Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

Thematic (Sector/Industry)

<ul>
<li>The obesity problem has escalated at an alarming rate in Asia. </li>
<li>Expect strong growth for GLP-1s over the next few years, however, companies that produce next-generation drugs will take the lead.</li>
<li>The significant increase in newly approved drugs will result in margin pressure - pricing will be key.</li>
</ul>


The obesity problem has escalated at an alarming rate in Asia. 
Expect strong growth for GLP-1s over the next few years, however, companies that produce next-generation drugs will take the lead.
The significant increase in newly approved drugs will result in margin pressure - pricing will be key.


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

<ul>
<li>We had been near-term bullish on the S&amp;P 500 (SPX) since our 4/22/25 Compass, however, we are officially downgrading our near-term outlook to neutral</li>
<li>The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) are breaking below their 50-day MAs and are also violating their multi-month uptrends, signaling a consolidation period is here</li>
<li>Still, our intermediate-term outlook remains bullish (as of 5/14/25 report), and we'll maintain our bullish intermediate-term view as long as market dynamics remain constructive and the SPX is above 6200</li>
</ul>


We had been near-term bullish on the S&amp;P 500 (SPX) since our 4/22/25 Compass, however, we are officially downgrading our near-term outlook to neutral
The SPX, Nasdaq 100 (QQQ), and Russell 2000 (IWM) are breaking below their 50-day MAs and are also violating their multi-month uptrends, signaling a consolidation period is here
Still, our intermediate-term outlook remains bullish (as of 5/14/25 report), and we'll maintain our bullish intermediate-term view as long as market dynamics remain constructive and the SPX is above 6200


Coasting as We Stalk for Buying Opportunity; Downgrading Discretionary to Underweight

Equity Bottom-Up

The United Laboratories International Holdings Limited / Equity Bottom-Up

The United Laboratories International Holdings Limited

<ul>
<li>Despite its 96% price appreciation since our initiation, United Laboratories is still trading on a 8.7 FPE, and a 5.5 EV/EVITDA.</li>
<li>A US FDA GLP-1 approval and a potential $ 1.8bn deal with Novo Nordisk demonstrates its successful diabetes and obesity strategy.</li>
<li>With over 80 drugs in the pipeline to be delivered over the next five years, we believe that TUL is about to experience a very material increase in topline growth.</li>
</ul>


Despite its 96% price appreciation since our initiation, United Laboratories is still trading on a 8.7 FPE, and a 5.5 EV/EVITDA.
A US FDA GLP-1 approval and a potential $ 1.8bn deal with Novo Nordisk demonstrates its successful diabetes and obesity strategy.
With over 80 drugs in the pipeline to be delivered over the next five years, we believe that TUL is about to experience a very material increase in topline growth.


The United Laboratories International Holdings (TUL) Ltd (3933 HK) - Retain Buy

Innovent Biologics Inc / Equity Bottom-Up

<ul>
<li>Innovent Biologics published strong results that were ahead of expectations.</li>
<li>Despite the upgrades, Innovent’s plus 300 PE multiple will only unwind to 53 at the end of 2027.</li>
<li>Gauging from the disappointing results and poor share price performance from the two GLP-1 majors, the outlook for GLP-1s has deteriorated.</li>
</ul>


Innovent Biologics published strong results that were ahead of expectations.
Despite the upgrades, Innovent’s plus 300 PE multiple will only unwind to 53 at the end of 2027.
Gauging from the disappointing results and poor share price performance from the two GLP-1 majors, the outlook for GLP-1s has deteriorated.


Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

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

<ul>
<li>A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in <a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> .</li>
<li>While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind,  the last deal in the stock didn’t do well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) .
While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind,  the last deal in the stock didn’t do well.
In this note, we will talk about the placement and run the deal through our ECM framework.


Daiichi Sankyo Placement - US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well

Denmark

Novo Nordisk A/S develops, produces, and markets pharmaceutical products. The Company focuses on diabetes care and offers insulin delivery systems and other diabetes products. Novo Nordisk also works in areas such as haemostatis management, growth disorders, and hormone replacement therapy. The Company offers educational and training materials. Novo Nordisk markets worldwide.

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Novo Nordisk (NVO US)

The GLP-1 Landscape in Asia

First-gen GLP-1 impact may fall short of hype, demand still strong. Next-gen drugs promise better results, tolerance, price. Expect margin pressure...

daaimon

Coasting as We Stalk for Buying Opportunity; Downgrading Discretionary to Underweight

Coasting as We Stalk for Buying Opportunity; Downgrading Near-Term Outlook to Neutral, But Still Bullish Intermediate-Term $SPX $QQQ; Downgrading...

Vermilion Research

The United Laboratories International Holdings (TUL) Ltd (3933 HK) - Retain Buy

United Laboratories has seen significant price appreciation and success in diabetes and obesity strategy, with a promising pipeline for future...

daaimon

Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

Innovent Biologics exceeds expectations with strong results, but outlook for GLP-1s has deteriorated due to disappointing results from major players.

daaimon

Daiichi Sankyo Placement - US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well

A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) . In this note, we talk...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The GLP-1 Landscape in Asia

First-gen GLP-1 impact may fall short of hype, demand still strong. Next-gen drugs promise better results, tolerance, price. Expect margin pressure...

daaimon

Coasting as We Stalk for Buying Opportunity; Downgrading Discretionary to Underweight

Coasting as We Stalk for Buying Opportunity; Downgrading Near-Term Outlook to Neutral, But Still Bullish Intermediate-Term $SPX $QQQ; Downgrading...

Vermilion Research

The United Laboratories International Holdings (TUL) Ltd (3933 HK) - Retain Buy

​United Laboratories has seen significant price appreciation and success in diabetes and obesity strategy, with a promising pipeline for future...

daaimon

Innovent Biologics (1801 HK) – Time to Take Profits (Bearish)

​Innovent Biologics exceeds expectations with strong results, but outlook for GLP-1s has deteriorated due to disappointing results from major players.

daaimon

Daiichi Sankyo Placement - US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well

A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) . In this note, we talk...

Sumeet Singh

United Laboratories has seen significant price appreciation and success in diabetes and obesity strategy, with a promising pipeline for future...

Innovent Biologics exceeds expectations with strong results, but outlook for GLP-1s has deteriorated due to disappointing results from major players.