HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The most important policy for the domestic healthcare industry in the next three years is the DRGs/DIP. We analyzed some important points and the industry outlook brought by this policy.</li>
<li>The aggregate “constraints” imposed by DRGs/DIP will greatly reduce the growth of industry, but A-share market hasn’t fully priced in the impact. Investors are advised to be aware of it.</li>
<li>Recently, Shaanxi province announced the results of centralized procurement of pacemakers.</li>
</ul>


The most important policy for the domestic healthcare industry in the next three years is the DRGs/DIP. We analyzed some important points and the industry outlook brought by this policy.
The aggregate “constraints” imposed by DRGs/DIP will greatly reduce the growth of industry, but A-share market hasn’t fully priced in the impact. Investors are advised to be aware of it.
Recently, Shaanxi province announced the results of centralized procurement of pacemakers.


China Healthcare Weekly (Dec.17)-The Most Important Policy in Next Three Years,Pacemaker VBP Results

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>This is an updated insight of the original report called the <em>SPARS Pandemic Scenario vs COVID-19</em> which I first published in April 2021.</li>
<li>Despite the 7.66 billion doses of COVID-19 vaccines already administered, the number of COVID-19 cases today globally as compared to a year ago remain relatively similar. </li>
<li>The millions of people that leave their workplace because of the mandatory vaccination requirement could be another big wall of worry that "Mr. Market" will need to contend with.</li>
</ul>


This is an updated insight of the original report called the SPARS Pandemic Scenario vs COVID-19 which I first published in April 2021.
Despite the 7.66 billion doses of COVID-19 vaccines already administered, the number of COVID-19 cases today globally as compared to a year ago remain relatively similar. 
The millions of people that leave their workplace because of the mandatory vaccination requirement could be another big wall of worry that "Mr. Market" will need to contend with.


An Updated SPARS Pandemic Scenario Vs. COVID-19

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Sudeep Pharma, a <strong>mineral excipients</strong> and <strong>speciality ingredients maker</strong>, delivered FY26 revenue of <strong>INR 642.3 crore</strong> and PAT of <strong>INR 174.3 crore</strong>, though EBITDA margin <strong>declined</strong>.</li>
<li>Specialty Ingredients now contributes <strong>44% of revenue</strong>, while <strong>Nandesari expansion, NSS Europe integration</strong> and <strong>Dahej battery-materials plant</strong> create the next growth levers.</li>
<li>Future performance depends on margin recovery, working-capital control, faster customer approvals at Nandesari and execution of the <strong>INR 300 crore</strong> battery materials project.</li>
</ul>


Sudeep Pharma, a mineral excipients and speciality ingredients maker, delivered FY26 revenue of INR 642.3 crore and PAT of INR 174.3 crore, though EBITDA margin declined.
Specialty Ingredients now contributes 44% of revenue, while Nandesari expansion, NSS Europe integration and Dahej battery-materials plant create the next growth levers.
Future performance depends on margin recovery, working-capital control, faster customer approvals at Nandesari and execution of the INR 300 crore battery materials project.


