European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Since mid-July, spreads have not followed a clear pattern across the European liquid universe of ordinary and preferred shares (9 have tightened, 9 widened, 1 at same level).</li>
<li>Spreads could further widen in the short-term. Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, Schindler, SSAB Svenska Stal.</li>
<li>Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, VW, Grifols, Atlas Copco.</li>
</ul>


Since mid-July, spreads have not followed a clear pattern across the European liquid universe of ordinary and preferred shares (9 have tightened, 9 widened, 1 at same level).
Spreads could further widen in the short-term. Recommended trades long ordinary / short preferred shares: Fuchs, Henkel, Schindler, SSAB Svenska Stal.
Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, VW, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: August‘23 Report

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> reported record-high revenue and operating profit of KRW866 billion and KRW253 billion, up 33% and 49%, YoY, respectively in 2Q23, aided by contract signing spree.</li>
<li>With continued orders from the leading global pharmas, the company’s total cumulative CMO contracts reached to $11.3B in July, up 19% from $9.5B at the end of 2022.</li>
<li>Outlook for H2 is more positive with revenue from Plant 4 will be reflected from Q3. Two new biosimilars launch in the U.S. and EU will also add to revenue.</li>
</ul>



Samsung Biologics (207940 KS) reported record-high revenue and operating profit of KRW866 billion and KRW253 billion, up 33% and 49%, YoY, respectively in 2Q23, aided by contract signing spree.
With continued orders from the leading global pharmas, the company’s total cumulative CMO contracts reached to $11.3B in July, up 19% from $9.5B at the end of 2022.
Outlook for H2 is more positive with revenue from Plant 4 will be reflected from Q3. Two new biosimilars launch in the U.S. and EU will also add to revenue.


Samsung Biologics (207940 KS): Strong Momentum in 2Q23- Revenue Up 33%; Net Profit Jumps 22%

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sanofi" target="_blank" data-smartkarma-citation="entities:4564:1" rel="noopener">Sanofi (SAN FP)</a> earns more than 20% revenue from its key growth driver, Dupixent. With expanding indications, Dupixent is on track to record €10B revenue in 2023.</li>
<li>The company has added two new drugs in its portfolio this year. Since the beginning of 2023, Sanofi has reported five positive readouts for its pipeline.</li>
<li>Sanofi aims to reach €10B vaccine sales by 2030 from €7B in 2022, fueled by accelerated pace of innovation. The company plans to launch RSV vaccine for infants this winter.</li>
</ul>



Sanofi (SAN FP) earns more than 20% revenue from its key growth driver, Dupixent. With expanding indications, Dupixent is on track to record €10B revenue in 2023.
The company has added two new drugs in its portfolio this year. Since the beginning of 2023, Sanofi has reported five positive readouts for its pipeline.
Sanofi aims to reach €10B vaccine sales by 2030 from €7B in 2022, fueled by accelerated pace of innovation. The company plans to launch RSV vaccine for infants this winter.


Sanofi (SAN FP): It Is Not Just Only Dupixent; New Drugs and Vaccine Launches to Augment Growth

<ul>
<li>Since mid-May, spreads have generally tightened across our liquid universe (13 have tightened, 6 widened).</li>
<li>Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.</li>
<li>Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, VW, Grifols, Atlas Copco.</li>
</ul>


Since mid-May, spreads have generally tightened across our liquid universe (13 have tightened, 6 widened).
Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.
Recommended trades long preferred / short ordinary shares: Carlsberg, Media-for-Europe, Sixt, VW, Grifols, Atlas Copco.


Liquid Universe of European Ordinary and Preferred Shares: June‘23 Report

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>Back on the 25 May, healthcare company <strong><a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a></strong> <a href="https://news.medtronic.com/2023-05-25-Medtronic-to-acquire-wearable-insulin-patch-maker-EOFlow" target="_blank" rel="noopener">announced</a> it had entered into a set of definitive agreements to acquire <strong><a href="https://www.smartkarma.com/entities/eoflow-co-ltd" target="_blank" data-smartkarma-citation="entities:36100:1" rel="noopener">EOFlow (294090 KS)</a></strong>.</li>
<li>Via a three-step process - SPAs, issuance of new shares, and a Tender Offer - Medtronic will seek majority control, together with a view to delisting EOFlow.</li>
<li>Completion is expected in 4Q23. Regulatory approvals -  domestic and foreign - form part of the conditions. Trading wide to terms. </li>
</ul>


Back on the 25 May, healthcare company Medtronic Plc (MDT US) announced it had entered into a set of definitive agreements to acquire EOFlow (294090 KS).
Via a three-step process - SPAs, issuance of new shares, and a Tender Offer - Medtronic will seek majority control, together with a view to delisting EOFlow.
Completion is expected in 4Q23. Regulatory approvals -  domestic and foreign - form part of the conditions. Trading wide to terms. 


United States

Roche Holding AG develops and manufactures pharmaceutical and diagnostic products. The Company produces prescription drugs in the areas of cardiovascular, infectious, autoimmune, respiratory diseases, dermatology, metabolic disorders, oncology, transplantation, and the central nervous system. Roche Holding serves customers worldwide.

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Roche Holding (RO SE)

Liquid Universe of European Ordinary and Preferred Shares: August‘23 Report

Since mid-July, spreads have not followed a clear pattern across the European liquid universe of ordinary and preferred shares (9 have tightened, 9...

Jesus Rodriguez Aguilar

Samsung Biologics (207940 KS): Strong Momentum in 2Q23- Revenue Up 33%; Net Profit Jumps 22%

Samsung Biologics reported record-high revenue and operating profit in 2Q23, aided by contract signing spree. Outlook for H2 is positive with...

Tina Banerjee

Sanofi (SAN FP): It Is Not Just Only Dupixent; New Drugs and Vaccine Launches to Augment Growth

Dupixent is now the flagship drug of Sanofi, contributing ~23% of revenue. The company added two new drugs to its portfolio this year. Sanofi...

Tina Banerjee

Liquid Universe of European Ordinary and Preferred Shares: June‘23 Report

Since mid-May, spreads have generally tightened across our liquid universe (13 have tightened, 6 widened). Some spreads are relatively large, such...

Jesus Rodriguez Aguilar

Medtronic's Delisting Offer For EOFlow

EOFlow looks attractive at a gross/annualised spread of 6.2%/17.6%, assuming payment mid-October. To note, the tender offer price may still be...

David Blennerhassett

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