Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on XPENG, COSCO SHIP ENGY, MEITUAN, TENCENT, PDD, GCL TECHNOLOGY, Full Truck Alliance, KUNLUN TECH.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on XPENG, COSCO SHIP ENGY, MEITUAN, TENCENT, PDD, GCL TECHNOLOGY, Full Truck Alliance, KUNLUN TECH.


MS-China Index Earning Revision (Jun): XPENG, COSCO SHIP ENGY, MEITUAN, TENCENT, PDD, GCL TECHNOLOGY

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Duality Biotherapeutics / Equity Bottom-Up

<ul>
<li>Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.</li>
<li>Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.</li>
<li>The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.</li>
</ul>


Trump said he will place import taxes on 100% of pharmaceutical drugs, which will begin on Oct.1. Below, we shared our views on this new policy.
Some companies continue to repurchase/increase their holdings despite the industry's significant rise this year, indicating that major shareholders truly have confidence in the outlook. We specifically listed these companies.
The fluctuations in Duality’s stock price are obviously driven by capital after being included in HK Stock Connect. we suggest that investors pay attention to risks as Duality faces correction.


China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

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>Legend Biotech Corporation's second quarter of 2025 was marked by significant milestones and notable financial and operational achievements, balanced by some ongoing challenges.</li><li>On the positive side, the company reported substantial growth in CARVYKTI sales, reaching $439 million, an increase of 136% year-over-year.</li><li>This robust growth underscores the rapid uptake of CARVYKTI, primarily driven by its expansion in second to fourthline settings for multiple myeloma treatments.</li></ul>

Legend Biotech Corporation's second quarter of 2025 was marked by significant milestones and notable financial and operational achievements, balanced by some ongoing challenges.On the positive side, the company reported substantial growth in CARVYKTI sales, reaching $439 million, an increase of 136% year-over-year.This robust growth underscores the rapid uptake of CARVYKTI, primarily driven by its expansion in second to fourthline settings for multiple myeloma treatments.

Legend Biotech’s 136% Sales Surge Signals Explosive CARVYKTI Momentum; How Long Will It Last?

Equity Capital Markets

<ul>
<li>A key point of the press conference held by the NHSA is that the selection in centralized procurement of medical devices will no longer be based on the lowest price.</li>
<li>Investors have high hopes for the licensing cooperation of IBI363. Our guess is a 50:50 licensing deal with MNC is expected, so as to maximize the value/potential of the drug.</li>
<li>Considering Li Ge's rich experience in capital operation, WuXi AppTec’s Placement implies its H-share is already at high level.Investors can consider taking profits, as share price adjustment may be coming.</li>
</ul>


A key point of the press conference held by the NHSA is that the selection in centralized procurement of medical devices will no longer be based on the lowest price.
Investors have high hopes for the licensing cooperation of IBI363. Our guess is a 50:50 licensing deal with MNC is expected, so as to maximize the value/potential of the drug.
Considering Li Ge's rich experience in capital operation, WuXi AppTec’s Placement implies its H-share is already at high level.Investors can consider taking profits, as share price adjustment may be coming.


China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

<ul><li>Legend Biotech's recent financial disclosures and strategic updates present a multifaceted view of the company's performance and outlook.</li><li>The firm has made significant strides with its CARVYKTI therapy, a CAR-T treatment for multiple myeloma, suggesting a robust growth trajectory influenced by several critical factors.</li><li>Positively, Legend Biotech is experiencing strong demand for CARVYKTI, with net trade sales reaching approximately $334 million in the fourth quarter of 2024.</li></ul>

Legend Biotech's recent financial disclosures and strategic updates present a multifaceted view of the company's performance and outlook.The firm has made significant strides with its CARVYKTI therapy, a CAR-T treatment for multiple myeloma, suggesting a robust growth trajectory influenced by several critical factors.Positively, Legend Biotech is experiencing strong demand for CARVYKTI, with net trade sales reaching approximately $334 million in the fourth quarter of 2024.

Legend Biotech: An Insight Into Its Manufacturing Capacity Expansion & Major Growth Levers!

China

Legend Biotech Corporation operates as a biopharmaceutical company. The Company engages in discovery and development of novel cell therapies for oncology and other indications. Legend Biotech serves customers in the State of New Jersey.

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Legend Biotech Corp (LEGN US)

MS-China Index Earning Revision (Jun): XPENG, COSCO SHIP ENGY, MEITUAN, TENCENT, PDD, GCL TECHNOLOGY

We analyzed MS-China's consensus for Jun 2026 and highlighted changes of EPS in XPENG, COSCO SHIP ENGY, MEITUAN, TENCENT, PDD, GCL TECHNOLOGY, Full...

Ke Yan, CFA, FRM

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

Legend Biotech’s 136% Sales Surge Signals Explosive CARVYKTI Momentum; How Long Will It Last?

Legend Biotech Corporation's second quarter of 2025 was marked by significant milestones and notable financial and operational achievements,...

Baptista Research

China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

NHSA shifts focus from lowest price to quality in medical device VBP, indicating valuation repair.IBI363 license deal with MNC is expected. WuXi...

Xinyao (Criss) Wang

Legend Biotech: An Insight Into Its Manufacturing Capacity Expansion & Major Growth Levers!

Legend Biotech's recent financial disclosures and strategic updates present a multifaceted view of the company's performance and outlook. The firm...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MS-China Index Earning Revision (Jun): XPENG, COSCO SHIP ENGY, MEITUAN, TENCENT, PDD, GCL TECHNOLOGY

We analyzed MS-China's consensus for Jun 2026 and highlighted changes of EPS in XPENG, COSCO SHIP ENGY, MEITUAN, TENCENT, PDD, GCL TECHNOLOGY, Full...

Ke Yan, CFA, FRM

China Healthcare Weekly (Sep.28) - Trump’s Pharma Tariff, Companies Increase Their Holdings, Duality

Trump’s 100% pharma tariff starting Oct. 1. Major shareholders of some companies increased their holdings at high prices. Fluctuations in Duality’s...

Xinyao (Criss) Wang

Legend Biotech’s 136% Sales Surge Signals Explosive CARVYKTI Momentum; How Long Will It Last?

Legend Biotech Corporation's second quarter of 2025 was marked by significant milestones and notable financial and operational achievements,...

Baptista Research

China Healthcare Weekly (Aug.3)-Medical Device Valuation Repair,Deal on IBI363,WuXi AppTec Placement

​NHSA shifts focus from lowest price to quality in medical device VBP, indicating valuation repair.IBI363 license deal with MNC is expected. WuXi...

Xinyao (Criss) Wang

Legend Biotech: An Insight Into Its Manufacturing Capacity Expansion & Major Growth Levers!

Legend Biotech's recent financial disclosures and strategic updates present a multifaceted view of the company's performance and outlook. The firm...

Baptista Research

NHSA shifts focus from lowest price to quality in medical device VBP, indicating valuation repair.IBI363 license deal with MNC is expected. WuXi...