Sudeep Pharma: Building From Specialty Ingredients to Battery Materials

Alpha-Centric ESG Research

Kyle Rudden

<p>COVID-19 vaccines figure into Biden's recently-announced COVID-19 response plan, though with a clear emphasis on distribution versus development (as was Trump's focus). Biden's prioritisation of vaccine distribution – and the US$25 billion earmarked for it – is a gift for "cold chain" stocks.</p><p>"Cold chain" refers to a complex temperature-controlled supply chain that is mission-critical to the distribution of COVID-19 vaccines. Critical, because vaccines require consistent ultra-cold storage from manufacture to needle-stick, otherwise those expensive vaccines become medical waste.</p><p>This Insight looks at cold chain stocks as an investment theme inherent in Biden's COVID-19 plan (see <a href="https://www.smartkarma.com/insights/biden-covid-19-response-plan-overview-of-its-inherent-investment-themes" target="_blank" data-smartkarma-citation="insights:45631" rel="noopener">Biden COVID-19 Response Plan: Overview of Its Inherent Investment Themes</a>). Although the cold chain is fragmented and largely privately-held, but there are opportunities in three areas:</p><ol>
<li>
<strong>Freight and Logistics:</strong> Most listed companies fall into this category, including both integrated cold chain freight and logistics stocks, as well as niche players in either of freight or logistics.</li>
<li>
<strong>Freezer Manufacturers:</strong> Ultra-cold freezer boxes and related industrial components of various shapes and sizes are needed for the cold chain to function. Several stocks serve this segment.</li>
<li>
<strong>Specialty Chemicals:</strong> Dry ice gets all the headlines, as massive amounts are needed but supply is short, but other specialty chemicals and industrial gases are also needed in the cold chain.</li>
</ol>

COVID-19 vaccines figure into Biden's recently-announced COVID-19 response plan, though with a clear emphasis on distribution versus development (as was Trump's focus). Biden's prioritisation of vaccine distribution – and the US$25 billion earmarked for it – is a gift for "cold chain" stocks."Cold chain" refers to a complex temperature-controlled supply chain that is mission-critical to the distribution of COVID-19 vaccines. Critical, because vaccines require consistent ultra-cold storage from manufacture to needle-stick, otherwise those expensive vaccines become medical waste.This Insight looks at cold chain stocks as an investment theme inherent in Biden's COVID-19 plan (see Biden COVID-19 Response Plan: Overview of Its Inherent Investment Themes). Although the cold chain is fragmented and largely privately-held, but there are opportunities in three areas:

Freight and Logistics: Most listed companies fall into this category, including both integrated cold chain freight and logistics stocks, as well as niche players in either of freight or logistics.

Freezer Manufacturers: Ultra-cold freezer boxes and related industrial components of various shapes and sizes are needed for the cold chain to function. Several stocks serve this segment.

Specialty Chemicals: Dry ice gets all the headlines, as massive amounts are needed but supply is short, but other specialty chemicals and industrial gases are also needed in the cold chain.


Biden COVID-19 Response Plan: Cold Chain Transportation and Logistics Stocks Benefit

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<div>The vaccine announcement by <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US)</a> and <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US), </a>
</div>
<div>the laggard Singapore equities market all of a sudden leaped to joy and pushed travel-related names up, playing catch up with the rest of the world.</div>
<div></div>
<div>
<a href="https://www.smartkarma.com/entities/singapore-airlines-ltd" target="_blank" data-smartkarma-citation="entities:74:1" rel="noopener">Singapore Airlines (SIA SP)</a> and <a href="https://www.smartkarma.com/entities/sats-ltd" target="_blank" data-smartkarma-citation="entities:19962:1" rel="noopener">SATS Ltd (SATS SP)</a> are the go-to stock for Singapore’s reopening air travel that started with the travel bubble with Hong Kong and other low-risk countries to follow. <a href="https://www.smartkarma.com/entities/comfortdelgro-corp-ltd" target="_blank" data-smartkarma-citation="entities:497:1" rel="noopener">Comfortdelgro Corp (CD SP)</a>  is the key beneficiary to the reopening of the Singapore economy, through the switching of work-from-home to work-in-office (higher ridership in the MRTs and buses that contributes to 60% of the company’s revenues), and also from the reopening of the restaurants and malls that increases mobility in the country. The low or non-existent community COVID-19 cases also help to boost the confidence in Comfort Delgro.</div>
<div></div>
<div>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/174/615/original/image_5285658631606463283499.png?1606463282" class="editor-image img-responsive" data-smartkarma-image-id="174615"></figure>
<div class="content-remarks">
<p>source: Capital IQ</p>
</div>
<p>The trade is to buy ComfortDelgro as it has less risk to the increase in pandemic and less exposure to the cross border travel unlike Singapore Airlines and SATS (whose valuations have run ahead despite the ongoing concern of the industry) that has most of their revenues exposed to the risk of the cross border travel.</p>
</div>

The vaccine announcement by Pfizer Inc (PFE US) and Moderna Inc (MRNA US), 

the laggard Singapore equities market all of a sudden leaped to joy and pushed travel-related names up, playing catch up with the rest of the world.


