Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Thematic (Sector/Industry)

In this presentation, we present a series of data visualisations to back up 10 bold predictions we expect to play out in China over the next 10 years.Our predictions are based on three basic assumptions:<ol><li>Demographic: China is aging and its workforce is shrinking.</li><li>Economic: China will rebalance.</li><li>Political: Beijing values stability and control above all else.</li></ol>Analyst: Daniel Rohr, CFA

In this presentation, we present a series of data visualisations to back up 10 bold predictions we expect to play out in China over the next 10 years.Our predictions are based on three basic assumptions:Demographic: China is aging and its workforce is shrinking.Economic: China will rebalance.Political: Beijing values stability and control above all else.Analyst: Daniel Rohr, CFA

Outlook for China:10 Predictions for the Next 10 Years

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Bloomberg has published a story (that others have cited) that WuXi Pharmatech has picked bankers for an HK listing of its biologics manufacturing subsidiary later this year. The offering reportedly would value the business at US$1.5 billion, which approximates its implied value when the company listed a minority stake on the NEEQ last year <a href="https://www.smartkarma.com/insights/wuxi-pharmatech-how-to-argue-for-a-few-dollars-more" target="_blank" data-smartkarma-citation="insights:1061">WuXi PharmaTech: How to Argue for a Few Dollars More</a> .We have two conclusions for people interested in this name:<ol><li>Keep a copy of the above-referenced Insight…</li></ol>

Bloomberg has published a story (that others have cited) that WuXi Pharmatech has picked bankers for an HK listing of its biologics manufacturing subsidiary later this year. The offering reportedly would value the business at US$1.5 billion, which approximates its implied value when the company listed a minority stake on the NEEQ last year WuXi PharmaTech: How to Argue for a Few Dollars More .We have two conclusions for people interested in this name:Keep a copy of the above-referenced Insight…

Coming to the HKEX Soon....................

The decline in equity markets has created opportunities to buy a variety of healthcare stocks at attractive valuations. Insider purchases have increased significantly recently. In addition, some margin calls involving controlling shareholders highlight the degree of dislocation and opportunity in the market. Names we find particularly intriguing are China TCM (570 HK), UMP Healthcare (722 HK), and Modern Dental Group (3600 HK).

The decline in equity markets has created opportunities to buy a variety of healthcare stocks at attractive valuations. Insider purchases have increased significantly recently. In addition, some margin calls involving controlling shareholders highlight the degree of dislocation and opportunity in the market. Names we find particularly intriguing are China TCM (570 HK), UMP Healthcare (722 HK), and Modern Dental Group (3600 HK). 

China Nepstar's Chairman and his China Neptunus Drugstore Holding Ltd. (54% owner) has offered $2.60/ADS to take the company private (announcement attached). In addition, he has purchased the 25% stake held by private equity firm Capital Eagle Global Limited, giving him nearly 80% of the stock. The shareholder register has a limited amount of institutional investors, so we doubt that a higher offer will surface. The timing of the offer and its relatively small size (US$51 million to buy out the remaining minorities) lead us to conclude that the deal is likely to go through despite the current turmoil in China's stock markets.

China Nepstar's Chairman and his China Neptunus Drugstore Holding Ltd. (54% owner) has offered $2.60/ADS to take the company private (announcement attached). In addition, he has purchased the 25% stake held by private equity firm Capital Eagle Global Limited, giving him nearly 80% of the stock. The shareholder register has a limited amount of institutional investors, so we doubt that a higher offer will surface. The timing of the offer and its relatively small size (US$51 million to buy out the remaining minorities) lead us to conclude that the deal is likely to go through despite the current turmoil in China's stock markets.

Who's Optimistic About Pharmacy's Future in China? China Nepstar's Controlling Shareholder

The stellar performance of China&rsquo;s stock markets over the past twelve months (Shanghai +121%, Shenzhen +161%, and Hong Kong +17%) has led to a sharp uptick in going private transactions involving Chinese ADRs. The wide disparities in valuations between these markets (Shanghai average P/E of 25x; Shenzhen average P/E of 75x) and the US (S&amp;P 500 P/E of 19x) along with the successful re-listings of Luye Pharma (formerly in Singapore) and 3SBio (formerly in the US) in Hong Kong have emboldened the Chairmen/CEOs of other US-listed Chinese companies to engage in what some have called &ldquo;exchange arbitrage.&rdquo;We have commented on the pending WuXi PharmaTech and Mindray deals previously. This Insight discusses the hurdles that special committees face in working on behalf of minority shareholders.&nbsp;

The stellar performance of China&rsquo;s stock markets over the past twelve months (Shanghai +121%, Shenzhen +161%, and Hong Kong +17%) has led to a sharp uptick in going private transactions involving Chinese ADRs. The wide disparities in valuations between these markets (Shanghai average P/E of 25x; Shenzhen average P/E of 75x) and the US (S&amp;P 500 P/E of 19x) along with the successful re-listings of Luye Pharma (formerly in Singapore) and 3SBio (formerly in the US) in Hong Kong have emboldened the Chairmen/CEOs of other US-listed Chinese companies to engage in what some have called &ldquo;exchange arbitrage.&rdquo;We have commented on the pending WuXi PharmaTech and Mindray deals previously. This Insight discusses the hurdles that special committees face in working on behalf of minority shareholders.&nbsp;

China ADR Privatizations: The Challenges of Getting the Best Deal

China

Sinopharm Group is a leading Chinese distributor and retailer of pharmaceutical and healthcare products, medical devices, and a supply chain service provider. The company also engages in the production and sale of pharmaceutical products, chemical reagents, and laboratory supplies. It was incorporated in January 2003 and is headquartered in Shanghai, China.

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Sinopharm Group (1099 HK)

Outlook for China:10 Predictions for the Next 10 Years

In this presentation, we present a series of data visualisations to back up 10 bold predictions we expect to play out in China over the next 10...

Morningstar, Inc.

Coming to the HKEX Soon....................

Bloomberg has published a story (that others have cited) that WuXi Pharmatech has picked bankers for an HK listing of its biologics manufacturing...

Kemp Dolliver, CFA

Time to Go Shopping for Healthcare

The decline in equity markets has created opportunities to buy a variety of healthcare stocks at attractive valuations. Insider purchases have...

Kemp Dolliver, CFA

Who's Optimistic About Pharmacy's Future in China? China Nepstar's Controlling Shareholder

China Nepstar's Chairman and his China Neptunus Drugstore Holding Ltd. (54% owner) has offered $2.60/ADS to take the company private (announcement...

Kemp Dolliver, CFA

China ADR Privatizations: The Challenges of Getting the Best Deal

The stellar performance of China’s stock markets over the past twelve months (Shanghai +121%, Shenzhen +161%, and Hong Kong +17%) has led to a...

Kemp Dolliver, CFA

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52-week Range

Market Cap (USDm)

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