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

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 (up from 5700-5785) and $119-$121.</li>
<li>$128, $125-$126, and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 (up from 5700-5785) and $119-$121.
$128, $125-$126, and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Sino Biopharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sino-biopharmaceutical" target="_blank" data-smartkarma-citation="entities:230:1" rel="noopener">Sino Biopharmaceutical (1177 HK)</a> is acquiring the balance 95% equity interests in LaNova Medicines for net consideration of $500M to be funded by internal resources and bank borrowings.</li>
<li>With focus on oncology and differentiated capability spanning monoclonal antibodies, bispecific antibody, and ADC drug, LaNova is a strategic fit for Sino Biopharma.</li>
<li>The acquisition will enhance Sino Biopharma’s reputation and image in the global pharmaceutical industry, and promote the conclusion of potential international transactions in the future.</li>
</ul>



Sino Biopharmaceutical (1177 HK) is acquiring the balance 95% equity interests in LaNova Medicines for net consideration of $500M to be funded by internal resources and bank borrowings.
With focus on oncology and differentiated capability spanning monoclonal antibodies, bispecific antibody, and ADC drug, LaNova is a strategic fit for Sino Biopharma.
The acquisition will enhance Sino Biopharma’s reputation and image in the global pharmaceutical industry, and promote the conclusion of potential international transactions in the future.


Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

Thematic (Sector/Industry)

<ul>
<li>Chugai Pharmaceutical enters inlicensing agreement with Gero to develop novel therapies for age-related diseases. JCR Pharmaceuticals stuck outlicening deal with Alexion for its proprietary JUST-AAV capsids to develop genomic medicines.</li>
<li>Cochlear got FDA approval for new product, which will be launched in 1Q26. CStone Pharmaceuticals entered exclusive partnership with Istituto Gentili to commercialize sugemalimab across Western Europe and UK.</li>
<li>Glenmark signed exclusive licensing agreement with AbbVie for their oncology drug candidate ISB 2001. Lupin entered license and supply agreement for commercialization of its biosimilar Certolizumab Pegol in global markets.</li>
</ul>


Chugai Pharmaceutical enters inlicensing agreement with Gero to develop novel therapies for age-related diseases. JCR Pharmaceuticals stuck outlicening deal with Alexion for its proprietary JUST-AAV capsids to develop genomic medicines.
Cochlear got FDA approval for new product, which will be launched in 1Q26. CStone Pharmaceuticals entered exclusive partnership with Istituto Gentili to commercialize sugemalimab across Western Europe and UK.
Glenmark signed exclusive licensing agreement with AbbVie for their oncology drug candidate ISB 2001. Lupin entered license and supply agreement for commercialization of its biosimilar Certolizumab Pegol in global markets.


APAC Healthcare Weekly (July 13) – Chugai, JCR, Cochlear, CStone, Celltrion, Glenmark, Lupin

<ul>
<li>Shionogi applied for indication expansion of its oral COVID-19 drug for pediatric patients. Simcere Pharmaceutical received approval of Enzeshu for the treatment of ovarian cancer in China.</li>
<li>WuXi XDC has completed its manufacturing site in Singapore. The site to commence operation this year. Sino Biopharma got marketing approval in China for its inhouse congenital hemophilia drug Anqixin.</li>
<li>Apollo Hospitals is demerging its omni-channel pharmacy and digital health business. Torrent Pharmaceuticals is acquiring controlling stake in J. B. Chemicals at an equity valuation of INR 257B.</li>
</ul>


Shionogi applied for indication expansion of its oral COVID-19 drug for pediatric patients. Simcere Pharmaceutical received approval of Enzeshu for the treatment of ovarian cancer in China.
WuXi XDC has completed its manufacturing site in Singapore. The site to commence operation this year. Sino Biopharma got marketing approval in China for its inhouse congenital hemophilia drug Anqixin.
Apollo Hospitals is demerging its omni-channel pharmacy and digital health business. Torrent Pharmaceuticals is acquiring controlling stake in J. B. Chemicals at an equity valuation of INR 257B.


APAC Healthcare Weekly (July 6)- Shionogi, Simcere, Wuxi XDC, Sino Bio, Apollo Hosp, Torrent Pharma

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.

