HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>As one of the few CXOs in the industry that has layout of the whole industry chain, Pharmaron carries many expectations. But it cannot compete with WuXi AppTec so far.</li>
<li>If Pharmaron could make breakthrough either in its CMC services (improving gross profit margin and scale) or the CGT services, the Company’s outlook and valuation logic would improve greatly.</li>
<li>The valuation of Pharmaron should be lower than WuXi AppTec and WuXi Biologics, but higher than Asymchem, Tigermed and Joinn. Considering the macro uncertainties, short-term trades are advised.</li>
</ul>


As one of the few CXOs in the industry that has layout of the whole industry chain, Pharmaron carries many expectations. But it cannot compete with WuXi AppTec so far.
If Pharmaron could make breakthrough either in its CMC services (improving gross profit margin and scale) or the CGT services, the Company’s outlook and valuation logic would improve greatly.
The valuation of Pharmaron should be lower than WuXi AppTec and WuXi Biologics, but higher than Asymchem, Tigermed and Joinn. Considering the macro uncertainties, short-term trades are advised.


Pharmaron Beijing Co Ltd (3759.HK/300759.CH) 2022/2021Q1 Results- Expectations Coexist with Concerns

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

Asymchem Laboratories Tianjin / Equity Capital Markets

Asymchem Laboratories Tianjin (002821 CH)

<ul>
<li>Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong.</li>
<li>AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. </li>
<li>In this note, we will talk about the subscription levels and trading dynamics.</li>
</ul>


Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong.
AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. 
In this note, we will talk about the subscription levels and trading dynamics.


Asymchem Labs A/H Trading - Moderate Demand and Upside

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asymchem-laboratories-tianjin-co-ltd" target="_blank" data-smartkarma-citation="entities:28265:1" rel="noopener">Asymchem Laboratories (002821 CH)</a> is a global contract development manufacturing organisation (CDMO). Asymchem has launched an H Share listing to raise net proceeds of $0.9 billion, at the mid-point price.</li>
<li>In <a href="https://www.smartkarma.com/insights/asymchem-laboratories-h-share-listing-on-demand-science" target="_blank" data-smartkarma-citation="insights:61561" rel="noopener">Asymchem Laboratories H Share Listing: On-Demand Science</a>, we noted that the forward indicators suggest that the near-term prospects remain solid. We concluded that Asymchem has robust fundamentals.  </li>
<li>Overall, the combination of a reasonable AH discount and relative valuation suggests the proposed H-share price range is attractive, in our view.</li>
</ul>



Asymchem Laboratories (002821 CH) is a global contract development manufacturing organisation (CDMO). Asymchem has launched an H Share listing to raise net proceeds of $0.9 billion, at the mid-point price.
In Asymchem Laboratories H Share Listing: On-Demand Science, we noted that the forward indicators suggest that the near-term prospects remain solid. We concluded that Asymchem has robust fundamentals.  
Overall, the combination of a reasonable AH discount and relative valuation suggests the proposed H-share price range is attractive, in our view.


Asymchem Laboratories H Share Listing: Valuation Insights

<ul>
<li>Asymchem Laboratories (AL) aims to raise up to US$968m in its H-share listing in Hong Kong.</li>
<li>AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. </li>
<li>In this note, we will talk about the recent updates and IPO pricing.</li>
</ul>


Asymchem Laboratories (AL) aims to raise up to US$968m in its H-share listing in Hong Kong.
AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. 
In this note, we will talk about the recent updates and IPO pricing.


Asymchem Labs A/​H Listing - Pricing Seems Adequate Despite the Share Price Run Up

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

Contemporary Amperex Technology (CATL) / Index Rebalance

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>There are 28 changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX)</a> at the upcoming rebalance that will be implemented at the close of trading on 10 December.</li>
<li>The inclusion of ChiNext stocks with 1 year of listing history (down from 3 years) and the inclusion of other large stocks results in a one-way turnover greater than 10%.</li>
<li>There are 10 trading days to implementation and we expect the inclusions to outperform the market. A long inclusion basket can be hedged with CSI300 index futures.</li>
</ul>


There are 28 changes for the Shanghai Shenzhen CSI 300 Index (SHSZ300 INDEX) at the upcoming rebalance that will be implemented at the close of trading on 10 December.
The inclusion of ChiNext stocks with 1 year of listing history (down from 3 years) and the inclusion of other large stocks results in a one-way turnover greater than 10%.
There are 10 trading days to implementation and we expect the inclusions to outperform the market. A long inclusion basket can be hedged with CSI300 index futures.


CSI300 Index Rebalance: Methodology Tweak Results in More Changes & Larger Turnover

China

Pharmaron Beijing Co., Ltd. engages in discovery, development, and manufacturing spectrum for small molecule drugs, cell therapies, and gene therapies as well as providing testing services for medical devices and clinic research. The Company offers laboratory, clinical development, chemistry manufactory and control, and other services. Pharmaron Beijing conducts businesses based in China.

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Pharmaron Beijing (300759 CH)

Pharmaron Beijing Co Ltd (3759.HK/300759.CH) 2022/2021Q1 Results- Expectations Coexist with Concerns

We analyzed Pharmaron's performance in 2021 & 2022Q1.Expectations coexist with concerns. Its outlook/valuation logic would improve greatly if it...

Xinyao (Criss) Wang

Asymchem Labs A/H Trading - Moderate Demand and Upside

Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong. In this note, we talk about the trading dynamics.

Sumeet Singh

CSI300 Index Rebalance: Methodology Tweak Results in More Changes & Larger Turnover

There are 28 changes to the CSI300 index at the Dec rebalance. A few large inclusions plus the expansion of the index universe pushes one-way...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pharmaron Beijing Co Ltd (3759.HK/300759.CH) 2022/2021Q1 Results- Expectations Coexist with Concerns

We analyzed Pharmaron's performance in 2021 & 2022Q1.Expectations coexist with concerns. Its outlook/valuation logic would improve greatly if it...

Xinyao (Criss) Wang

Asymchem Labs A/H Trading - Moderate Demand and Upside

Asymchem Laboratories raised around US$1.05bn in its H-share listing in Hong Kong. In this note, we talk about the trading dynamics.

Sumeet Singh

Asymchem Laboratories H Share Listing: Valuation Insights

The combination of a reasonable AH discount and relative valuation suggests the proposed H-share price range of HK$350-410 is attractive, in our view.

Arun George

Asymchem Labs A/​H Listing - Pricing Seems Adequate Despite the Share Price Run Up

Asymchem Laboratories (AL) aims to raise up to US$968m in its H-share listing in Hong Kong. In this note, we will talk about the IPO pricing.

Sumeet Singh

CSI300 Index Rebalance: Methodology Tweak Results in More Changes & Larger Turnover

There are 28 changes to the CSI300 index at the Dec rebalance. A few large inclusions plus the expansion of the index universe pushes one-way...

Brian Freitas

Asymchem Labs A/H Listing - Pricing Seems Adequate Despite the Share Price Run Up