Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-junshi-biosciences-co-838d3eb3-3e0d-45f0-a9c5-ab0764709221" target="_blank" data-smartkarma-citation="entities:27760:1" rel="noopener">Shanghai Junshi Biosciences (1877 HK)</a> reported 60% revenue growth for toripalimab during 9M24 in China. All 10 indications of the drug are now included in China’s NRDL.</li>
<li>Partner launched toripalimab in U.S. in January 2024 and reported ~$19M revenue for the full-year. The drug is estimated to have U.S. market opportunity of $200M for the approved indication.</li>
<li>Geopolitical tension remains a major overhang and may continue to be a concern for toripalimab’s further indication expansion approvals in the U.S.</li>
</ul>



Shanghai Junshi Biosciences (1877 HK) reported 60% revenue growth for toripalimab during 9M24 in China. All 10 indications of the drug are now included in China’s NRDL.
Partner launched toripalimab in U.S. in January 2024 and reported ~$19M revenue for the full-year. The drug is estimated to have U.S. market opportunity of $200M for the approved indication.
Geopolitical tension remains a major overhang and may continue to be a concern for toripalimab’s further indication expansion approvals in the U.S.


Shanghai Junshi Bioscience (1877 HK): Key Drug on High Trajectory; Geopolitical Tension Spoils Party

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Event-Driven

Ping An Healthcare and Technology / Event-Driven

Ping An Healthcare and Technology (1833 HK)

<ul>
<li>Increasing revenue without increasing profits is “a big denial” of a company's business model. Unless Zai Lab significantly reduces costs and maintains revenue high growth, its investment value is low.</li>
<li>Junshi's 2024 revenue is likely to return to over RMB1.5 billion due to market share expansion in PD-1. Strict cost control will be the main theme for the future.</li>
<li>If PAGD’s share price is higher than HK$6.12, there would be arbitrage opportunity. If Ping An hopes other shareholders to choose cash dividend, future stock price may fall below HK$6.12.</li>
</ul>


Increasing revenue without increasing profits is “a big denial” of a company's business model. Unless Zai Lab significantly reduces costs and maintains revenue high growth, its investment value is low.
Junshi's 2024 revenue is likely to return to over RMB1.5 billion due to market share expansion in PD-1. Strict cost control will be the main theme for the future.
If PAGD’s share price is higher than HK$6.12, there would be arbitrage opportunity. If Ping An hopes other shareholders to choose cash dividend, future stock price may fall below HK$6.12.


China Healthcare Weekly (Dec.22) - Zai Lab, Junshi, How to Choose PA Good Doctor's Special Dividend?

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyse the changes of A-H premium on 148 stocks over the last week. The average A-H premium was 95.2% as of Oct 11th.</li>
<li>The average A-H premium changed by -13.0ppt week-on-week, led by consumer staples, consumer discretionary, financials.</li>
<li>We highlight weekly changes in A-H premium for BYD, SMIC, TSINGTAO, Guotai Junan Securities, HAITONG, CanSino, Junshi Biosciences, FLAT Group, China Tourism.</li>
</ul>


We analyse the changes of A-H premium on 148 stocks over the last week. The average A-H premium was 95.2% as of Oct 11th.
The average A-H premium changed by -13.0ppt week-on-week, led by consumer staples, consumer discretionary, financials.
We highlight weekly changes in A-H premium for BYD, SMIC, TSINGTAO, Guotai Junan Securities, HAITONG, CanSino, Junshi Biosciences, FLAT Group, China Tourism.


A-H Premium Weekly (Oct 11th):BYD, SMIC, TSINGTAO, Guotai Junan Securities, HAITONG, CanSino

<ul>
<li>We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 109.4% as of Aug 30th.</li>
<li>The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, consumer discretionary and offset by consumer staples, industrials.</li>
<li>We highlight weekly changes in A-H premium for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery, Huaneng Power, PICC Group.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 109.4% as of Aug 30th.
The average A-H premium changed by 0.3ppt week-on-week, led by real estate, information technology, consumer discretionary and offset by consumer staples, industrials.
We highlight weekly changes in A-H premium for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery, Huaneng Power, PICC Group.


A-H Premium Weekly (Aug 30th):China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery

<ul>
<li>We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 109.3% as of Aug 23rd.</li>
<li>The average A-H premium changed by -2.6ppt week-on-week, led by consumer staples, information technology, real estate.</li>
<li>We highlight weekly changes in A-H premium for Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi, Ganfeng Lithium.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 109.3% as of Aug 23rd.
The average A-H premium changed by -2.6ppt week-on-week, led by consumer staples, information technology, real estate.
We highlight weekly changes in A-H premium for Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi, Ganfeng Lithium.


A-H Premium Weekly (Aug 23rd):Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi

China

Shanghai Junshi Biosciences Co., Ltd. operates as a biopharmaceutical company. The Company develops and sells small molecule drugs, antibody drug conjugates, and other products. Shanghai Junshi Biosciences markets its products worldwide.

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Shanghai Junshi Biosciences (688180 CH)

Shanghai Junshi Bioscience (1877 HK): Key Drug on High Trajectory; Geopolitical Tension Spoils Party

Shanghai Junshi Biosciences sees strong revenue growth for toripalimab in China. While US launch of the drug was in-line, geopolitical tensions...

Tina Banerjee

China Healthcare Weekly (Dec.22) - Zai Lab, Junshi, How to Choose PA Good Doctor's Special Dividend?

Increasing revenue without increasing profits is a big denial of Zai Lab's business model. Junshi will rebound with strict cost control.There's...

Xinyao (Criss) Wang

A-H Premium Weekly (Oct 11th):BYD, SMIC, TSINGTAO, Guotai Junan Securities, HAITONG, CanSino

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BYD, SMIC, TSINGTAO, Guotai Junan Securities, HAITONG,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 30th):China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 23rd):Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Shanghai Junshi Bioscience (1877 HK): Key Drug on High Trajectory; Geopolitical Tension Spoils Party

​Shanghai Junshi Biosciences sees strong revenue growth for toripalimab in China. While US launch of the drug was in-line, geopolitical tensions...

Tina Banerjee

China Healthcare Weekly (Dec.22) - Zai Lab, Junshi, How to Choose PA Good Doctor's Special Dividend?

Increasing revenue without increasing profits is a big denial of Zai Lab's business model. Junshi will rebound with strict cost control.There's...

Xinyao (Criss) Wang

A-H Premium Weekly (Oct 11th):BYD, SMIC, TSINGTAO, Guotai Junan Securities, HAITONG, CanSino

We analyzed A-H premium changes in the past week and highlight A-H premium changes for BYD, SMIC, TSINGTAO, Guotai Junan Securities, HAITONG,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 30th):China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery

We analyzed A-H premium changes in the past week and highlight A-H premium changes for China Tourism, Shanghai Pharma, GAC Group, Tsingtao Brewery,...

Ke Yan, CFA, FRM

A-H Premium Weekly (Aug 23rd):Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Huaneng Power, Goldwind, RemeGen, CanSinoBIO, Hua Hong Semi,...

Ke Yan, CFA, FRM

Shanghai Junshi Biosciences sees strong revenue growth for toripalimab in China. While US launch of the drug was in-line, geopolitical tensions...