Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nippon-dry-chemical-co-ltd" target="_blank" data-smartkarma-citation="entities:13528:1" rel="noopener">Nippon Dry Chemical (1909 JP)</a> is an obvious bolt-on for ALSOK. There's probably no better buyer. They are also cash-rich, and they're buying this at 10+x EBITDA. That's probably OK.</li>
<li>
<a href="https://www.smartkarma.com/entities/ck-hutchison-holdings-ltd" target="_blank" data-smartkarma-citation="entities:132:1" rel="noopener">CK Hutchison (1 HK)</a> is reportedly exploring a dual-listing of AS Watson (Hong Kong &amp; London), amid ongoing asset (ports/telcos/supermarket (?)) sales. </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-limited" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a> goes all in - and in a new direction - with a A$2.45bn bid for I-MED Radiology Network.</li>
</ul>



Nippon Dry Chemical (1909 JP) is an obvious bolt-on for ALSOK. There's probably no better buyer. They are also cash-rich, and they're buying this at 10+x EBITDA. That's probably OK.

CK Hutchison (1 HK) is reportedly exploring a dual-listing of AS Watson (Hong Kong &amp; London), amid ongoing asset (ports/telcos/supermarket (?)) sales. 

Jardine Matheson (JM SP) goes all in - and in a new direction - with a A$2.45bn bid for I-MED Radiology Network.


Last Week In Event SPACE: Nippon Dry Chemical, CK Hutch, Jardine Matheson, Qoria, EOFlow

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 28 May, the the U.S. Court of Appeals completely overturned the $59.4 million trade secret verdict that Insulet had previously won against its South Korean rival, Eoflow (294090 KS). </li>
<li>This is likely to have a major positive impact on Eoflow and negatively impact Insulet, which earned $781.8 million from sales of the Omnipod, its flagship product, in 2025. </li>
<li>Eoflow's shares trading has been temporarily suspended. Once it does start trading again, its share price is likely to APPRECIATE SEVERAL TIMES its current value.</li>
</ul>


On 28 May, the the U.S. Court of Appeals completely overturned the $59.4 million trade secret verdict that Insulet had previously won against its South Korean rival, Eoflow (294090 KS). 
This is likely to have a major positive impact on Eoflow and negatively impact Insulet, which earned $781.8 million from sales of the Omnipod, its flagship product, in 2025. 
Eoflow's shares trading has been temporarily suspended. Once it does start trading again, its share price is likely to APPRECIATE SEVERAL TIMES its current value.


Eoflow: Stayin' Alive [U.S. Court of Appeals Overturns $59.4 Mn Trade Secret Verdict Vs Insulet]

Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

<ul>
<li>MiniMed, spun-off diabetes business of Medtronic, has filed for an IPO. The company intends to use part of the proceeds from this offering to repay intercompany debt owed to Medtronic.</li>
<li>Despite double-digit revenue growth, MiniMed is currently reporting loss. The company aims to drive profitability by generating more revenue per customer than its competitors using its comprehensive offerings.</li>
<li>Commercially and operationally, MiniMed’s scaled global infrastructure creates a significant barrier to entry. Moreover, robust global user base of 640K entails recurring revenue generation opportunity through selling compatible consumable products.</li>
</ul>


MiniMed, spun-off diabetes business of Medtronic, has filed for an IPO. The company intends to use part of the proceeds from this offering to repay intercompany debt owed to Medtronic.
Despite double-digit revenue growth, MiniMed is currently reporting loss. The company aims to drive profitability by generating more revenue per customer than its competitors using its comprehensive offerings.
Commercially and operationally, MiniMed’s scaled global infrastructure creates a significant barrier to entry. Moreover, robust global user base of 640K entails recurring revenue generation opportunity through selling compatible consumable products.


MiniMed Group Pre-IPO: Broad Portfolio and Global Scale to Drive Profitability

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>Beta Bionics Inc. has successfully completed its upsized US IPO in January and sold 13.8M shares at $17.00 per share, above the marketed price range.</li>
<li>Maker of the first FDA-cleared insulin delivery device reported better than expected 3Q’25 results, including revenue of $27.3M and an adjusted EBITDA loss of ~$12M.</li>
<li>While there is long term potential from interesting pipeline, I believe that the valuation is full, and I would wait a share pull-back before becoming more positive on the stock.</li>
</ul>


Beta Bionics Inc. has successfully completed its upsized US IPO in January and sold 13.8M shares at $17.00 per share, above the marketed price range.
Maker of the first FDA-cleared insulin delivery device reported better than expected 3Q’25 results, including revenue of $27.3M and an adjusted EBITDA loss of ~$12M.
While there is long term potential from interesting pipeline, I believe that the valuation is full, and I would wait a share pull-back before becoming more positive on the stock.


Beta Bionics Inc. (BBNX.US): Solid 3Q’25 Results But Valuation Full at Current Levels

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>The second quarter results for Insulet Corporation, a leader in insulin management systems, indicate a robust performance with significant development across key financial metrics.</li><li>The company reported a notable 31% revenue growth year-over-year, reaching $649 million, surpassing the $600 million benchmark for the first time.</li><li>This impressive growth is attributed to increasing consumer adoption across various segments including U.S. Type 1, Type 2, and international markets, largely driven by the Omnipod 5's technology and its clinical benefits.</li></ul>

The second quarter results for Insulet Corporation, a leader in insulin management systems, indicate a robust performance with significant development across key financial metrics.The company reported a notable 31% revenue growth year-over-year, reaching $649 million, surpassing the $600 million benchmark for the first time.This impressive growth is attributed to increasing consumer adoption across various segments including U.S. Type 1, Type 2, and international markets, largely driven by the Omnipod 5's technology and its clinical benefits.

Insulet Corporation: Expansion of Omnipod 5 in International Markets & Other Major Drivers!

United States

Insulet Corporation is a medical device company that develops, manufactures and markets an insulin infusion system for people with insulin-dependent diabetes.

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Insulet Corp (PODD US)

Last Week In Event SPACE: Nippon Dry Chemical, CK Hutch, Jardine Matheson, Qoria, EOFlow

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Eoflow: Stayin' Alive [U.S. Court of Appeals Overturns $59.4 Mn Trade Secret Verdict Vs Insulet]

On 28 May, the the U.S. Court of Appeals completely overturned the $59.4 million trade secret verdict that Insulet had previously won against its...

Douglas Kim

MiniMed Group Pre-IPO: Broad Portfolio and Global Scale to Drive Profitability

MiniMed has launched IPO consisting of 28M shares at a price range of $25–28 per share, thereby planning to raise $784M. Potential valuation of the...

Tina Banerjee

Beta Bionics Inc. (BBNX.US): Solid 3Q’25 Results But Valuation Full at Current Levels

Beta Bionics stock outperformed its peers in the U.S. in 2025. In my insight, I revised my estimates and set a new 12-month TP for Beta Bionics...

Andrei Zakharov

Insulet Corporation: Expansion of Omnipod 5 in International Markets & Other Major Drivers!

The second quarter results for Insulet Corporation, a leader in insulin management systems, indicate a robust performance with significant...

Baptista Research

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