External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Lucky Core Industries Limited / Equity Bottom-Up

<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.

Thematic (Sector/Industry)

<ul><li>Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.</li><li>While more restrictive and unconventionally delivered in a NEJM op-ed, the publication reduced uncertainty for vaccine makers and gave full support for the measles vaccine by FDA heads.</li><li>Biopharma shrugged off MFN pricing targets, as implementation remained unclear. </li></ul>

Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.While more restrictive and unconventionally delivered in a NEJM op-ed, the publication reduced uncertainty for vaccine makers and gave full support for the measles vaccine by FDA heads.Biopharma shrugged off MFN pricing targets, as implementation remained unclear. 

Biopharma Week in Review - FDA Provides Some Certainty for Vaccines; ASCO Abstracts Snippets

United States

Pfizer Inc. is a research-based, global pharmaceutical company that discovers, develops, manufactures, and markets medicines for humans and animals.  The Company's products include prescription pharmaceuticals, non-prescription self-medications, and animal health products such as anti-infective medicines and vaccines.

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Pfizer Inc (PFE US)

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

Biopharma Week in Review - FDA Provides Some Certainty for Vaccines; ASCO Abstracts Snippets

Vaccine stocks (NVAX, BNTX, PFE, MRNA, PCVX) had a good week, as the FDA provided new regulatory policy for COVID-19 vaccines.

Krungthai XSpring

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