Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This week it is changed from H/A Discount to A/H Premium, by popular demand. Some Northbound data is added. We kept the unicorn.</li>
<li>Last week saw a win/loss ratio of 21:13. Average recommended pair on the week earned 0.9% if Sunday recos executed Monday close, 1.35% if executed Monday VWAP. </li>
<li>6 Unwinds and 3 new trades recommended this week. As always, feedback desired to make this even better.</li>
</ul>


This week it is changed from H/A Discount to A/H Premium, by popular demand. Some Northbound data is added. We kept the unicorn.
Last week saw a win/loss ratio of 21:13. Average recommended pair on the week earned 0.9% if Sunday recos executed Monday close, 1.35% if executed Monday VWAP. 
6 Unwinds and 3 new trades recommended this week. As always, feedback desired to make this even better.


Quiddity A/H Premium Monitor 🦄 (As of 25 Aug 2023)

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Hangzhou Tigermed Consulting (A) / Equity Bottom-Up

Hangzhou Tigermed Consulting (A) (300347 CH)

<ul>
<li>Tigermed had high revenue growth in 2022H1 but with a YoY decrease in net profit attributable to the owners of the Company, mainly due to poor performance of investment business.</li>
<li>Tigermed’s investment business is like a "time bomb" that would detonate in the future. Its “CRO+PE/VC business model” would trap its performance in a vicious circle due to unfriendly macro.  </li>
<li>We are conservative about Tigermed’s outlook and performance. Tigermed is difficult to achieve the V-shaped rebound. So we recommend investors to offload, or just do some short term trade.</li>
</ul>


Tigermed had high revenue growth in 2022H1 but with a YoY decrease in net profit attributable to the owners of the Company, mainly due to poor performance of investment business.
Tigermed’s investment business is like a "time bomb" that would detonate in the future. Its “CRO+PE/VC business model” would trap its performance in a vicious circle due to unfriendly macro.  
We are conservative about Tigermed’s outlook and performance. Tigermed is difficult to achieve the V-shaped rebound. So we recommend investors to offload, or just do some short term trade.


Hangzhou Tigermed Consulting (3347.HK/300347.CH) 2022H1 - The Time Bomb Is Ticking

<ul>
<li>This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. </li>
<li>We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. </li>
<li>We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. </li>
</ul>


This is the Brand Spanking New and Extra Spiffy H/A-Share Discount/Premium Weekly designed to help investors see the relationships easily. We used to do it. 
We decided to bring it back better. There are lots of cool interactive tables, and charts, heat maps, and comparative data. And 19 Trade Recommendations. 
We hope this new version serves readers even better. Feedback is actively solicited to see if we can improve it from here. 


The Brand Spanking New Extra Spiffy 🦄H/A-Share Discount/Premium Weekly (As of 11 Aug 2023)

<ul>
<li>It seems that Mr Market was not satisfactory with WuXi AppTec’s 2022H1 performance. If excluding COVID-19 projects (which are regarded as a one-time increment), the performance growth was not high.</li>
<li>Considering that the CXO preliminary bid winning has declined largely in the US, domestic CXO would not begin to gradually reflect the slowdown of newly added orders until Q4.</li>
<li>We are concerned about WuXi AppTec's performance in 2023. As an old generation CXO, it's hard to achieve V-shaped rebound. So, 2022 is a good time to offload the Company.</li>
</ul>


It seems that Mr Market was not satisfactory with WuXi AppTec’s 2022H1 performance. If excluding COVID-19 projects (which are regarded as a one-time increment), the performance growth was not high.
Considering that the CXO preliminary bid winning has declined largely in the US, domestic CXO would not begin to gradually reflect the slowdown of newly added orders until Q4.
We are concerned about WuXi AppTec's performance in 2023. As an old generation CXO, it's hard to achieve V-shaped rebound. So, 2022 is a good time to offload the Company.


WuXi AppTec (603259.CH/2359.HK) 2022H1 - The Concerns Behind and the Outlook

<ul>
<li>The "Monkey Price Index" could be a direct indicator of the fervor of biopharmaceutical development, and the accounting treatment of biological assets would have a big impact on Joinn’s performance.</li>
<li>The current business layout, strategy, revenue structure, CXO industry trend as well as the domestic negative policy impact would cast doubts on Joinn’s future development.</li>
<li>Based on our analysis, Joinn still lacks the strong logic to support its long-term growth and high valuation. Therefore, we are conservative about Joinn’s outlook at the current stage.</li>
</ul>


The "Monkey Price Index" could be a direct indicator of the fervor of biopharmaceutical development, and the accounting treatment of biological assets would have a big impact on Joinn’s performance.
The current business layout, strategy, revenue structure, CXO industry trend as well as the domestic negative policy impact would cast doubts on Joinn’s future development.
Based on our analysis, Joinn still lacks the strong logic to support its long-term growth and high valuation. Therefore, we are conservative about Joinn’s outlook at the current stage.


Joinn Laboratories (6127.HK) - Concerns Begin to Arise when the Monkeys Become More Expensive

China

Hangzhou Tigermed Consulting is a leading China-based contract research organization (CRO) providing comprehensive biopharmaceutical and medical device R&D services. The company offers a full suite of clinical research solutions, including clinical trial operations, data management, statistical analysis, medical writing, and regulatory affairs. It was founded in 2004 and is headquartered in Hangzhou, China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hangzhou Tigermed Consulting (3347 HK)

Quiddity A/H Premium Monitor 🦄 (As of 25 Aug 2023)

The new Quiddity A/H Premium Monitor (this week in A/H Premium rather than H/A Discount), now with Southbound AND Northbound flows. Last week was...

Travis Lundy