Healthcare Specialist

Winnie Wong

Thematic (Sector/Industry)

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<p><strong>The Aussie Healthcare Daily</strong> is a summary of major news and announcements from ASX-listed healthcare companies as well as developments and trends in the healthcare industry.</p>
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<h2>Market Highlights</h2>
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<table class="table table-striped">
<tbody>
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<td>Index</td>
<td>% Price Change</td>
</tr>
<tr>
<td>S&amp;P/ASX All Ordinaries</td>
<td>0.51%</td>
</tr>
<tr>
<td>S&amp;P/ASX 200</td>
<td>0.54%</td>
</tr>
<tr>
<td>ASX Small Ordinaries</td>
<td>0.40%</td>
</tr>
<tr>
<td><strong>S&amp;P/ASX 200 Health Care</strong></td>
<td><strong>0.72%</strong></td>
</tr>
<tr>
<td>Top Gainer in the ASX200 Health Care index: <a href="https://www.smartkarma.com/entities/77" target="_blank" data-smartkarma-citation="entities:77:1" rel="noopener">Estia Health Ltd (EHE AU)</a>
</td>
<td>2.39%</td>
</tr>
<tr>
<td>Top Loser in the ASX200 Health Care index: <a href="https://www.smartkarma.com/entities/10365" target="_blank" data-smartkarma-citation="entities:10365:1" rel="noopener">Sirtex Medical Ltd (SRX AU)</a>
</td>
<td>-1.16%</td>
</tr>
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<td>Top by</td>
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</tbody>
</table>…</div>


The Aussie Healthcare Daily is a summary of major news and announcements from ASX-listed healthcare companies as well as developments and trends in the healthcare industry.


Market Highlights





Index
% Price Change


S&amp;P/ASX All Ordinaries
0.51%


S&amp;P/ASX 200
0.54%


ASX Small Ordinaries
0.40%


S&amp;P/ASX 200 Health Care
0.72%


Top Gainer in the ASX200 Health Care index: Estia Health Ltd (EHE AU)

2.39%


Top Loser in the ASX200 Health Care index: Sirtex Medical Ltd (SRX AU)

-1.16%


Top by


…

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 21 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.</li>
<li>Three new deal was discussed on Smartkarma this week: <strong><a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a></strong>, <strong><a href="https://www.smartkarma.com/entities/european-lithium-ltd" target="_blank" data-smartkarma-citation="entities:10716:1" rel="noopener">European Lithium (EUR AU)</a></strong>, and <strong><a href="https://www.smartkarma.com/entities/ooh-media-ltd" target="_blank" data-smartkarma-citation="entities:8662:1" rel="noopener">oOh!Media Ltd (OML AU)</a></strong>.</li>
<li>Key updates/news also took place on: <strong><a href="https://www.smartkarma.com/entities/humm-group" target="_blank" data-smartkarma-citation="entities:35366:1" rel="noopener">Humm Group (HUM AU)</a></strong>, <strong><a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a></strong>, <strong><a href="https://www.smartkarma.com/entities/makino-milling-machine-co" target="_blank" data-smartkarma-citation="entities:5200:1" rel="noopener">Makino Milling Machine Co (6135 JP)</a></strong>, and <strong><a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a></strong><a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener"></a>.</li>
</ul>


I tally 21 - mostly firm, mostly Asia-Pac - arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
Three new deal was discussed on Smartkarma this week: Atlas Arteria (ALX AU), European Lithium (EUR AU), and oOh!Media Ltd (OML AU).
Key updates/news also took place on: Humm Group (HUM AU), ENN Energy (2688 HK), Makino Milling Machine Co (6135 JP), and Sankei Real Estate (2972 JP).


Asia-Pac M&A Weekly Wrap: Atlas Arteria, European Lithium, OOh!Media Ltd, ENN Energy, Makino Milling

<ul>
<li>
<strong><a href="https://www.smartkarma.com/entities/denso-corp" target="_blank" data-smartkarma-citation="entities:18703:1" rel="noopener">Denso (6902 JP)</a></strong> is a "value trade". <strong><a href="https://www.smartkarma.com/entities/aisin-corp" target="_blank" data-smartkarma-citation="entities:11809:1" rel="noopener">Aisin (7259 JP)</a></strong>'s also great value, but doesn't have disappointing Mar27e guidance. It also has a buyback to come after the tender-offer buyback.</li>
<li>IFM has abandoned its creep approach and launched an off-market Offer for <strong><a href="https://www.smartkarma.com/entities/atlas-arteria-ltd" target="_blank" data-smartkarma-citation="entities:14430:1" rel="noopener">Atlas Arteria (ALX AU)</a>.</strong>
</li>
<li>Irrespective of the recent H-share placement, <strong><a href="https://www.smartkarma.com/entities/contemporary-amperex-technology-catl-co-limited" target="_blank" data-smartkarma-citation="entities:45179:1" rel="noopener">Contemporary Amperex Technology (CATL) (3750 HK)</a></strong> (CATL) continues to boast a high concentration of shareholders post-placement.</li>
</ul>



Denso (6902 JP) is a "value trade". Aisin (7259 JP)'s also great value, but doesn't have disappointing Mar27e guidance. It also has a buyback to come after the tender-offer buyback.
IFM has abandoned its creep approach and launched an off-market Offer for Atlas Arteria (ALX AU).

