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Smartkarma Daily Briefs

Feb 14
0

Daily Brief Energy/Materials: Berger Paints India and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Berger Paints (BRGR IN) / Pidilite Industries (PIDI IN) | Fundamental Factors Back the Signal

Berger Paints (BRGR IN) / Pidilite Industries (PIDI IN) | Fundamental Factors Back the Signal

By Pranav Bhavsar

  • Berger Paints India (BRGR IN) / Pidilite Industries (PIDI IN) are exposed to similar customers but different demand dynamics offering an opportunity to build an L/S trade.
  • The valuation premium commanded by PIDI over BRGR is not justified in spite of having a similar customer base, similar growth and capital allocation profile.
  • The Price ratio of the pair BRGR/PIDI has been trading in a tight range since September 2022 and is now showing signs of breaking out of the sideway trend.

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Feb 14
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Daily Brief Health Care: Osstem Implant, Thomson Medical Group Limited, Shanghai Pharmaceuticals Holding and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Osstem Implant: Founder Choi Changes CB Sale Terms to MBK-Unison & KCGI Agrees to Sell Its Shares
  • Thomson Medical (TMG SP)/Tmc Life Sciences (TMCL MK): Strong H1 Result Driven By Continued Recovery
  • Shanghai Pharmaceuticals (2607 HK/601607 CH): Portfolio Expansion & China Reopening to Drive Growth

Osstem Implant: Founder Choi Changes CB Sale Terms to MBK-Unison & KCGI Agrees to Sell Its Shares

By Douglas Kim

  • Due to the enormous controversy regarding Chairman Choi Gyu-Ok’s children exchange CB call options for BWs, the Choi family has decided to change and simplify this transaction structure.
  • Previously, MBK-Unison decided to acquire the call option on CB that Chairman Choi gave to his children. Under revised contract, MBK-Unison agreed to acquire the convertible bond itself.
  • We believe MBK-Unison consortium is getting a relative bargain in this deal and the valuation of Osstem Implant remain attractive (EV/EBITDA of 6.4x and P/E of 11.7x in 2024). 

Thomson Medical (TMG SP)/Tmc Life Sciences (TMCL MK): Strong H1 Result Driven By Continued Recovery

By Tina Banerjee

  • For H1FY23 Thomson Medical Group Limited (TMG SP)‘s revenue increased 27% to S$184M. The growth was mainly attributed to the increase in overall patient loads and higher average bill sizes.  
  • Despite increase in operating expenses, Thomson Medical reported a 46% YoY increase in operating profit to S$45.2M, leading to 340 basis point improvement in operating profit margin to 24.6%.
  • Thomson Medical expects its existing and new business lines to grow and is therefore cautiously optimistic of its business prospects in the current financial year.  

Shanghai Pharmaceuticals (2607 HK/601607 CH): Portfolio Expansion & China Reopening to Drive Growth

By Tina Banerjee

  • Shanghai Pharmaceuticals Holding (2607 HK) received approval to produce anticoagulant bivalirudin injection, which is mainly used in PTCA and for patients undergoing PCI.
  • In December 2022, SPH received approval for salbutamol sulphate, indicated for the treatment of respiratory diseases including chronic bronchospasm and severe acute asthma attacks unresponsive to traditional treatment.
  • SPH signed an exclusive license agreement with Shionogi for import and distribution of Ensitrelvir Fumaric Acid, an anti-viral drug for COVID-19, in mainland China.

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Feb 14
0

Daily Brief Consumer: Yashili International Holdings, Taste Gourmet, Koolearn, Shiseido Company, Li Auto, Abc Mart Inc, Manchester United, Harley Davidson, Tokyo Stock Exchange Tokyo Price Index Topix, Coca Cola Co and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Yashili (1230 HK): Pre-Condition Finally to Be Satisfied?
  • Taste Gourmet: Encouraging 3Q 2023, Super Set Up for Q4.
  • Hong Kong CEO & Director Dealings (13 Feb): Koolearn, China Gas, MOG, Hua Yin, China Environmental
  • Shiseido: Conservative Guidance Is Not a Cause for Concern as Shiseido Almost Always Overdelivers
  • [Li Auto (LI US, BUY, TP US$40) Earnings Preview]: Riding Intact Model Cycle in 2023
  • ABC Mart Rebounds in Weakened Sector but Watch Out for Workman
  • Manchester United: Further Upside Potential On This Arbitrage Trade
  • The Electric Dream
  • Earlier Timing of Disclosure in English May Create Another Mismatch with Investor Demand
  • How Attractive Is Coca-Cola’s Dividend As The Company Reports Full Year Results?

