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 1Q24 revenue of RMB325mn, down 12.1% YoY, and booked attributable net loss of RMB272mn, a significant downturn from an attributable net profit of RMB188mn in 1Q23.</li><li>The 1Q24 revenue accounted for 13.4% of our full-year estimate, in line with its historical average.</li><li>First quarter is typically a low season for Joinn. The revenue decline was due to persistently soft R&amp;D activities in China’s pharmaceutical industry, which has led to increased competition and price erosion. </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 1Q24 revenue of RMB325mn, down 12.1% YoY, and booked attributable net loss of RMB272mn, a significant downturn from an attributable net profit of RMB188mn in 1Q23.The 1Q24 revenue accounted for 13.4% of our full-year estimate, in line with its historical average.First quarter is typically a low season for Joinn. The revenue decline was due to persistently soft R&amp;D activities in China’s pharmaceutical industry, which has led to increased competition and price erosion. 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) - Waiting longer for recovery to materialize

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 132.0% as of Apr 19th.</li>
<li>The average A-H premium changed by 2.7ppt week-on-week, led by consumer staples, financials, materials and offset by communication services, energy.</li>
<li>We highlight weekly changes in A-H premium for Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium, Joinn Lab.</li>
</ul>


We analyse the changes of A-H premium on 147 stocks over the last week. The average A-H premium was 132.0% as of Apr 19th.
The average A-H premium changed by 2.7ppt week-on-week, led by consumer staples, financials, materials and offset by communication services, energy.
We highlight weekly changes in A-H premium for Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium, Joinn Lab.


A-H Premium Weekly (Apr 19th): Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium, Joinn Lab

<ul>
<li>We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 132.9% as of Apr 5th.</li>
<li>The average A-H premium changed by 5.3ppt week-on-week, led by consumer staples, health care, real estate.</li>
<li>We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China, Joinn Lab.</li>
</ul>


We analyse the changes of A-H premium on 146 stocks over the last week. The average A-H premium was 132.9% as of Apr 5th.
The average A-H premium changed by 5.3ppt week-on-week, led by consumer staples, health care, real estate.
We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China, Joinn Lab.


A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

<ul><li>Joinn reported 2023 revenue of RMB2,376mn, up 4.8% YoY, and attributable net income of RMB338mn, down 66.9% YoY.</li><li>The decelerated revenue growth was due to subdued R&amp;D activities in Chinese pharmaceutical industry, leading to heightened competition and lower pricing.</li><li>The decline of attributable net income was primarily due to the RMB267mn fair value losses from biological assets, a non-operational, non-cash charge. Joinn’s laboratory services (its core business) recorded a net profit of RMB473mn in 2023, down 17.9% YoY, which can better reflect the profitability of its core business. </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 2023 revenue of RMB2,376mn, up 4.8% YoY, and attributable net income of RMB338mn, down 66.9% YoY.The decelerated revenue growth was due to subdued R&amp;D activities in Chinese pharmaceutical industry, leading to heightened competition and lower pricing.The decline of attributable net income was primarily due to the RMB267mn fair value losses from biological assets, a non-operational, non-cash charge. Joinn’s laboratory services (its core business) recorded a net profit of RMB473mn in 2023, down 17.9% YoY, which can better reflect the profitability of its core business. 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) - Recovery Could Be Not Earlier than 1H24

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 22nd.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Bank Of China, China Mobile, Xiaomi, Zto Express, Tencent, Meituan.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of March 22nd.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Bank Of China, China Mobile, Xiaomi, Zto Express, Tencent, Meituan.


Hong Kong Connect Flows (Mar 22nd): Bank Of China, China Mobile, Xiaomi, Zto Express, Tencent

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) - Waiting longer for recovery to materialize

Joinn reported 1Q24 revenue of RMB325mn, down 12.1% YoY, and booked attributable net loss of RMB272mn, a significant downturn from an attributable...

CMB International

A-H Premium Weekly (Apr 19th): Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium, Joinn Lab

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Fosun Pharma, China Southern Air, CICC, Ganfeng Lithium,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Apr 5th): 21 Stocks at 1Y High

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Baiyunshan, Jiangxi Copper, ZTE, Fosun Pharma, Air China,...

Ke Yan, CFA, FRM

Joinn Laboratories (6127 HK) - Recovery Could Be Not Earlier than 1H24

Joinn reported 2023 revenue of RMB2,376mn, up 4.8% YoY, and attributable net income of RMB338mn, down 66.9% YoY. The decelerated revenue growth was...

CMB International

Hong Kong Connect Flows (Mar 22nd): Bank Of China, China Mobile, Xiaomi, Zto Express, Tencent

We analyzed southbound Hong Kong connect flows in the past week and highlight flows for Bank Of China, China Mobile, Xiaomi, Zto Express, Tencent,...

Ke Yan, CFA, FRM

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