Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

This is an invest-able idea at the private level  with long term benefits. Both for the body, and for other ideas as well.Ever since I turned over a new leaf vis a vis health five plus years ago, I have explored active alternative health solutions. I have a long list of things I have solved and people I have seen gain real improvements from alternative treatments.  I have seen real growth in options to treatment of severe conditions.Most interesting perhaps has been learning about the benefits…

This is an invest-able idea at the private level  with long term benefits. Both for the body, and for other ideas as well.Ever since I turned over a new leaf vis a vis health five plus years ago, I have explored active alternative health solutions. I have a long list of things I have solved and people I have seen gain real improvements from alternative treatments.  I have seen real growth in options to treatment of severe conditions.Most interesting perhaps has been learning about the benefits…

Energy Medicine. Personal Experience. Impact. Growth in Asia. Ideas

Founder of Innovation Research & Advisory firm, Lightbulb Capital

Daniel Liebau

Founder of Innovation Research & Advisory firm

Lightbulb Capital

Companies across different industries are building Innovation centers&nbsp; in Singapore, Hong Kong and other cities across Asia and the rest of the world.&nbsp; Some examples include <a target="_blank" href="http://aia-accelerator.com/">AIA</a>, <a target="_blank" href="http://www.3m.com.hk/intl/hk/english/in_hongkong/innovation_center.html">3M</a>, <a target="_blank" href="http://www.mis-asia.com/tech/industries/metlife-announces-futurelab-in-singapore/">MetLife</a> and <a target="_blank" href="https://www.edb.gov.sg/content/edb/en/news-and-events/news/2014-news/p-and-g-opens-250-million-innovation-centre.html">P&amp;G</a> amongst others.&nbsp;While this is a good step in the right direction there are 4 specific points that are worth considering to gauge if the initiative has a chance to create some optionality for future long term growth. Therefore, from an investment perspective it makes sense to evaluate Innovation initiatives in target companies with those points in mind.

Companies across different industries are building Innovation centers&nbsp; in Singapore, Hong Kong and other cities across Asia and the rest of the world.&nbsp;  Some examples include AIA, 3M, MetLife and P&amp;G amongst others.&nbsp;While this is a good step in the right direction there are 4 specific points that are worth considering to gauge if the initiative has a chance to create some optionality for future long term growth. Therefore, from an investment perspective it makes sense to evaluate Innovation initiatives in target companies with those points in mind. 

Can Innovation labs be assessed to pick stocks for your portfolio?

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

The announced restructuring of Cheung Kong Limited and Hutchison Whampoa Limited has been well received on the HKEx. Hutchison shares have rallied and now trade at an EV/EBITDA multiple of 12x trailing EBITDA. Mr. Li hopes to list Watson’s, but will there be more value in a listing or a sale?&nbsp;

The announced restructuring of Cheung Kong Limited and Hutchison Whampoa Limited has been well received on the HKEx. Hutchison shares have rallied and now trade at an EV/EBITDA multiple of 12x trailing EBITDA. Mr. Li hopes to list Watson’s, but will there be more value in a listing or a sale?&nbsp;

Hutchison Whampoa Restructuring: Next Move for Watson's?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

United Laboratories / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/the-united-laboratories-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:16074:1" rel="noopener">The United Laboratories International Holdings Limited (3933 HK)</a> is looking to raise up to US$262m from a primary placement. </li>
<li>The company intends to use about 60% of the proceeds to build production capacity and expand its international business, with the rest to be used for R&amp;D purposes.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>



The United Laboratories International Holdings Limited (3933 HK) is looking to raise up to US$262m from a primary placement. 
The company intends to use about 60% of the proceeds to build production capacity and expand its international business, with the rest to be used for R&amp;D purposes.
In this note, we will talk about the placement and run the deal through our ECM framework.


United Lab Placement - Industry Momentum Strong, Although Stock Has Run-Up Quite a Bit

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

JBM Healthcare Ltd / Equity Capital Markets

In 2020Q3, <a href="https://www.smartkarma.com/entities/jbm-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:31085:1" rel="noopener">JBM Healthcare Ltd (1817825D HK)</a> applied to the Hong Kong Stock Exchange for a main board listing. JBM is a healthcare company headquartered in Hong Kong and a subsidiary of <a href="https://www.smartkarma.com/entities/jacobson-pharma" target="_blank" data-smartkarma-citation="entities:23579:1" rel="noopener">Jacobson Pharma (2633 HK)</a>. It is worth mentioning that another similar company, Tycoon Group (3390 HK) went public in 2020/1H. An indirect wholly-owned subsidiary of Jacobson participated in the HK$80m share subscription as a cornerstone investor. However, both Jacobson, which went public in 2016, and Tycoon Group, which went public in 2020, showed a volatile downward trend in the share price and didn’t perform well. This may be related to the limited growth potential in the industry, the lack of attractiveness, and the mediocre companies’ fundamentals. So could JBM break the ice?

In 2020Q3, JBM Healthcare Ltd (1817825D HK) applied to the Hong Kong Stock Exchange for a main board listing. JBM is a healthcare company headquartered in Hong Kong and a subsidiary of Jacobson Pharma (2633 HK). It is worth mentioning that another similar company, Tycoon Group (3390 HK) went public in 2020/1H. An indirect wholly-owned subsidiary of Jacobson participated in the HK$80m share subscription as a cornerstone investor. However, both Jacobson, which went public in 2016, and Tycoon Group, which went public in 2020, showed a volatile downward trend in the share price and didn’t perform well. This may be related to the limited growth potential in the industry, the lack of attractiveness, and the mediocre companies’ fundamentals. So could JBM break the ice?

Pre-IPO JBM Healthcare Ltd. - Could JBM Break the Ice?

Hong Kong

Jacobson Pharma is a leading pharmaceutical company primarily engaged in the research, development, production, sale, and distribution of essential medicines and specialty drugs. It operates through Generic Drugs and Branded Healthcare segments, offering a broad portfolio of off-patent medicines, proprietary Chinese medicines, and health and wellness products. The company is headquartered in Kwun Tong, Hong Kong, and was incorporated in 2016.

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Jacobson Pharma (2633 HK)

Energy Medicine. Personal Experience. Impact. Growth in Asia. Ideas

This is an invest-able idea at the private level with long term benefits. Both for the body, and for other ideas as well.Ever since I turned over...

Charles De Trenck

Can Innovation labs be assessed to pick stocks for your portfolio?

Companies across different industries are building Innovation centers in Singapore, Hong Kong and other cities across Asia and the rest of the...

Daniel Liebau

Hutchison Whampoa Restructuring: Next Move for Watson's?

The announced restructuring of Cheung Kong Limited and Hutchison Whampoa Limited has been well received on the HKEx. Hutchison shares have rallied...

Kemp Dolliver, CFA

United Lab Placement - Industry Momentum Strong, Although Stock Has Run-Up Quite a Bit

United Laboratories International Holdings is looking to raise up to US$262m from a primary placement. In this note, we will talk about the...

Akshat Shah

Pre-IPO JBM Healthcare Ltd. - Could JBM Break the Ice?

This article analyzed JBM Healthcare from the prospective of market potential, supplier concentration, and financial position, and summarized the...

Xinyao (Criss) Wang

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