Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/as-one-corporation" target="_blank" data-smartkarma-citation="entities:13040:1" rel="noopener">AS ONE Corporation (7476 JP)</a>'s revenue rose 9% YoY to ¥104B as growth was witnessed across segments in FY25. Operating profit grew 11% YoY to ¥11.6B (margin: 11.2%, up 30bps).  </li>
<li>E-Commerce revenue was ¥34B (up 22% YoY) contributing 33% of total sales. Product offering increased by 1.8M SKUs YoY to 12.4M SKUs.</li>
<li>For FY26, As One expects consistent growth in revenue and profits. The company unveiled new medium-term plan, with an aim to maintain an average annual growth rate of 7–8%.</li>
</ul>



AS ONE Corporation (7476 JP)'s revenue rose 9% YoY to ¥104B as growth was witnessed across segments in FY25. Operating profit grew 11% YoY to ¥11.6B (margin: 11.2%, up 30bps).  
E-Commerce revenue was ¥34B (up 22% YoY) contributing 33% of total sales. Product offering increased by 1.8M SKUs YoY to 12.4M SKUs.
For FY26, As One expects consistent growth in revenue and profits. The company unveiled new medium-term plan, with an aim to maintain an average annual growth rate of 7–8%.


As One Corp (7476 JP): Nothing Unscientific About the Growth Prospects, As One Precedes

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.

Equity Capital Markets

Axbio International / Equity Capital Markets

<ul>
<li>Axbio, a China-based technology company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC and SPDB are the joint sponsors.</li>
<li>In this note, we took a quick look at the core products and key products, as well as its management team.</li>
<li>Although there are interesting takes from the prospectus, we are not convinced on the prospect of the deal yet.</li>
</ul>


Axbio, a China-based technology company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC and SPDB are the joint sponsors.
In this note, we took a quick look at the core products and key products, as well as its management team.
Although there are interesting takes from the prospectus, we are not convinced on the prospect of the deal yet.


Axbio (安序源) Pre-IPO: First Take of the Deal

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Thermo Fisher Scientific Inc / Equity Bottom-Up

<ul><li>Thermo Fisher Scientific's Q1 2025 earnings report exhibits both strengths and challenges, reflecting the complex macroeconomic landscape.</li><li>The company reported a solid revenue of $10.36 billion and an adjusted operating income of $2.27 billion.</li><li>Their adjusted operating margin stood at 21.9%, with an adjusted EPS of $5.15, reflecting a 1% year-over-year growth.</li></ul>

Thermo Fisher Scientific's Q1 2025 earnings report exhibits both strengths and challenges, reflecting the complex macroeconomic landscape.The company reported a solid revenue of $10.36 billion and an adjusted operating income of $2.27 billion.Their adjusted operating margin stood at 21.9%, with an adjusted EPS of $5.15, reflecting a 1% year-over-year growth.

Thermo Fisher Scientific: Latest Expansion in Pharmaceutical Services Driving Our Optimism!

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.

<ul><li>Thermo Fisher (TMO) reported its 1Q25 results, with revenue rising 0.2% YoY to US$10.4bn and adjusted EPS up 0.8% YoY to US$5.15.</li><li>Revenue and adjusted EPS exceeded Bloomberg consensus by 1.3% and 0.8%, respectively.</li><li>Note that 1Q25 had two fewer selling days compared to 1Q24, negatively impacting growth across all segments by ~1-2%. </li></ul>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.

Thermo Fisher (TMO) reported its 1Q25 results, with revenue rising 0.2% YoY to US$10.4bn and adjusted EPS up 0.8% YoY to US$5.15.Revenue and adjusted EPS exceeded Bloomberg consensus by 1.3% and 0.8%, respectively.Note that 1Q25 had two fewer selling days compared to 1Q24, negatively impacting growth across all segments by ~1-2%. 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.