Singapore Airlines (SIA SP) and SATS Ltd (SATS SP) are the go-to stock for Singapore’s reopening air travel that started with the travel bubble with Hong Kong and other low-risk countries to follow. Comfortdelgro Corp (CD SP)  is the key beneficiary to the reopening of the Singapore economy, through the switching of work-from-home to work-in-office (higher ridership in the MRTs and buses that contributes to 60% of the company’s revenues), and also from the reopening of the restaurants and malls that increases mobility in the country. The low or non-existent community COVID-19 cases also help to boost the confidence in Comfort Delgro.




source: Capital IQ

The trade is to buy ComfortDelgro as it has less risk to the increase in pandemic and less exposure to the cross border travel unlike Singapore Airlines and SATS (whose valuations have run ahead despite the ongoing concern of the industry) that has most of their revenues exposed to the risk of the cross border travel.


2021 High Conviction: Singapore Travel Names in Bumpy Recovery

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)

China Healthcare Weekly (Dec.17)-The Most Important Policy in Next Three Years,Pacemaker VBP Results

This article analyzed the most important policy for China healthcare in the next three years - DRGs/DIP, its potential impact, the outlook of...

Xinyao (Criss) Wang

An Updated SPARS Pandemic Scenario Vs. COVID-19

This is an updated insight of the original report called the SPARS Pandemic Scenario vs COVID-19 which I first published in April 2021.

Douglas Kim

Sudeep Pharma: Building From Specialty Ingredients to Battery Materials

Sudeep Pharma reports strong FY26 revenue and PAT, with focus on specialty ingredients and growth levers for the future. Margin recovery and...

Sudarshan Bhandari

Biden COVID-19 Response Plan: Cold Chain Transportation and Logistics Stocks Benefit

Biden's COVID-19 response plan earmarks US$25 billion to vaccines, but with a twist. His emphasis is vaccine distribution, not development. That...

Kyle Rudden

2021 High Conviction: Singapore Travel Names in Bumpy Recovery

Long ComfortDelgro as it has less risk to the increase in pandemic unlike Singapore Airlines and SATS (whose valuations have run ahead despite the...

Henry Soediarko

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52-week Range

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China Healthcare Weekly (Dec.17)-The Most Important Policy in Next Three Years,Pacemaker VBP Results

This article analyzed the most important policy for China healthcare in the next three years - DRGs/DIP, its potential impact, the outlook of...

Xinyao (Criss) Wang

An Updated SPARS Pandemic Scenario Vs. COVID-19

This is an updated insight of the original report called the SPARS Pandemic Scenario vs COVID-19 which I first published in April 2021.

Douglas Kim

Sudeep Pharma: Building From Specialty Ingredients to Battery Materials

​Sudeep Pharma reports strong FY26 revenue and PAT, with focus on specialty ingredients and growth levers for the future. Margin recovery and...

Sudarshan Bhandari

Biden COVID-19 Response Plan: Cold Chain Transportation and Logistics Stocks Benefit

Biden's COVID-19 response plan earmarks US$25 billion to vaccines, but with a twist. His emphasis is vaccine distribution, not development. That...

Kyle Rudden

2021 High Conviction: Singapore Travel Names in Bumpy Recovery

Long ComfortDelgro as it has less risk to the increase in pandemic unlike Singapore Airlines and SATS (whose valuations have run ahead despite the...

Henry Soediarko

Sudeep Pharma reports strong FY26 revenue and PAT, with focus on specialty ingredients and growth levers for the future. Margin recovery and...