Yashili (1230 HK): Pre-Condition Finally to Be Satisfied?

By Arun George

  • Yashili International Holdings (1230 HK) latest monthly update notes that Dumex Key Condition 2 is satisfied paving the way towards completing the Dumex China Disposal. 
  • The completion of the remaining pre-condition, the 25% Yashili acquisition, depends on the completion of the Dumex China Disposal, which now looks imminent.
  • We think the pre-condition will be satisfied by the end of February and the scheme document will be despatched by early April. At the last close, the spread is 6.2%.

Taste Gourmet: Encouraging 3Q 2023, Super Set Up for Q4.

By Sameer Taneja

  • Earnings for Q3 2023 came in at 17.5 mn HKD up 5% YoY, about 15% below our expectations due to closure costs incurred on some restaurants in November. 
  • The company added four restaurants in December 2022 which should result in strong revenue growth in January 2023. We expect monthly revenue to surpass HKD 80 mn. 
  • Post the recent rally, the stock trades at 8.2x/5.2x FY23e/24e, with a 7.3%/11.5% FY23e/24e dividend yield assuming a 60% payout. We see this as an extremely cheap HK recovery play. 

Hong Kong CEO & Director Dealings (13 Feb): Koolearn, China Gas, MOG, Hua Yin, China Environmental

By David Blennerhassett

Shiseido: Conservative Guidance Is Not a Cause for Concern as Shiseido Almost Always Overdelivers

By Oshadhi Kumarasiri

  • Shiseido Company (4911 JP)’s share price is down more than 4% today following a mixed 4Q22 with revenue missing consensus by 2.1% but OP beating by 31.7%.
  • A lot of optimism was baked in the medium-term plan, but 2023 OP guidance (¥60.0bn) was ¥17.5bn below consensus expectations.
  • Nevertheless, we think this shouldn’t worry investors too much as Shiseido has outperformed initial guidance by an average of ¥17.0bn over the past 3 years.

[Li Auto (LI US, BUY, TP US$40) Earnings Preview]: Riding Intact Model Cycle in 2023

By Shawn Yang

  • We expect Li Auto to report 4Q22 top line of RMB 17.5bn, in line with consensus, and recovered GPM of 21.8%, vs 12.7% in Q3.
  • We reiterate Li Auto as our top pick, because of 1) positive growth outlook in 2023 driven by strong model cycle (L9/L8/L7);
  • 2) margin upside in 2023 driven by improved product mix, sharing of auto parts among its product line up, and expanded scale economy; 3) less impacted by Tesla’s price war.

ABC Mart Rebounds in Weakened Sector but Watch Out for Workman

By Michael Causton

  • Footwear sales plummeted during Covid, except for sports and hiking shoes, with a deleterious impact on all the big three retailers. 
  • While ABC Mart has recovered, Chiyoda and G-Foot continue to struggle, leaving the market wide open. 
  • Disruption is coming in the form of Workman but others might also see the opportunity.

Manchester United: Further Upside Potential On This Arbitrage Trade

By Kevin George

  • Manchester United saw takeover rumors and options activity. The bids have started arriving for this soccer club.
  • The club has an easy 80%, but where is the top for bids? Click here for all the latest Manchester United transfer news.
  • Click here to read Manchester United’s transfer news for the latest transfer news.

The Electric Dream

By subSPAC

  • Over a dozen companies focused on building out Electric Vehicles have gone public through a SPAC merger in the past two years, albeit with mixed results.
  • Legendary Motorcycle Maker Harley Davidson shocked the public markets in 2021 when it announced that it was spinning off its EV segment LiveWire through a $1.8 billion SPAC merger.
  • The move came as the legacy bike maker has faced a period of slowing sales, losing market share to competitors, and failing to reach younger first-time riders.

Earlier Timing of Disclosure in English May Create Another Mismatch with Investor Demand

By Aki Matsumoto

  • Regarding the three most in-demand documents, only 30-50% of companies with over 30% foreign ownership disclose them in English. The mismatch between overseas investors’ demand and companies’ disclosure continues.
  • If TSE requires faster timing of disclosure in English, companies may limit the materials they disclose in English due to increased burden. Disclosing necessary materials is more important than timing.
  • In order to encourage companies to disclose in English in their annual securities reports, the Corporate Governance Code should clearly state the disclosure in English in the annual securities report.

