Research from Hardman & Co, Hardman & Co

Hardman & Co

Research from Hardman & Co

Investment research on quoted companies and funds

Hardman & Co is a multi-disciplinary financial consultancy and investment research firm, employing highly experienced analysts and professionals with a broad range of capital markets expertise. Our clients are public and private businesses as well as fund managers, ranging from start-ups to £1 billion+ market capitalisations. Hardman & Co offers corporate research & consultancy, serving the needs of both public and private companies. We produce gold-standard research with a global reach for trading and investment companies, as well as providing market commentary and analysis. In addition, we carry out a number of bespoke investment-related assignments, including due diligence on bond listings, assessments of private company valuations and other corporate advisory services. We engage with the market through traditional and digital media, offering illuminating video content on corporate management strategy, results communication, interviews and in-house sector discussion.

Equity Bottom-Up

Oxford Nanopore Technologies / Equity Bottom-Up

<ul><li>Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.</li><li>Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.</li><li>Despite this, some companies can still make extremely attractive returns for investors.</li></ul>

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets.Many of the 53 constituents of the index are high-risk, with micro-capitalisations and a long way from profitability.Despite this, some companies can still make extremely attractive returns for investors.

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.

Equity Capital Markets

Axbio International / Equity Capital Markets

<ul>
<li>Axbio, a China-based technology company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC and SPDB are the joint sponsors.</li>
<li>In this note, we took a quick look at the core products and key products, as well as its management team.</li>
<li>Although there are interesting takes from the prospectus, we are not convinced on the prospect of the deal yet.</li>
</ul>


Axbio, a China-based technology company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC and SPDB are the joint sponsors.
In this note, we took a quick look at the core products and key products, as well as its management team.
Although there are interesting takes from the prospectus, we are not convinced on the prospect of the deal yet.


Axbio (安序源) Pre-IPO: First Take of the Deal

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

Coca-Cola Europacific Partners / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coca-cola-europacific-partners-plc" target="_blank" data-smartkarma-citation="entities:44040:1" rel="noopener">Coca-Cola Europacific Partners (CCEP LN)</a> was transferred on 15 November 2024, to the index's eligible FCA listing category under the new regime.</li>
<li>The security needs to pass the liquidity test in both January and February 2025 to be assigned a UK nationality and become eligible for the March 2025 review.</li>
<li>The security has already passed the liquidity threshold by ~20% in November and December thus it has a solid probability of being added to F100 at the March 2025 review.</li>
</ul>



Coca-Cola Europacific Partners (CCEP LN) was transferred on 15 November 2024, to the index's eligible FCA listing category under the new regime.
The security needs to pass the liquidity test in both January and February 2025 to be assigned a UK nationality and become eligible for the March 2025 review.
The security has already passed the liquidity threshold by ~20% in November and December thus it has a solid probability of being added to F100 at the March 2025 review.


Coca-Cola Europacific Partners (CCEP LN): Halfway In F100

Thematic (Sector/Industry)

<ul>
<li>The Hardman &amp; Co Healthcare Index (HHI) has been running since 2009.</li>
<li>Its main function is to highlight the attractions of life sciences investments over the long term.</li>
<li>For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector.</li>
</ul>


The Hardman &amp; Co Healthcare Index (HHI) has been running since 2009.
Its main function is to highlight the attractions of life sciences investments over the long term.
For the third year running, despite generally good returns in global markets, particularly in the US, performance in 2024 was poor, not helped by the capital-intensive nature of the sector.


Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/profiles/janaghan-jeyakumar-cfa" target="_blank" data-smartkarma-citation="accounts:3173" rel="noopener">Janaghan Jeyakumar, CFA</a> had predicted a series of changes in UK100 (a.k.a. F100) and UK250 (aka F250) and all predicted changes came to pass. F250 saw one extra change.</li>
<li>There will be one more ad hoc announcement today. We think the replacement for <a href="https://www.smartkarma.com/entities/tritax-eurobox-plc-3e9443bd-b52d-4565-9083-99325aa64446" target="_blank" data-smartkarma-citation="entities:44137:1" rel="noopener">Tritax Eurobox (EBOX LN)</a> will be <a href="https://www.smartkarma.com/entities/mobico-group-plc" target="_blank" data-smartkarma-citation="entities:22059:1" rel="noopener">Mobico Group (MCG LN)</a>. </li>
<li>There were two ADDs in F250 which are VERY much worth looking at. Janaghan had addressed these in prior weeks as well. Those two names really stand out.</li>
</ul>



Janaghan Jeyakumar, CFA had predicted a series of changes in UK100 (a.k.a. F100) and UK250 (aka F250) and all predicted changes came to pass. F250 saw one extra change.
There will be one more ad hoc announcement today. We think the replacement for Tritax Eurobox (EBOX LN) will be Mobico Group (MCG LN). 
There were two ADDs in F250 which are VERY much worth looking at. Janaghan had addressed these in prior weeks as well. Those two names really stand out.


UK100 and UK250 Index Rebals: Some Interesting Trades

United Kingdom

Oxford Nanopore Technologies PLC develops technologies for molecular detection and analysis. The Company offers technologies that are used in deoxyribonucleic acid (DNA) sequencing, diagnostics, drug development, biomolecular interaction, ion channel screening, and defense applications. Oxford Nanopore Technologies serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Oxford Nanopore Technologies (ONT LN)

Hardman & Co Monthly: January 2025

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to...

Hardman & Co

Axbio (安序源) Pre-IPO: First Take of the Deal

China's Axbio plans to raise $100 million in Hong Kong listing with CICC and SPDB as joint sponsors, but doubts remain on deal prospects after...

Ke Yan, CFA, FRM

Coca-Cola Europacific Partners (CCEP LN): Halfway In F100

CCEP LN recently transferred to the index's eligible FCA listing category and will be added to F100 in March 2025 if it passes the liquidity test.

Dimitris Ioannidis

Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments...

Hardman & Co

UK100 and UK250 Index Rebals: Some Interesting Trades

The Footsie 100/250 rebalance was announced yesterday. Excellent hit rate by the team. As expected, two names are kind of special and they deserve...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hardman & Co Monthly: January 2025

Feature article: Hardman & Co Healthcare Index, 2024 – Tough year for Life Sciences By Dr Martin Hall The main function of the HHI is to...

Hardman & Co

Axbio (安序源) Pre-IPO: First Take of the Deal

​China's Axbio plans to raise $100 million in Hong Kong listing with CICC and SPDB as joint sponsors, but doubts remain on deal prospects after...

Ke Yan, CFA, FRM

Coca-Cola Europacific Partners (CCEP LN): Halfway In F100

CCEP LN recently transferred to the index's eligible FCA listing category and will be added to F100 in March 2025 if it passes the liquidity test.

Dimitris Ioannidis

Hardman & Co Healthcare Index: 2024 – Tough year for Life Sciences

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments...

Hardman & Co

UK100 and UK250 Index Rebals: Some Interesting Trades

The Footsie 100/250 rebalance was announced yesterday. Excellent hit rate by the team. As expected, two names are kind of special and they deserve...

Travis Lundy

China's Axbio plans to raise $100 million in Hong Kong listing with CICC and SPDB as joint sponsors, but doubts remain on deal prospects after...