HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Hangzhou Tigermed Consulting / Equity Bottom-Up

<ul>
<li>Despite solid growth in 2021, if seen from prior years, the revenue YoY growth rate and net profit YoY growth rate showed a state of divergence, which is “interesting”.</li>
<li>Since half of Tigermed’s net profits were from investment income,it’s not logical to apply the valuation methods of traditional CXO to Tigermed. Its CRO and investment should be valued separately.</li>
<li>The poor IPO sentiment, risk of recession and the domestic healthcare rational return would make investors reconsider if Tigermed’s “CRO + PE/VC business model” would be a safe play.</li>
</ul>


Despite solid growth in 2021, if seen from prior years, the revenue YoY growth rate and net profit YoY growth rate showed a state of divergence, which is “interesting”.
Since half of Tigermed’s net profits were from investment income,it’s not logical to apply the valuation methods of traditional CXO to Tigermed. Its CRO and investment should be valued separately.
The poor IPO sentiment, risk of recession and the domestic healthcare rational return would make investors reconsider if Tigermed’s “CRO + PE/VC business model” would be a safe play.


Hangzhou Tigermed Consulting (3347.HK/300347.CH) - The Business Model May Not Be a Safe Play

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

Asymchem Laboratories Tianjin / Equity Capital Markets

Asymchem Laboratories Tianjin (002821 CH)

<ul>
<li>Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong.</li>
<li>AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. </li>
<li>In this note, we will talk about the subscription levels and trading dynamics.</li>
</ul>


Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong.
AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. 
In this note, we will talk about the subscription levels and trading dynamics.


Asymchem Labs A/H Trading - Moderate Demand and Upside

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asymchem-laboratories-tianjin-co-ltd" target="_blank" data-smartkarma-citation="entities:28265:1" rel="noopener">Asymchem Laboratories (002821 CH)</a> is a global contract development manufacturing organisation (CDMO). Asymchem has launched an H Share listing to raise net proceeds of $0.9 billion, at the mid-point price.</li>
<li>In <a href="https://www.smartkarma.com/insights/asymchem-laboratories-h-share-listing-on-demand-science" target="_blank" data-smartkarma-citation="insights:61561" rel="noopener">Asymchem Laboratories H Share Listing: On-Demand Science</a>, we noted that the forward indicators suggest that the near-term prospects remain solid. We concluded that Asymchem has robust fundamentals.  </li>
<li>Overall, the combination of a reasonable AH discount and relative valuation suggests the proposed H-share price range is attractive, in our view.</li>
</ul>



Asymchem Laboratories (002821 CH) is a global contract development manufacturing organisation (CDMO). Asymchem has launched an H Share listing to raise net proceeds of $0.9 billion, at the mid-point price.
In Asymchem Laboratories H Share Listing: On-Demand Science, we noted that the forward indicators suggest that the near-term prospects remain solid. We concluded that Asymchem has robust fundamentals.  
Overall, the combination of a reasonable AH discount and relative valuation suggests the proposed H-share price range is attractive, in our view.


Asymchem Laboratories H Share Listing: Valuation Insights

<ul>
<li>Asymchem Laboratories (AL) aims to raise up to US$968m in its H-share listing in Hong Kong.</li>
<li>AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. </li>
<li>In this note, we will talk about the recent updates and IPO pricing.</li>
</ul>


Asymchem Laboratories (AL) aims to raise up to US$968m in its H-share listing in Hong Kong.
AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. 
In this note, we will talk about the recent updates and IPO pricing.


Asymchem Labs A/​H Listing - Pricing Seems Adequate Despite the Share Price Run Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asymchem-laboratories-tianjin-co-ltd" target="_blank" data-smartkarma-citation="entities:28265:1" rel="noopener">Asymchem Laboratories (002821 CH)</a> is a global contract development manufacturing organisation (CDMO). Asymchem is pre-marketing an H Share listing to raise $1.5 billion, according to press reports.</li>
<li>Asymchem has delivered strong growth and margin progression (on a constant currency basis) over the track record period.</li>
<li>The forward indicators suggest that the near-term prospects remain solid. Overall, we think that Asymchem has robust fundamentals.  </li>
</ul>



Asymchem Laboratories (002821 CH) is a global contract development manufacturing organisation (CDMO). Asymchem is pre-marketing an H Share listing to raise $1.5 billion, according to press reports.
Asymchem has delivered strong growth and margin progression (on a constant currency basis) over the track record period.
The forward indicators suggest that the near-term prospects remain solid. Overall, we think that Asymchem has robust fundamentals.  


Asymchem Laboratories H Share Listing: On-Demand Science

China

Hangzhou Tigermed Consulting Company Limited provides professional clinical research services for domestic and foreign pharmaceutical and health-related research and development. The Company's main services include clinical trial technology services, data management, and statistical analysis.

Hangzhou Tigermed Consulting (A) (300347 CH)

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Hangzhou Tigermed Consulting (A) (300347 CH)

Hangzhou Tigermed Consulting (3347.HK/300347.CH) - The Business Model May Not Be a Safe Play

Tigermed’s high growth and high valuation are inseparable from continuous M&As and investment. However, uncertain macro environment and risk of...

Xinyao (Criss) Wang

Asymchem Labs A/H Trading - Moderate Demand and Upside

Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong. In this note, we talk about the trading dynamics.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hangzhou Tigermed Consulting (3347.HK/300347.CH) - The Business Model May Not Be a Safe Play

Tigermed’s high growth and high valuation are inseparable from continuous M&As and investment. However, uncertain macro environment and risk of...

Xinyao (Criss) Wang

Asymchem Labs A/H Trading - Moderate Demand and Upside

Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong. In this note, we talk about the trading dynamics.

Sumeet Singh

Asymchem Laboratories H Share Listing: Valuation Insights

The combination of a reasonable AH discount and relative valuation suggests the proposed H-share price range of HK$350-410 is attractive, in our view.

Arun George

Asymchem Labs A/​H Listing - Pricing Seems Adequate Despite the Share Price Run Up

Asymchem Laboratories (AL) aims to raise up to US$968m in its H-share listing in Hong Kong. In this note, we will talk about the IPO pricing.

Sumeet Singh

Asymchem Laboratories H Share Listing: On-Demand Science

Asymchem is pre-marketing an H Share listing to raise $1.5 billion, according to press reports. The forward indicators suggest that the near-term...

Arun George

Asymchem Labs A/H Listing - Pricing Seems Adequate Despite the Share Price Run Up