Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>The SET Index is expected to move sideways, with the support at 1,672/1,660 points and the resistance at 1,690/1,700 points.</li><li>Technically, the index may continue to swing in the range of 1,670 to 1,690 points until there is a clearer direction, and it will return to an uptrend if it manages to close above 1,690 points.</li><li>Tactically, we recommend trading buy on reopening plays that are likely to benefit from the recovery of tourist arrivals after China reopened the country, as well as stocks benefiting from the MPC's potential interest rate hike in the meeting on January 25, such as those in the insurance sector.</li></ul>

The SET Index is expected to move sideways, with the support at 1,672/1,660 points and the resistance at 1,690/1,700 points.Technically, the index may continue to swing in the range of 1,670 to 1,690 points until there is a clearer direction, and it will return to an uptrend if it manages to close above 1,690 points.Tactically, we recommend trading buy on reopening plays that are likely to benefit from the recovery of tourist arrivals after China reopened the country, as well as stocks benefiting from the MPC's potential interest rate hike in the meeting on January 25, such as those in the insurance sector.

Global Healthcare Analyst

Tina Banerjee

Celltrion Healthcare   / Equity Bottom-Up

<ul>
<li>Here we present a pair trade idea on Korea biotech companies. Investors can accumulate <a href="https://www.smartkarma.com/entities/celltrion-healthcare" target="_blank" data-smartkarma-citation="entities:23641:1" rel="noopener">Celltrion Healthcare (091990 KS)</a> and short <a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a>.</li>
<li>Celltrion Healthcare has a vast portfolio of biosimilars, which have dominant market positioning. The company is expanding geographical presence. US launch of Humira biosimilar is the major upcoming catalyst.</li>
<li>SK Bioscience is a late entrant in the overcrowded COVID-19 vaccine market. The company has temporarily halted production of its COVID-19 vaccine due to falling demand.</li>
</ul>


Here we present a pair trade idea on Korea biotech companies. Investors can accumulate Celltrion Healthcare (091990 KS) and short SK Bioscience (302440 KS).
Celltrion Healthcare has a vast portfolio of biosimilars, which have dominant market positioning. The company is expanding geographical presence. US launch of Humira biosimilar is the major upcoming catalyst.
SK Bioscience is a late entrant in the overcrowded COVID-19 vaccine market. The company has temporarily halted production of its COVID-19 vaccine due to falling demand.


Korea Biotech: A Pair Trade Between Celltrion Healthcare (091990 KS) And SK Bioscience (302440 KS)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shockwave-medical-inc" target="_blank" data-smartkarma-citation="entities:28730:1" rel="noopener">Shockwave Medical Inc (SWAV US)</a> reported strong 3Q22 result, with revenue growing 102% y/y to 131.3 million, beating consensus by $7.5 million. EPS stood at $0.92, beating consensus by 35%.</li>
<li>Revenue growth was driven by the launch of Shockwave C2, in the U.S. in February 2021, continued recovery from the pandemic impact, and increased adoption of Shockwave products.</li>
<li>Shockwave now expects 2022 revenue of $483–488 million, representing 104–106% y/y growth. This compares to previous revenue guidance of $465–475 million and current consensus of $478.9 million.</li>
</ul>



Shockwave Medical Inc (SWAV US) reported strong 3Q22 result, with revenue growing 102% y/y to 131.3 million, beating consensus by $7.5 million. EPS stood at $0.92, beating consensus by 35%.
Revenue growth was driven by the launch of Shockwave C2, in the U.S. in February 2021, continued recovery from the pandemic impact, and increased adoption of Shockwave products.
Shockwave now expects 2022 revenue of $483–488 million, representing 104–106% y/y growth. This compares to previous revenue guidance of $465–475 million and current consensus of $478.9 million.


Shockwave Medical Inc (SWAV US): Continued Triple-Digit Sales Growth in Q3; 2022 Guidance Raised

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>Johnson & Johnson has shown some recovery in its stock price which was backed by a solid result across its business segments.</li><li>Pharmaceutical growth was determined by robust commercial execution and access that enabled Johnson & Johnson to continue to deliver growth in operational growth.</li><li>We provide the stock of Johnson & Johnson with a ‘Hold’ rating and a revised target price.</li></ul>

Johnson & Johnson has shown some recovery in its stock price which was backed by a solid result across its business segments.Pharmaceutical growth was determined by robust commercial execution and access that enabled Johnson & Johnson to continue to deliver growth in operational growth.We provide the stock of Johnson & Johnson with a ‘Hold’ rating and a revised target price.

Johnson & Johnson: R&D Expansion & Other Drivers

<ul><li>Johnson & Johnson is continuing its efforts towards separating its consumer health business to create two stand-alone entities that can help improve the overall value creation.</li><li>The margins of MedTech declined because of unfavorable product mix, inflation, rising investments for supporting research and development, and new product launches.</li><li>We provide the stock of Johnson & Johnson with a ‘Hold’ rating with a revision in the target price.</li></ul>

Johnson & Johnson is continuing its efforts towards separating its consumer health business to create two stand-alone entities that can help improve the overall value creation.The margins of MedTech declined because of unfavorable product mix, inflation, rising investments for supporting research and development, and new product launches.We provide the stock of Johnson & Johnson with a ‘Hold’ rating with a revision in the target price.

Johnson & Johnson: New Product Launches & Other Drivers

United States

Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

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Johnson & Johnson (JNJ UN)

Market Outlook

The SET Index is expected to move sideways, with the support at 1,672/1,660 points and the resistance at 1,690/1,700 points. Technically, the...

Krungthai XSpring

Korea Biotech: A Pair Trade Between Celltrion Healthcare (091990 KS) And SK Bioscience (302440 KS)

While strong biosimilar product positioning and new launch will drive the growth of Celltrion Healthcare (long), SK Bioscience (short) will...

Tina Banerjee

Shockwave Medical Inc (SWAV US): Continued Triple-Digit Sales Growth in Q3; 2022 Guidance Raised

Shockwave maintained its triple-digit revenue growth trajectory in Q3, driven by new launch and continued recovery from the COVID-19. The company...

Tina Banerjee

Johnson & Johnson: R&D Expansion & Other Drivers

Johnson & Johnson has shown some recovery in its stock price which was backed by a solid result across its business segments. Pharmaceutical...

Baptista Research

Johnson & Johnson: New Product Launches & Other Drivers

Johnson & Johnson is continuing its efforts towards separating its consumer health business to create two stand-alone entities that can help...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)