Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> recorded 5% YoY growth in core vaccine revenue to KRW17B in 1Q23, mainly driven by shingles vaccine, SKY Zoster due to its continued market leadership.</li>
<li>In May 2023, SK Bioscience received marketing authorization of its COVID-19 vaccine, SKYCovion from the UK MHRA. SKYCovion became the eighth COVID-19 vaccine approved in the UK.</li>
<li>SK Bioscience targets revenue of KRW220 billion by 2024 mainly through global expansion of existing in-house vaccines and expanding its contract manufacturing business.</li>
</ul>



SK Bioscience (302440 KS) recorded 5% YoY growth in core vaccine revenue to KRW17B in 1Q23, mainly driven by shingles vaccine, SKY Zoster due to its continued market leadership.
In May 2023, SK Bioscience received marketing authorization of its COVID-19 vaccine, SKYCovion from the UK MHRA. SKYCovion became the eighth COVID-19 vaccine approved in the UK.
SK Bioscience targets revenue of KRW220 billion by 2024 mainly through global expansion of existing in-house vaccines and expanding its contract manufacturing business.


SK Bioscience (302440 KS): Core Vaccines Gaining Traction; COVID Vaccine Gets International Approval

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>  raised around US$527m in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.</li>
</ul>



Mankind Pharma  raised around US$527m in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.


Mankind Pharma IPO Trading - Strong Insti Demand Makes up for Retail Lag

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> (MP) is looking to raise up to US$527m in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products</li>
<li>We have looked at various aspects of the deal in our earlier notes. In this note, we talk about the implied valuations.</li>
</ul>



Mankind Pharma (MP) is looking to raise up to US$527m in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products
We have looked at various aspects of the deal in our earlier notes. In this note, we talk about the implied valuations.


Mankind Pharma IPO - Quality Name but Might Not Have a Whole Lot of Upside

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lianbio" target="_blank" data-smartkarma-citation="entities:34478:1" rel="noopener">LianBio (LIAN US)</a> is expected to report pivotal data from late-stage trials of its drug candidates as well as file for marketing approval for mavacamten in China in 2023.</li>
<li>Lead candidate mavacamten has potential blockbuster opportunity in China. LianBio has entered into commercialization agreement with Pfizer for sisunatovir in Mainland China, Hong Kong, Macau, and Singapore.</li>
<li>With current cash position sufficient to fund operations through the end of 2024, LianBio is well positioned to become a commercial-stage company.</li>
</ul>



LianBio (LIAN US) is expected to report pivotal data from late-stage trials of its drug candidates as well as file for marketing approval for mavacamten in China in 2023.
Lead candidate mavacamten has potential blockbuster opportunity in China. LianBio has entered into commercialization agreement with Pfizer for sisunatovir in Mainland China, Hong Kong, Macau, and Singapore.
With current cash position sufficient to fund operations through the end of 2024, LianBio is well positioned to become a commercial-stage company.


LianBio (LIAN US): 2023 Is Going to Be Data Heavy; Current Cash Runway Raises Commercialization Hope

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>The MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), EAFE (EFA-US), and EM (EEM-US) are all reversing topside their 2-month downtrends.</li>
<li>Despite this being a bullish short-term development, we still expect $93 to cap upside on the ACWI-US, leaving about 4-5% upside from here (at time of writing)</li>
<li>As a result, we would use any further strength as an opportunity to get more defensive. Actionable Themes: REA-AU, GFL-CA, GFL-US, Consumer Staples, Health Care, and Gold Miners</li>
</ul>


The MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), EAFE (EFA-US), and EM (EEM-US) are all reversing topside their 2-month downtrends.
Despite this being a bullish short-term development, we still expect $93 to cap upside on the ACWI-US, leaving about 4-5% upside from here (at time of writing)
As a result, we would use any further strength as an opportunity to get more defensive. Actionable Themes: REA-AU, GFL-CA, GFL-US, Consumer Staples, Health Care, and Gold Miners


Shift To Defensives as $ACWI Makes Push for $93; Remain Overweight Europe; Opptys in China/HK, Japan

United States

Sanofi is a global pharmaceutical company that researches, develops and manufactures prescription pharmaceuticals and vaccines.  The Company develops cardiovascular, thrombosis, metabolic disorder, central nervous system, internal medicine and oncology drugs, and vaccines.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sanofi ADR (SNY US)

SK Bioscience (302440 KS): Core Vaccines Gaining Traction; COVID Vaccine Gets International Approval

SK Bioscience recorded 5% YoY growth in core vaccine revenue in 1Q23, driven by shingles vaccine, SKY Zoster. Last month, the company received...

Tina Banerjee

Mankind Pharma IPO Trading - Strong Insti Demand Makes up for Retail Lag

Mankind Pharma raised around US$527m in its upcoming India IPO. In this note, we talk about the demand updates and the trading dynamics.

Sumeet Singh

Mankind Pharma IPO - Quality Name but Might Not Have a Whole Lot of Upside

Mankind Pharma (MP) is looking to raise up to US$527m in its upcoming India IPO. In this note, we talk about the implied valuations.

Sumeet Singh

LianBio (LIAN US): 2023 Is Going to Be Data Heavy; Current Cash Runway Raises Commercialization Hope

This year, LianBio expects to report late-stage trial data, initiate clinical trials, and file marketing approval for lead drug candidate in China....

Tina Banerjee

Shift To Defensives as $ACWI Makes Push for $93; Remain Overweight Europe; Opptys in China/HK, Japan

$ACWI, $ACWX, $EFA, and $EEM all reversing topside their 2-month downtrends. Despite this bullish short-term development, we still expect $93 to...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)