How Attractive Is Coca-Cola’s Dividend As The Company Reports Full Year Results?

By Vladimir Dimitrov, CFA

  • Coca-Cola delivered nearly 36% total return in a matter of only two and a half years.
  • There are a number of positive signs leading to a high probability of a dividend increase during 2023, according to the company’s full-year 2022 results.
  • Coca-Cola (NYSE:KO) has been one of the best-performing large-cap consumer staple companies in recent years.

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Feb 14
0

Most Read: Link REIT, Canon Inc, Ebos Group Ltd, Dai Nippon Printing, Kakao Pay, Citizen Watch, S.M.Entertainment Co, Tencent, Huitongda, Osstem Implant and more

By | Daily Briefs, Most Read

In today’s briefing:

  • Big Link REIT (823 HK) Rights Offering
  • Canon ADR Cancellation – There May Be A Trade To Do
  • Index Rebalance & ETF Flow Recap: MSCI, CSI500, XIN9I, DTAC/TRUE, Newcrest, Adani, Korea Spinoffs
  • Dai Nippon Printing (7912) – Activism Results Going Forward Are Complicated
  • Kakao Pay (377300 KS): MSCI Inclusion (Finally!)
  • Absolutely GINORMOUS Citizen Watch (7762 JP) Buyback
  • HYBE’s Tender Offer of SM Entertainment: Closing the Price Gap
  • ECM Weekly (12th Feb 2023) – Hesai, Oasis, Mankind, Greatpower, Ruipeng, CATL, Nissan/Renault
  • Huitongda Lock-Up – US$1.1bn Pre-IPO Lock-Up Expiry. China-Based Funds at Least 40% Up
  • Osstem Implant: Founder Choi Changes CB Sale Terms to MBK-Unison & KCGI Agrees to Sell Its Shares

Big Link REIT (823 HK) Rights Offering

By Travis Lundy

  • After being halted this morning before the start of trade, post-close, Link REIT (823 HK) announced a fully-underwritten Rights Offering. 
  • The Rights Offering intends to raise HK$18.8bn issuing 1 Right for every 5 Shares held, at a subscription price of HK$44.20, a 26% discount to TERP. 
  • This will take an already under-levered REIT and add more capital to it. And there is going to be selling pressure at some point.

Canon ADR Cancellation – There May Be A Trade To Do

By Travis Lundy

  • Last week (on 10 February), Canon Inc (7751 JP) announced it intended to delist its ADRs from the NYSE.
  • Canon is the third Japanese company to do so in two months, after Eisai Co Ltd (4523 JP) announced in December and Olympus Corp (7733 JP) in January.
  • No related investment opportunity but there may be a trade to do.

Index Rebalance & ETF Flow Recap: MSCI, CSI500, XIN9I, DTAC/TRUE, Newcrest, Adani, Korea Spinoffs

By Brian Freitas

  • MSCI announced the changes to the GIMI on Friday as part of the February QCIR. MSCI also announced a review of the free float of the Adani Group companies.
  • FTSE will announce the changes to the All-World and All-Cap indices after the close of trading on Friday, 17 February. The same day is the S&P/ASX review cutoff for March.
  • Yet another weekly outflow for the IShares Edge MSCI Min Vol Emerging Markets ETF (EEMV US) taking the YTD outflow to over US$2.5bn.

Dai Nippon Printing (7912) – Activism Results Going Forward Are Complicated

By Travis Lundy

  • A little over two weeks ago, western media outlets reported “sources familiar with the matter” said Elliott Management had built a “significant” stake in Dai Nippon Printing (7912 JP). 
  • DNP has been a “value name” for years. And years. Lots of cash, lots of real estate, and lots of cross-holdings. DNP had a plan to sell crossholdings, slowly.
  • DNP had planned a March 9 presentation of its new MTMP. Elliott, reportedly with a little less than 5%, wanted faster. A few weeks later, DNP has responded with faster. 

Kakao Pay (377300 KS): MSCI Inclusion (Finally!)

By Brian Freitas

  • MSCI will add Kakao Pay (377300 KS) to the MSCI Korea Index at the February QCIR. There are 7 trading days to implementation on 28 February.
  • Local institutions and foreign investors have been sellers in the last couple of weeks and retail investors have been buying to mop up the selling.
  • Cumulative excess volume indicates a fair amount of pre-positioning and we’d look to sell ahead of the passive MSCI buying.

