Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asahi-intecc-co-ltd" target="_blank" data-smartkarma-citation="entities:15915:1" rel="noopener">Asahi Intecc (7747 JP)</a> is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.</li>
<li>In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.</li>
<li>Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.</li>
</ul>



Asahi Intecc (7747 JP) is poised for multi-year growth through strong market demand for its technically superior guidewires, market leadership positioning, new product launches, and direct marketing initiatives.
In FY24, Asahi Intecc aims to achieve revenue of ¥100B (+11% YoY), a significant milestone. The company targets revenue of ¥110B and an operating profit margin of 23–25% in FY26.
Asahi Intecc is expected to be a continued beneficiary of global procedure volume recovery. The company is likely to achieve its medium-term business plan ahead of schedule.


2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>On 15 November, the Korea Exchange announced that Eoflow (294090 KS) will start trading again on 16 November.</li>
<li>The fact that KRX has allowed Eoflow to trade again will be viewed positively by many investors. Plus, the recent temporary ban on short selling should also positively impact Eoflow.</li>
<li>We believe a higher probability event is for Medtronic to complete a tender offer of Eoflow sometime in 2Q 2024 at about 26,000 won. </li>
</ul>


On 15 November, the Korea Exchange announced that Eoflow (294090 KS) will start trading again on 16 November.
The fact that KRX has allowed Eoflow to trade again will be viewed positively by many investors. Plus, the recent temporary ban on short selling should also positively impact Eoflow.
We believe a higher probability event is for Medtronic to complete a tender offer of Eoflow sometime in 2Q 2024 at about 26,000 won. 


Eoflow: Outlook After Trading Resumes on 16 November

Equity Capital Markets

<ul>
<li>Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.</li>
<li>Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.</li>
<li>Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.</li>
</ul>


Artificial-Intelligence-Powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the company is seeking a market value of $430M.
Carlsmed currently markets the aprevo Technology Platform for lumbar spine fusion surgery, and is developing aprevo for cervical spine fusion surgeries, which is expected to be commercialized in 2026.
Carlsmed estimates there is a total addressable market of $13.4B for aprevo in the U.S. Aprevo may also benefit other musculoskeletal applications beyond the spine, unlocking greater market potential.


Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

<ul><li>I sold Garrett Motion (GTX). Nothing against GTX as the stock still looks cheap at 6.6x FCF and 6.6x EBITDA.</li><li>But it’s been incredibly strong, and I don’t quite understand why.</li><li>Further, PE owners Oaktree, Centerbridge and Cyrus, were planning to sell 17MM shares in a secondary offering (looks like the secondary is being pulled).</li></ul>

I sold Garrett Motion (GTX). Nothing against GTX as the stock still looks cheap at 6.6x FCF and 6.6x EBITDA.But it’s been incredibly strong, and I don’t quite understand why.Further, PE owners Oaktree, Centerbridge and Cyrus, were planning to sell 17MM shares in a secondary offering (looks like the secondary is being pulled).

Weekly Update (GTX, HAVAS, LION, SNRE, MDT)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Adtalem Global Education  / Technical Analysis

<ul>
<li>As discussed throughout January, we believe that tariffs will mostly be used as a negotiation tactic, and much like Trump's prior presidency, will be much less impactful than feared.</li>
<li>We reiterated this in yesterday's pre-market ETF Pathfinder (Feb.3), also noting "we anticipate the Canada/Mexico tariffs to be resolved quickly, and we view the latest pullback as a buying opportunity."</li>
<li>Sure enough, both Mexico and, later, Canada, came to an agreement with Trump to delay tariffs for 30 days. Short-term support remains at the prior 1-month downtrend on the SPX.</li>
</ul>


As discussed throughout January, we believe that tariffs will mostly be used as a negotiation tactic, and much like Trump's prior presidency, will be much less impactful than feared.
We reiterated this in yesterday's pre-market ETF Pathfinder (Feb.3), also noting "we anticipate the Canada/Mexico tariffs to be resolved quickly, and we view the latest pullback as a buying opportunity."
Sure enough, both Mexico and, later, Canada, came to an agreement with Trump to delay tariffs for 30 days. Short-term support remains at the prior 1-month downtrend on the SPX.


S&P 500 Holding Above Prior Breakout Level Yet Again; Market Dynamics Remain Risk-On; Still Bullish

United States

Medtronic, PLC develops therapeutic and diagnostic medical products. The Company's principal products include those for bradycardia pacing, tachyarrhythmia management, atrial fibrillation management, heart failure management, heart valve replacement, malignant and non-malignant pain, and movement disorders. Medtronic's products are sold worldwide.

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Medtronic Plc (MDT US)

2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Asahi Intecc is poised for double-digit sales growth through FY26, driven by strong market demand for guidewires, market leadership positioning,...

Tina Banerjee

Eoflow: Outlook After Trading Resumes on 16 November

The Korea Exchange announced that Eoflow will start trading again on 16 November. The fact that KRX has allowed Eoflow to trade again will be...

Douglas Kim

Weekly Update (GTX, HAVAS, LION, SNRE, MDT)

I sold Garrett Motion (GTX). Nothing against GTX as the stock still looks cheap at 6.6x FCF and 6.6x EBITDA. But it’s been incredibly strong, and I...

Richard Howe

S&P 500 Holding Above Prior Breakout Level Yet Again; Market Dynamics Remain Risk-On; Still Bullish

S&P 500 $SPX Holding Above Prior Breakout Level Yet Again, as are most indexes $QQQ $ARKK $IJH $DJI $RSP; Market Dynamics Remain Risk-On; Bullish...

Vermilion Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

2024 High Conviction: Asahi Intecc (7747 JP)- Procedure Volume Recovery to Accelerate Growth

Asahi Intecc is poised for double-digit sales growth through FY26, driven by strong market demand for guidewires, market leadership positioning,...

Tina Banerjee

Eoflow: Outlook After Trading Resumes on 16 November

The Korea Exchange announced that Eoflow will start trading again on 16 November. The fact that KRX has allowed Eoflow to trade again will be...

Douglas Kim

Carlsmed (CARL US) IPO: Will Take Time to Straighten Its Spine, Can Subscribe Just for Listing Gain

Artificial-intelligence-powered spine surgery developer Carlsmed is offering 6.7M shares priced between $14 and $16 apiece. At the mid-point, the...

Tina Banerjee

Weekly Update (GTX, HAVAS, LION, SNRE, MDT)

I sold Garrett Motion (GTX). Nothing against GTX as the stock still looks cheap at 6.6x FCF and 6.6x EBITDA. But it’s been incredibly strong, and I...

Richard Howe

S&P 500 Holding Above Prior Breakout Level Yet Again; Market Dynamics Remain Risk-On; Still Bullish

S&P 500 $SPX Holding Above Prior Breakout Level Yet Again, as are most indexes $QQQ $ARKK $IJH $DJI $RSP; Market Dynamics Remain Risk-On; Bullish...

Vermilion Research