Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<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> signed a contract manufacturing agreement worth KRW1.7T ($1.2B) with an Asian pharmaceutical company. <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> has announced KRW100B ($72M) share buyback, starting October 28.</li>
<li>
<a href="https://www.smartkarma.com/entities/astellas-pharma-inc" target="_blank" data-smartkarma-citation="entities:6091:1" rel="noopener">Astellas Pharma (4503 JP)</a> received FDA approval for Vyloy for gastric cancer. <a href="https://www.smartkarma.com/entities/shionogi-co-ltd" target="_blank" data-smartkarma-citation="entities:19535:1" rel="noopener">Shionogi &amp; Co (4507 JP)</a> received FDA Fast Track designation for its RSV drug candidate, S-337395.</li>
<li>
<a href="https://www.smartkarma.com/entities/zai-lab-ltd-94df40cf-c15e-462f-b3de-8d2d434ae935" target="_blank" data-smartkarma-citation="entities:36261:1" rel="noopener">Zai Lab (9688 HK)</a> announced positive topline data from global Phase 1a/1b study of ZL-1310 in small cell lung cancer. <a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> sheds Genscript Biotech as its majority shareholder.</li>
</ul>



Samsung Biologics (207940 KS) signed a contract manufacturing agreement worth KRW1.7T ($1.2B) with an Asian pharmaceutical company. Celltrion Inc (068270 KS) has announced KRW100B ($72M) share buyback, starting October 28.

Astellas Pharma (4503 JP) received FDA approval for Vyloy for gastric cancer. Shionogi &amp; Co (4507 JP) received FDA Fast Track designation for its RSV drug candidate, S-337395.

Zai Lab (9688 HK) announced positive topline data from global Phase 1a/1b study of ZL-1310 in small cell lung cancer. Legend Biotech Corp (LEGN US) sheds Genscript Biotech as its majority shareholder.


APAC Healthcare Weekly (Oct 27)- Samsung Biologics, Celltrion, Astellas, Otsuka, Legend, and Zai Lab

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/varex-imaging-corp" target="_blank" data-smartkarma-citation="entities:28738:1" rel="noopener">Varex Imaging Corp (VREX US)</a> reported 10% YoY drop in revenue and a squeeze in profits as well in Q3FY24, driven by weakness in Medical segment business.</li>
<li>China market softness continues to drag the operating performance of the company. The woes faced in China does not appear to subside quickly in the near foreseeable future.</li>
<li>The company has guided for Q4FY24 sales and EPS in the range of $190-210M and $0.00-0.15, respectively, representing significant drop from year-ago quarter.</li>
</ul>



Varex Imaging Corp (VREX US) reported 10% YoY drop in revenue and a squeeze in profits as well in Q3FY24, driven by weakness in Medical segment business.
China market softness continues to drag the operating performance of the company. The woes faced in China does not appear to subside quickly in the near foreseeable future.
The company has guided for Q4FY24 sales and EPS in the range of $190-210M and $0.00-0.15, respectively, representing significant drop from year-ago quarter.


Varex Imaging Corp (VREX US): No Near-Term Respite Visible From China Headwinds

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Shanghai United Imaging Health / Equity Bottom-Up

<ul><li>United Imaging reported 1H24 revenue of RMB5,333mn, up by 1.2% YoY. Attributable net profit increased by 1.3% YoY to RMB950mn.</li><li>Despite facing a challenging domestic market environment characterized by stringent industry regulations and delays in equipment renewal projects, United Imaging delivered resilient performance thanks to the rapid growth of overseas business and maintenance services.</li><li>The rising revenue contribution from mid-to-high-end products and services drove the company's gross margin up by 1.7ppts YoY to 50.4% in 1H24. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

United Imaging reported 1H24 revenue of RMB5,333mn, up by 1.2% YoY. Attributable net profit increased by 1.3% YoY to RMB950mn.Despite facing a challenging domestic market environment characterized by stringent industry regulations and delays in equipment renewal projects, United Imaging delivered resilient performance thanks to the rapid growth of overseas business and maintenance services.The rising revenue contribution from mid-to-high-end products and services drove the company's gross margin up by 1.7ppts YoY to 50.4% in 1H24. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

United Imaging (688271 CH) - Resilient 1H24 Performance Amid Market Headwinds

Global Healthcare Strategist

Vincy Ip

<ul>
<li>Brain disorders, including various neurological and mental diseases, are the hidden danger with the largest social burden among all diseases. </li>
<li>With strong government support across the globe and accelerating private financing, we identify four key areas of investment opportunities in brain science, including neurotherapeutics, neurodiagnostics, neurosurgery, and brain-computer interface (BCI).</li>
<li>Even though the concept of BCI looks promising, its scalability, application, and monetisation potential remain uncertain in the near term and hence the invesmtent risks would be high. </li>
</ul>


Brain disorders, including various neurological and mental diseases, are the hidden danger with the largest social burden among all diseases. 
With strong government support across the globe and accelerating private financing, we identify four key areas of investment opportunities in brain science, including neurotherapeutics, neurodiagnostics, neurosurgery, and brain-computer interface (BCI).
Even though the concept of BCI looks promising, its scalability, application, and monetisation potential remain uncertain in the near term and hence the invesmtent risks would be high. 