Event-Driven

Yichang HEC Changjiang Pharma / Event-Driven

<ul>
<li>The precondition for Sunshine Lake Pharma's privatisation of HEC Pharma was satisfied on 27 June. The offer is 0.263614 new offeror H Share per HEC share and HK$1.50 special dividend.</li>
<li>The vote on 21 July is low-risk as no independent H Shareholder comes close to the blocking stake, which is 4.61% of the outstanding shares (6.20% of H Shares).</li>
<li>The appraised value is HK$19.36, but this is a finger-in-the-sky valuation as it marginally increased from HK$19.30 despite the offeror’s weak 2024 results and limited progress on commercialising its pipeline.</li>
</ul>


The precondition for Sunshine Lake Pharma's privatisation of HEC Pharma was satisfied on 27 June. The offer is 0.263614 new offeror H Share per HEC share and HK$1.50 special dividend.
The vote on 21 July is low-risk as no independent H Shareholder comes close to the blocking stake, which is 4.61% of the outstanding shares (6.20% of H Shares).
The appraised value is HK$19.36, but this is a finger-in-the-sky valuation as it marginally increased from HK$19.30 despite the offeror’s weak 2024 results and limited progress on commercialising its pipeline.


HEC ChangJiang Pharma (1558 HK): Finally a Vote, but the Offer Value Is Wrapped in Uncertainty

China

Simcere Pharmaceutical Group manufactures and supplies branded generic pharmaceuticals to the China market. The Company's products include antibiotics, anti-cancer medications and anti-stroke medications.

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Simcere Pharmaceutical Group (2096 HK)

Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

Continue Adding Exposure to China; $ACWI Short-Term Supports for this pullback: $128, $125-$126, and $123-$123.50. Pullbacks = buy opportunities,...

Vermilion Research

Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

Sino Biopharmaceutical is acquiring China-based clinical-stage biopharma company LaNova Medicines for $500M, enhancing its oncology capabilities...

Tina Banerjee

APAC Healthcare Weekly (July 13) – Chugai, JCR, Cochlear, CStone, Celltrion, Glenmark, Lupin

Chugai entered inlicensing agreement. JCR Pharma and Glenmark stuck outlicensing deal. Cochlear got new product approval. CStone and Lupin found...

Tina Banerjee

APAC Healthcare Weekly (July 6)- Shionogi, Simcere, Wuxi XDC, Sino Bio, Apollo Hosp, Torrent Pharma

Simcere, CSPC, and Sino Bio got approvals for their new drugs in China. Apollo Hospital announced a demerger. Torrent is acquiring controlling...

Tina Banerjee

HEC ChangJiang Pharma (1558 HK): Finally a Vote, but the Offer Value Is Wrapped in Uncertainty

The vote is low-risk. However, the appraised value is a finger-in-the-sky valuation, and perplexingly, marginally increased despite the offeror's...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

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Continue Adding Exposure to China; Short-Term Supports to for This ACWI-US Pullback

Continue Adding Exposure to China; $ACWI Short-Term Supports for this pullback: $128, $125-$126, and $123-$123.50. Pullbacks = buy opportunities,...

Vermilion Research

Sino Biopharmaceutical (1177 HK): Acquisition To Enrich Pipeline and Enhance International Influence

​Sino Biopharmaceutical is acquiring China-based clinical-stage biopharma company LaNova Medicines for $500M, enhancing its oncology capabilities...

Tina Banerjee

APAC Healthcare Weekly (July 13) – Chugai, JCR, Cochlear, CStone, Celltrion, Glenmark, Lupin

Chugai entered inlicensing agreement. JCR Pharma and Glenmark stuck outlicensing deal. Cochlear got new product approval. CStone and Lupin found...

Tina Banerjee

APAC Healthcare Weekly (July 6)- Shionogi, Simcere, Wuxi XDC, Sino Bio, Apollo Hosp, Torrent Pharma

Simcere, CSPC, and Sino Bio got approvals for their new drugs in China. Apollo Hospital announced a demerger. Torrent is acquiring controlling...

Tina Banerjee

HEC ChangJiang Pharma (1558 HK): Finally a Vote, but the Offer Value Is Wrapped in Uncertainty

The vote is low-risk. However, the appraised value is a finger-in-the-sky valuation, and perplexingly, marginally increased despite the offeror's...

Arun George

Sino Biopharmaceutical is acquiring China-based clinical-stage biopharma company LaNova Medicines for $500M, enhancing its oncology capabilities...