New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

<ul><li>AFT Pharmaceuticals (AFT) hosted a forward-looking investor day highlighting its attractive R&amp;D pipeline.</li><li>In the meantime, AFT’s operating business continues to perform strongly, with management reiterating FY27 guidance for revenue of &gt;NZ$300m, up &gt;+18% year-on-year, and EBIT of NZ$28m–NZ$32m (FB estimate: ~NZ$31m).</li><li>We retain OUTPERFORM, with the risk–reward still skewed to the upside.</li></ul>

AFT Pharmaceuticals (AFT) hosted a forward-looking investor day highlighting its attractive R&amp;D pipeline.In the meantime, AFT’s operating business continues to perform strongly, with management reiterating FY27 guidance for revenue of &gt;NZ$300m, up &gt;+18% year-on-year, and EBIT of NZ$28m–NZ$32m (FB estimate: ~NZ$31m).We retain OUTPERFORM, with the risk–reward still skewed to the upside.

AFT Pharmaceuticals Pipeline Prescribes Upside

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul><li>Hong Kong market commentary</li><li>A-share market commentary</li><li>Innovent entered into a strategic global licensing and collaboration agreement with Pfizer for up to US$10.5bn</li></ul>

Hong Kong market commentaryA-share market commentaryInnovent entered into a strategic global licensing and collaboration agreement with Pfizer for up to US$10.5bn

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Lucky Core Industries Limited / Equity Bottom-Up

<ul><li>LCI’s operating profit declined on a YoY basis primarily due to a sharp contraction in the polyester and soda ash businesses, where operating profit fell by 79% and 21%, respectively.</li><li>Management highlighted that soda ash imports have increased due to cheaper import prices (~US$190/ton) amid global oversupply, mainly from China, with imported market share rising to ~10% from 5–6% previously.</li><li>Notably, construction of the Greenfield Veterinary Medicine manufacturing unit is underway, with completion expected in 4QFY26. The capex incurred on this plant so far is approximately Rs800mn.</li></ul>

LCI’s operating profit declined on a YoY basis primarily due to a sharp contraction in the polyester and soda ash businesses, where operating profit fell by 79% and 21%, respectively.Management highlighted that soda ash imports have increased due to cheaper import prices (~US$190/ton) amid global oversupply, mainly from China, with imported market share rising to ~10% from 5–6% previously.Notably, construction of the Greenfield Veterinary Medicine manufacturing unit is underway, with completion expected in 4QFY26. The capex incurred on this plant so far is approximately Rs800mn.

Topline Flash Note: Lucky Core Industries (LCI): Corporate Briefing Key Takeaways

<ul><li>Lucky Core Industries (LCI) held it's corporate briefing today to discuss FY25 financial result and future outlook.</li><li>LCI's operating performance improved due to Pfizer portfolio integration and better margins in Pharmaceuticals. Notably, Pharmaceutical business recorded 32-35% margins which helped in bringing the average margins of the company to 38%. However, Soda Ash, Chemicals & Agri Sciences, and Animal Health faced demand challenges.</li><li>Regarding the pharmaceutical business, management communicated that 65% of the current portfolio is non-essential and 35% essential. The Pfizer portfolio acquired is mostly non-essential, barring one small product.</li></ul>

Lucky Core Industries (LCI) held it's corporate briefing today to discuss FY25 financial result and future outlook.LCI's operating performance improved due to Pfizer portfolio integration and better margins in Pharmaceuticals. Notably, Pharmaceutical business recorded 32-35% margins which helped in bringing the average margins of the company to 38%. However, Soda Ash, Chemicals & Agri Sciences, and Animal Health faced demand challenges.Regarding the pharmaceutical business, management communicated that 65% of the current portfolio is non-essential and 35% essential. The Pfizer portfolio acquired is mostly non-essential, barring one small product.

Lucky Core Industries (LCI): FY25 Corporate Briefing Key Takeaways

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Technically, the SET Index is expected to move in a sideways-down trend, with the support at 1,432/1,424 points and the resistance at 1,447 points and 1,454 points (10-day EMA).</li><li>Thailand's economy is expected to continue improving YoY in 4Q24E owing to the low base and the government's economic stimulus measures.</li><li>Therefore, we maintain our <b>Trading Buy</b> recommendation if the SET Index moves within the range of 1,393-1,455 points.</li></ul>

Technically, the SET Index is expected to move in a sideways-down trend, with the support at 1,432/1,424 points and the resistance at 1,447 points and 1,454 points (10-day EMA).Thailand's economy is expected to continue improving YoY in 4Q24E owing to the low base and the government's economic stimulus measures.Therefore, we maintain our Trading Buy recommendation if the SET Index moves within the range of 1,393-1,455 points.

United States

Pfizer Inc. operates as a pharmaceutical company. The Company offers medicines, vaccines, medical devices, and consumer healthcare products for oncology, inflammation, cardiovascular, and other therapeutic areas. Pfizer serves customers worldwide.

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Pfizer (PFE UN)

AFT Pharmaceuticals Pipeline Prescribes Upside

AFT Pharmaceuticals (AFT) hosted a forward-looking investor day highlighting its attractive R&D pipeline. In the meantime, AFT’s operating...

Forsyth Barr

Quam Morning Note (29 May) - Innovent

Hong Kong market commentary A-share market commentary Innovent entered into a strategic global licensing and collaboration agreement with Pfizer...

Quam Securities

Topline Flash Note: Lucky Core Industries (LCI): Corporate Briefing Key Takeaways

LCI’s operating profit declined on a YoY basis primarily due to a sharp contraction in the polyester and soda ash businesses, where operating...

Topline Securities

Lucky Core Industries (LCI): FY25 Corporate Briefing Key Takeaways

Lucky Core Industries (LCI) held it's corporate briefing today to discuss FY25 financial result and future outlook. LCI's operating performance...

Topline Securities

TH 3Q24 GDP Growth & Weekly Strategy

Technically, the SET Index is expected to move in a sideways-down trend, with the support at 1,432/1,424 points and the resistance at 1,447 points...

Krungthai XSpring

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