External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

Joinn Laboratories China  Lt / Equity Bottom-Up

<ul>
<li>Joinn reported 3Q23 revenue of RMB575mn, up 15.1% YoY, and attributable net income of RMB237mn, down 9.2% YoY.</li>
<li>3Q23 revenue accounted for 20.7% of our full-year estimate, in-line with its historical average, while attributable net income represented 57.5% of our full-year estimate, substantially higher than the historical average which was primarily due to RMB82mn fair value gain from biological assets in 3Q23 compared with RMB183mn fair value loss in 1H23.</li>
<li>Specifically, Joinn’s laboratory services (core business) recorded a net profit of RMB114mn in 3Q23, slightly down 2.9% YoY, while the net profit of lab services in 9M23 maintained YoY growth of 16.0%.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


Joinn reported 3Q23 revenue of RMB575mn, up 15.1% YoY, and attributable net income of RMB237mn, down 9.2% YoY.
3Q23 revenue accounted for 20.7% of our full-year estimate, in-line with its historical average, while attributable net income represented 57.5% of our full-year estimate, substantially higher than the historical average which was primarily due to RMB82mn fair value gain from biological assets in 3Q23 compared with RMB183mn fair value loss in 1H23.
Specifically, Joinn’s laboratory services (core business) recorded a net profit of RMB114mn in 3Q23, slightly down 2.9% YoY, while the net profit of lab services in 9M23 maintained YoY growth of 16.0%.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Joinn Laboratories (6127 HK) – Wait longer for recovery

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

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>Two of the biggest deals in the Hong Kong pipeline are A/H listings for <a href="https://www.smartkarma.com/entities/maanshan-dingtai-rare-a" target="_blank" data-smartkarma-citation="entities:4128:1" rel="noopener">S.F. Holding (002352 CH)</a> and <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group (000333 CH)</a>, both looking to raise around US$3bn.</li>
<li>Prior to the deals going live, we had a quick look at the A/H premium, subscription and past performance of some of the earlier A/H listings.</li>
<li>Overall, most of the recent A/H listings haven’t done much in the near term.</li>
</ul>


Two of the biggest deals in the Hong Kong pipeline are A/H listings for S.F. Holding (002352 CH) and Midea Group (000333 CH), both looking to raise around US$3bn.
Prior to the deals going live, we had a quick look at the A/H premium, subscription and past performance of some of the earlier A/H listings.
Overall, most of the recent A/H listings haven’t done much in the near term.


Past A/H Listings Performance - Have Been a Mixed Bag

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.

WuXi XDC Cayman  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a>, a leading contract research, development and manufacturing organization (CRDMO), is pre-marketing an HKEx IPO to raise US$500 million, according to press reports.</li>
<li>In <a href="https://www.smartkarma.com/insights/wuxi-xdc-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:116331" rel="noopener">WuXi XDC IPO: The Bull Case</a>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on margins on a downward trend, large customer concentration, high related party transactions and volatile FCF generation.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK), a leading contract research, development and manufacturing organization (CRDMO), is pre-marketing an HKEx IPO to raise US$500 million, according to press reports.
In WuXi XDC IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on margins on a downward trend, large customer concentration, high related party transactions and volatile FCF generation.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a>, a leading contract research, development and manufacturing organization (CRDMO), is pre-marketing an HKEx IPO to raise US$500 million, according to press reports.   </li>
<li>WuXi XDC ranked No. 2 globally and No. 1 in China among CRDMO for antibody-drug conjugates and other bioconjugates in terms of revenue in 2022, according to Frost &amp; Sullivan.</li>
<li>The bull case rests on large addressable markets, market share gains, fast-paced revenue growth, strong revenue visibility, a solid balance sheet and ambitious capacity expansion plans.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK), a leading contract research, development and manufacturing organization (CRDMO), is pre-marketing an HKEx IPO to raise US$500 million, according to press reports.   
WuXi XDC ranked No. 2 globally and No. 1 in China among CRDMO for antibody-drug conjugates and other bioconjugates in terms of revenue in 2022, according to Frost &amp; Sullivan.
The bull case rests on large addressable markets, market share gains, fast-paced revenue growth, strong revenue visibility, a solid balance sheet and ambitious capacity expansion plans.


<ul><li>1H23 bottom-line miss. Joinn reported 1H23 revenue of RMB1,012mn, up 30% YoY, and attributable net income of RMB91mn, down 76% YoY.</li><li>In 1H23, revenue accounted for 34% of our full-year estimate, in-line with the historical average, while attributable net income represented 22% of our full-year estimate, lower than the historical average which was primarily due to the RMB199mn fair values loss from biological assets.</li><li>However, the Company’s laboratory services (core business) recorded a net profit of RMB195mn in 1H23, up 31% YoY, indicating a healthy business momentum amid the challenging macro environment in both domestic and international markets. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1H23 bottom-line miss. Joinn reported 1H23 revenue of RMB1,012mn, up 30% YoY, and attributable net income of RMB91mn, down 76% YoY.In 1H23, revenue accounted for 34% of our full-year estimate, in-line with the historical average, while attributable net income represented 22% of our full-year estimate, lower than the historical average which was primarily due to the RMB199mn fair values loss from biological assets.However, the Company’s laboratory services (core business) recorded a net profit of RMB195mn in 1H23, up 31% YoY, indicating a healthy business momentum amid the challenging macro environment in both domestic and international markets. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Joinn Laboratories (6127 HK) – New Orders Slightly Recovered in 2Q23

China

Joinn Laboratories (China) Co., Ltd. operates as a medicines development company. The Company offers drug development, pharmaceutical analysis, pharmacologic testing, and other related services. Joinn Laboratories (China) also provides pesticide and medical device safety evaluation services.

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Joinn Laboratories China Lt (6127 HK)

Joinn Laboratories (6127 HK) – Wait longer for recovery

Joinn reported 3Q23 revenue of RMB575mn, up 15.1% YoY, and attributable net income of RMB237mn, down 9.2% YoY. 3Q23 revenue accounted for 20.7% of...

CMB International

Past A/H Listings Performance - Have Been a Mixed Bag

Two of the biggest deals in the Hong Kong pipeline are A/H listings for S.F. Holding (002352 CH) and Midea Group (000333 CH). In this note, we have...

Sumeet Singh

WuXi XDC IPO: The Bear Case

The bear case rests on margins on a downward trend, large customer concentration, high related party transactions and volatile FCF generation.

Arun George

WuXi XDC IPO: The Bull Case

The bull case rests on large addressable markets, market share gains, fast-paced revenue growth, strong revenue visibility, a solid balance sheet...

Arun George

Joinn Laboratories (6127 HK) – New Orders Slightly Recovered in 2Q23

1H23 bottom-line miss. Joinn reported 1H23 revenue of RMB1,012mn, up 30% YoY, and attributable net income of RMB91mn, down 76% YoY.

CMB International

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