Irrespective of the recent H-share placement, Contemporary Amperex Technology (CATL) (3750 HK) (CATL) continues to boast a high concentration of shareholders post-placement.


Last Week In Event SPACE: Denso / Aisin, CATL, CK Hutchison

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<p>Where so many of us are focused on the impact of China slowdown on its banks, it is worth highlighting the risks to Hong Kong’s banks. But what we are focused on here is their domestic lending, not the stuff booked locally but for use in China. For most, the perception is that Hong Kong banks have little risk due to a strong emphasis on mortgage lending, but we are not convinced this is holding up, and we believe it will worsen.  Of course, the new marginally higher interest costs in Hong Kong…</p>

Where so many of us are focused on the impact of China slowdown on its banks, it is worth highlighting the risks to Hong Kong’s banks. But what we are focused on here is their domestic lending, not the stuff booked locally but for use in China. For most, the perception is that Hong Kong banks have little risk due to a strong emphasis on mortgage lending, but we are not convinced this is holding up, and we believe it will worsen.  Of course, the new marginally higher interest costs in Hong Kong…

Domestic NPLs in Hong Kong Can Surprise – Not Just Those in Neighboring China

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

<p>While the share price appreciation for the Singapore and Hong Kong banks was not as strong as its U.S. and Japan peers in the post-U.S. election rally, banks in Singapore and Hong Kong saw moderate increases in their share prices. Banks in Singapore and Hong Kong will not benefit directly from long-term positive in a more favorable financial regulatory environment in the U.S. The U.S banks should see a general reduction in regulatory oversight and rules, lower compliance costs and capital requirements and the risk of a break-up of the big U.S. banks. Singapore banks have a regional reach in Asia while Hong Kong banks are limited to domestic operations and those in Greater China.</p><p>U.S. dollar interbank rates were steady post the election. Similarly, the three months and 12 months Singapore Interbank Offered Rates, or SIBOR, were largely flat at 0.87% and 1.31%, respectively. Likewise in Hong Kong, the Hong Kong Interbank Offered Rates, or HIBOR, were also unchanged. With political uncertainty post the election, a delay in the increase in the federal-funds rate could see net interest margins, or NIM, for the banks to continue to be pressured in the near term. We maintain our NIMs assumption for the Singapore and Hong Kong banks, factoring in largely steady margins for the next two years before increases from fiscal 2018. Over the past 12 months, SIBOR have eased off in the second half of 2016, pressuring asset yields for the Singapore banks, while high liquidity in Hong Kong and weak loan demand saw rising competition in Hong Kong, also leading to weaker asset yields.</p><p><em>Analyst: Michael Wu, CAIA</em></p>

While the share price appreciation for the Singapore and Hong Kong banks was not as strong as its U.S. and Japan peers in the post-U.S. election rally, banks in Singapore and Hong Kong saw moderate increases in their share prices. Banks in Singapore and Hong Kong will not benefit directly from long-term positive in a more favorable financial regulatory environment in the U.S. The U.S banks should see a general reduction in regulatory oversight and rules, lower compliance costs and capital requirements and the risk of a break-up of the big U.S. banks. Singapore banks have a regional reach in Asia while Hong Kong banks are limited to domestic operations and those in Greater China.U.S. dollar interbank rates were steady post the election. Similarly, the three months and 12 months Singapore Interbank Offered Rates, or SIBOR, were largely flat at 0.87% and 1.31%, respectively. Likewise in Hong Kong, the Hong Kong Interbank Offered Rates, or HIBOR, were also unchanged. With political uncertainty post the election, a delay in the increase in the federal-funds rate could see net interest margins, or NIM, for the banks to continue to be pressured in the near term. We maintain our NIMs assumption for the Singapore and Hong Kong banks, factoring in largely steady margins for the next two years before increases from fiscal 2018. Over the past 12 months, SIBOR have eased off in the second half of 2016, pressuring asset yields for the Singapore banks, while high liquidity in Hong Kong and weak loan demand saw rising competition in Hong Kong, also leading to weaker asset yields.Analyst: Michael Wu, CAIA

Singapore and Hong Kong Banks Sound Post U.S. Election; Interbank Rates Steady

Hong Kong

Tian An Medicare is an investment holding company primarily engaged in integrated healthcare and eldercare services, operating hospitals and developing retirement communities in China. The company also has interests in property development, investment, financial services, and securities trading. Headquartered in Hong Kong, it was founded in 1989.

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Tian An Medicare (383 HK)

Aussie Healthcare Daily: 7 Dec 2017

The Aussie Healthcare Daily is a summary of major news and announcements from ASX-listed healthcare companies as well as developments and trends in...

Winnie Wong

Asia-Pac M&A Weekly Wrap: Atlas Arteria, European Lithium, OOh!Media Ltd, ENN Energy, Makino Milling

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Last Week In Event SPACE: Denso / Aisin, CATL, CK Hutchison

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Domestic NPLs in Hong Kong Can Surprise – Not Just Those in Neighboring China

Where so many of us are focused on the impact of China slowdown on its banks, it is worth highlighting the risks to Hong Kong’s banks. But what we...

Daniel Tabbush

Singapore and Hong Kong Banks Sound Post U.S. Election; Interbank Rates Steady

While the share price appreciation for the Singapore and Hong Kong banks was not as strong as its U.S. and Japan peers in the post-U.S. election...

Morningstar, Inc.

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