Absolutely GINORMOUS Citizen Watch (7762 JP) Buyback

By Travis Lundy

  • Today, Citizen Watch (7762 JP) reported Q3 earnings, and a BIG buyback.
  • It is a VERY BIG BUYBACK at up to 75mm shares (25.61% of shares out), with an allocation of up to ¥40bn (which is ~22.1% at last price).
  • The buyback is to be executed over the next year. Buyback structure (undisclosed) matters and shareholder structure matters too. There is a big short. This could get really interesting.

HYBE’s Tender Offer of SM Entertainment: Closing the Price Gap

By Douglas Kim

  • We believe that there is a very high probability of a successful tender offer of 25% stake in SM Entertainment by HYBE. 
  • There is a 4.6% gap between the tender offer price and current price. There is a strong probability of this gap being closed in the next several weeks. 
  • There could also be an on-going interest by Kakao to try to take over the controlling interest in SM Entertainment but HYBE is not likely to give up control easily.

ECM Weekly (12th Feb 2023) – Hesai, Oasis, Mankind, Greatpower, Ruipeng, CATL, Nissan/Renault

By Sumeet Singh

  • Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
  • On the IPO front, Hesai Group (HSAI US) provided the first Asia linked listing for the year.
  • Things were quiet on the placement front owing to the annual earnings reporting season.

Huitongda Lock-Up – US$1.1bn Pre-IPO Lock-Up Expiry. China-Based Funds at Least 40% Up

By Clarence Chu

  • Huitongda (9878 HK) was listed on 18th Feb 2023, when it raised US$285m in its HK IPO. Its one-year lockup will expire on 17th February 2023.
  • Huitongda (HTD) is a commerce and service platform serving businesses in the lower-tier retail markets of China.
  • Coming up for one-year lockup expiry are HTD’s pre-IPO investors. With the exception of Alibaba and SOE backers, the bulk of HTD’s pre-IPO investors are still currently in the money.

Osstem Implant: Founder Choi Changes CB Sale Terms to MBK-Unison & KCGI Agrees to Sell Its Shares

By Douglas Kim

  • Due to the enormous controversy regarding Chairman Choi Gyu-Ok’s children exchange CB call options for BWs, the Choi family has decided to change and simplify this transaction structure.
  • Previously, MBK-Unison decided to acquire the call option on CB that Chairman Choi gave to his children. Under revised contract, MBK-Unison agreed to acquire the convertible bond itself.
  • We believe MBK-Unison consortium is getting a relative bargain in this deal and the valuation of Osstem Implant remain attractive (EV/EBITDA of 6.4x and P/E of 11.7x in 2024). 

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Feb 13
0

Daily Brief Quantitative Analysis: Northbound Flows (Feb 10th): Ping An Insurance and more

By | Daily Briefs, Quantitative Analysis

In today’s briefing:

  • Northbound Flows (Feb 10th): Ping An Insurance, CATL, Moutai, Luzhou Lao Jiao, Hundsun
  • HK Short Interest Weekly: Short Covers for Tencent, Baba, Anta, Wuxi Biologics
  • Hong Kong Connect Flows (Feb 10th): Meituan, HKEx, ICBC, CCB, Kuaishou, Tencent, Li Ning
  • A-H Premium Weekly (Feb 10th): Premium Compressed for Utilities
  • TWSE Short Interest Weekly (Feb 10th): Evergreen Marine, Unimicron Tech, Novatek

Northbound Flows (Feb 10th): Ping An Insurance, CATL, Moutai, Luzhou Lao Jiao, Hundsun

By Ke Yan, CFA, FRM

  • We analyze the weekly Shanghai/Shenzhen northbound Connect flows with our data engine for holding position as of February 10th.
  • We estimate the weekly inflows to be US$456.0 million, led by financials, information technology, utilities sectors, and offset by materials, consumer discretionary.
  • We highlight flows for Ping An Insurance, Contemporary Amperex Technology, Kweichow Moutai, Luzhou Lao Jiao, Hundsun Technologies, Byd, Midea, Tongwei, Trina Solar

HK Short Interest Weekly: Short Covers for Tencent, Baba, Anta, Wuxi Biologics

By Ke Yan, CFA, FRM

  • We analyzed the latest HK SFC report for aggregate short position as of Feb 3rd.
  • Top short increases and decreases were tabulated for one week and four week period. 
  • We highlight short changes in Bidu, Manulife, