HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>As one of the few CXOs in the industry that has layout of the whole industry chain, Pharmaron carries many expectations. But it cannot compete with WuXi AppTec so far.</li>
<li>If Pharmaron could make breakthrough either in its CMC services (improving gross profit margin and scale) or the CGT services, the Company’s outlook and valuation logic would improve greatly.</li>
<li>The valuation of Pharmaron should be lower than WuXi AppTec and WuXi Biologics, but higher than Asymchem, Tigermed and Joinn. Considering the macro uncertainties, short-term trades are advised.</li>
</ul>


As one of the few CXOs in the industry that has layout of the whole industry chain, Pharmaron carries many expectations. But it cannot compete with WuXi AppTec so far.
If Pharmaron could make breakthrough either in its CMC services (improving gross profit margin and scale) or the CGT services, the Company’s outlook and valuation logic would improve greatly.
The valuation of Pharmaron should be lower than WuXi AppTec and WuXi Biologics, but higher than Asymchem, Tigermed and Joinn. Considering the macro uncertainties, short-term trades are advised.


Pharmaron Beijing Co Ltd (3759.HK/300759.CH) 2022/2021Q1 Results- Expectations Coexist with Concerns

<ul>
<li>China attaches great importance to gene therapy and related products, which would be a leader of the third industrial revolution in biomedicine and have broad prospects for future development.</li>
<li>With obvious strength in this field,<a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a>’s businesses are in line with the future trend and the outlook is also quite promising, indicating exponential growth potential in valuation.</li>
<li>However, the potential risks on deterioration of international relations and the concerns on CAR-T commercialization should not be neglected by investors.</li>
</ul>


China attaches great importance to gene therapy and related products, which would be a leader of the third industrial revolution in biomedicine and have broad prospects for future development.
With obvious strength in this field,Genscript Biotech (1548 HK)’s businesses are in line with the future trend and the outlook is also quite promising, indicating exponential growth potential in valuation.
However, the potential risks on deterioration of international relations and the concerns on CAR-T commercialization should not be neglected by investors.


Genscript Biotech (1548.HK) - The Strength and the Concerns

Porton Pharma Solutions / Equity Bottom-Up

<ul>
<li>Porton made a successful turnaround and the CGT business layout is also in the right direction. The US$217 million new order would improve the certainties of its 2022 performance.</li>
<li>The concerns on potential deterioration of international relations and the broken logic in CXO sector also apply to <a href="https://www.smartkarma.com/entities/porton-pharma-solutions-ltd" target="_blank" data-smartkarma-citation="entities:14201:1" rel="noopener">Porton Pharma Solutions (300363 CH)</a>, which should be aware of by investors.</li>
<li>So, there is a long way to go for Porton to truly get into the first tier. It may not be a good buying point currently considering the high valuation.</li>
</ul>


Porton made a successful turnaround and the CGT business layout is also in the right direction. The US$217 million new order would improve the certainties of its 2022 performance.
The concerns on potential deterioration of international relations and the broken logic in CXO sector also apply to Porton Pharma Solutions (300363 CH), which should be aware of by investors.
So, there is a long way to go for Porton to truly get into the first tier. It may not be a good buying point currently considering the high valuation.


Porton Pharma Solutions (300363.CH) - Not Easy to Get into the First Tier

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Legend Biotech Corp / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> a non-wholly owned subsidiary of Hong Kong-listed <a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a>, is looking US$300m in its follow-on offering.</li>
<li>The company was only listed in June 2020. It has traded well since IPO, about 111% up from its IPO price as of Tuesday’s close price. </li>
<li>But its offering was untimely, coinciding with the US blacklist that was just announced today.</li>
</ul>



Legend Biotech Corp (LEGN US) a non-wholly owned subsidiary of Hong Kong-listed Genscript Biotech (1548 HK), is looking US$300m in its follow-on offering.
The company was only listed in June 2020. It has traded well since IPO, about 111% up from its IPO price as of Tuesday’s close price. 
But its offering was untimely, coinciding with the US blacklist that was just announced today.


Legend Biotech (传奇生物) Follow-On Offering - Untimely Raise

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

<p>Biotech company <a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> , a subsidiary of <a href="https://www.smartkarma.com/entities/genscript-biotech-corp" target="_blank" data-smartkarma-citation="entities:21041:1" rel="noopener">Genscript Biotech (1548 HK)</a> , started Phase 1 clinical trial in the United States for its product candidate LB1901 for the treatment of relapsed T-Cell Lymphoma, the subtype of non-Hodgkin’s lymphoma. In our insight we will focus on the business of Genscript Biotech and forecast sales of LB1901 in the United States, Europe and Greater China. </p>

Biotech company Legend Biotech Corp (LEGN US) , a subsidiary of Genscript Biotech (1548 HK) , started Phase 1 clinical trial in the United States for its product candidate LB1901 for the treatment of relapsed T-Cell Lymphoma, the subtype of non-Hodgkin’s lymphoma. In our insight we will focus on the business of Genscript Biotech and forecast sales of LB1901 in the United States, Europe and Greater China. 

Global #1 Gene Synthesis Provider, But The Stock Is Fairly Valued

China

GenScript Biotech is a global biotechnology company providing life science research services and products, including gene synthesis, peptide synthesis, protein production, and antibody development. It also offers biologics contract development and manufacturing (CDMO) services and industrial synthetic biology products. The company was founded in 2002 and is headquartered in Nanjing, China.

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GenScript Biotech (1548 HK)

Pharmaron Beijing Co Ltd (3759.HK/300759.CH) 2022/2021Q1 Results- Expectations Coexist with Concerns

We analyzed Pharmaron's performance in 2021 & 2022Q1.Expectations coexist with concerns. Its outlook/valuation logic would improve greatly if it...

Xinyao (Criss) Wang