Brain Science - An Opportunity or a Trap?

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

Jiangxi Rimag Group / Equity Capital Markets

<ul>
<li>Jiangxi Rimag Group, a China-based medical imaging center operator and provider of Rimag cloud services, set terms for an IPO and plans to raise ~HK$280M (~$36M) in Hong Kong.</li>
<li>The IPO is expected to be between HK$14.60 and HK$16.80. At the midpoint of the range, Jiangxi Rimag will have a market value of ~HK$5.6B based on 356.3M outstanding shares.</li>
<li>CITIC Securities is leading the offering. CMB International and Huatai International act as joint global coordinators, joint bookrunners and joint lead managers.</li>
</ul>


Jiangxi Rimag Group, a China-based medical imaging center operator and provider of Rimag cloud services, set terms for an IPO and plans to raise ~HK$280M (~$36M) in Hong Kong.
The IPO is expected to be between HK$14.60 and HK$16.80. At the midpoint of the range, Jiangxi Rimag will have a market value of ~HK$5.6B based on 356.3M outstanding shares.
CITIC Securities is leading the offering. CMB International and Huatai International act as joint global coordinators, joint bookrunners and joint lead managers.


Jiangxi Rimag IPO (2522.HK): Global Offering and Valuation Update

China

Shanghai United Imaging Healthcare Co., Ltd. develops, manufactures, and distributes medical imaging systems and equipment. The Company produces computed tomography scanners, mobile medical devices, molecular imaging instruments, magnetic resonance equipment, and others. Shanghai United Imaging Healthcare also offers equipment leasing services.

Shanghai United Imaging Health (688271 CH)

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Shanghai United Imaging Health (688271 CH)

APAC Healthcare Weekly (Oct 27)- Samsung Biologics, Celltrion, Astellas, Otsuka, Legend, and Zai Lab

Samsung Biologics secures largest ever contract, Celltrion announced KRW100B buyback, Astellas Pharma got label expansion approval for Vyloy,...

Tina Banerjee

Varex Imaging Corp (VREX US): No Near-Term Respite Visible From China Headwinds

Varex Imaging reports 10% YoY revenue drop in Q3FY24 due to China market softness, which is expected to continue in near-term. Q4FY24 guidance...

Tina Banerjee

United Imaging (688271 CH) - Resilient 1H24 Performance Amid Market Headwinds

United Imaging reported 1H24 revenue of RMB5,333mn, up by 1.2% YoY. Attributable net profit increased by 1.3% YoY to RMB950mn.

CMB International

Brain Science - An Opportunity or a Trap?

We identify four key areas of investment opportunities in brain science, including neurotherapeutics, neurodiagnostics, neurosurgery, and brain...

Vincy Ip

Jiangxi Rimag IPO (2522.HK): Global Offering and Valuation Update

I believe that Jiangxi Rimag is the best pure-play way to invest in a third-party medical imaging center market in Mainland China. The company is...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (Oct 27)- Samsung Biologics, Celltrion, Astellas, Otsuka, Legend, and Zai Lab

Samsung Biologics secures largest ever contract, Celltrion announced KRW100B buyback, Astellas Pharma got label expansion approval for Vyloy,...

Tina Banerjee

Varex Imaging Corp (VREX US): No Near-Term Respite Visible From China Headwinds

​Varex Imaging reports 10% YoY revenue drop in Q3FY24 due to China market softness, which is expected to continue in near-term. Q4FY24 guidance...

Tina Banerjee

United Imaging (688271 CH) - Resilient 1H24 Performance Amid Market Headwinds

United Imaging reported 1H24 revenue of RMB5,333mn, up by 1.2% YoY. Attributable net profit increased by 1.3% YoY to RMB950mn.

CMB International

Brain Science - An Opportunity or a Trap?

We identify four key areas of investment opportunities in brain science, including neurotherapeutics, neurodiagnostics, neurosurgery, and brain...

Vincy Ip

Jiangxi Rimag IPO (2522.HK): Global Offering and Valuation Update

I believe that Jiangxi Rimag is the best pure-play way to invest in a third-party medical imaging center market in Mainland China. The company is...

Andrei Zakharov

Varex Imaging reports 10% YoY revenue drop in Q3FY24 due to China market softness, which is expected to continue in near-term. Q4FY24 guidance...