Thermo Fisher (TMO US) - Taking Measures to Counteract Macro Headwinds

<ul><li>Thermo Fisher (TMO) delivered a strong performance in 4Q24, with revenue up by 4.7% YoY and adjusted EPS up by 7.6%, beating consensus by 1.0%/2.7%, respectively.</li><li>This marks an acceleration in earnings growth, with sequential improvements across all business segments.</li><li>Mgmt's 2025 guidance projects revenue growth of 1.4-2.6% YoY and adjusted EPS growth of 5.7-7.5% YoY.</li></ul>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.

Thermo Fisher (TMO) delivered a strong performance in 4Q24, with revenue up by 4.7% YoY and adjusted EPS up by 7.6%, beating consensus by 1.0%/2.7%, respectively.This marks an acceleration in earnings growth, with sequential improvements across all business segments.Mgmt's 2025 guidance projects revenue growth of 1.4-2.6% YoY and adjusted EPS growth of 5.7-7.5% YoY.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.

Thermo Fisher (TMO US) - A promising year ahead

United States

Thermo Fisher Scientific, Inc. manufactures scientific instruments, consumables, and chemicals. The Company offers analytical instruments, laboratory equipment, software, services, consumables, reagents, chemicals, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies.

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Thermo Fisher Scientific (TMO UN)

As One Corp (7476 JP): Nothing Unscientific About the Growth Prospects, As One Precedes

AS ONE Corp's revenue and operating profit grew in FY25, with E-Commerce revenue up 22% YoY. The company unveiled new medium-term plan, with an...

Tina Banerjee

Axbio (安序源) Pre-IPO: First Take of the Deal

China's Axbio plans to raise $100 million in Hong Kong listing with CICC and SPDB as joint sponsors, but doubts remain on deal prospects after...

Ke Yan, CFA, FRM

Thermo Fisher Scientific: Latest Expansion in Pharmaceutical Services Driving Our Optimism!

Thermo Fisher Scientific's Q1 2025 earnings report exhibits both strengths and challenges, reflecting the complex macroeconomic landscape. The...

Baptista Research

Thermo Fisher (TMO US) - Taking Measures to Counteract Macro Headwinds

Thermo Fisher (TMO) reported its 1Q25 results, with revenue rising 0.2% YoY to US$10.4bn and adjusted EPS up 0.8% YoY to US$5.15.

CMB International

Thermo Fisher (TMO US) - A promising year ahead

Thermo Fisher (TMO) delivered a strong performance in 4Q24, with revenue up by 4.7% YoY and adjusted EPS up by 7.6%, beating consensus by 1.0%...

CMB International

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As One Corp (7476 JP): Nothing Unscientific About the Growth Prospects, As One Precedes

​AS ONE Corp's revenue and operating profit grew in FY25, with E-Commerce revenue up 22% YoY. The company unveiled new medium-term plan, with an...

Tina Banerjee

Axbio (安序源) Pre-IPO: First Take of the Deal

​China's Axbio plans to raise $100 million in Hong Kong listing with CICC and SPDB as joint sponsors, but doubts remain on deal prospects after...

Ke Yan, CFA, FRM

Thermo Fisher Scientific: Latest Expansion in Pharmaceutical Services Driving Our Optimism!

Thermo Fisher Scientific's Q1 2025 earnings report exhibits both strengths and challenges, reflecting the complex macroeconomic landscape. The...

Baptista Research

Thermo Fisher (TMO US) - Taking Measures to Counteract Macro Headwinds

Thermo Fisher (TMO) reported its 1Q25 results, with revenue rising 0.2% YoY to US$10.4bn and adjusted EPS up 0.8% YoY to US$5.15.

CMB International

Thermo Fisher (TMO US) - A promising year ahead

Thermo Fisher (TMO) delivered a strong performance in 4Q24, with revenue up by 4.7% YoY and adjusted EPS up by 7.6%, beating consensus by 1.0%...

CMB International

AS ONE Corp's revenue and operating profit grew in FY25, with E-Commerce revenue up 22% YoY. The company unveiled new medium-term plan, with an...

China's Axbio plans to raise $100 million in Hong Kong listing with CICC and SPDB as joint sponsors, but doubts remain on deal prospects after...