disappoint.

United States

Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products for humans and animals.  The Company's products are sold in countries around the world.  Eli Lilly's products include neuroscience products, endocrine products, anti-infectives, cardiovascular agents, oncology products, and animal health products.

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Eli Lilly & Co (LLY US)

Pre-IPO Harbour Biomed (2142.HK) - Don't Ignore The "Hidden Value"

This article analyzed Harbour's core products, team, technology platforms, thoughts on valuation and the "hidden" value that is often easy to be...

Xinyao (Criss) Wang

JHBP Holdings (Genor Biopharma) IPO Initiation: Hunting for a Cure

$ Genor Biopharma is a biopharmaceutical company focusing on developing and commercializing oncology and autoimmune drugs. Its drug candidates...

Arun George

Innovent Biologics IPO First-Day: Take Money off the Table

Despite a recent spell of lacklustre early-stage biotech flotations that have slumped post-IPO, Innovent Biologics Inc (1801 HK)'s shares popped...

Arun George

Alzheimer's Disease and the Link with the Herpes Simplex Virus

Firms have spent billions of dollars developing a means of reversing Alzheimer's Disease. A new report suggests that they've been looking in the...

Pelham Smithers Associates

Samsung BioLogics Update

Recent developments in Samsung Biologics Co., (207940 KS)'s business have been mixed with a negative skew. First, partner Merck & Co Inc (MRK...

Kemp Dolliver, CFA

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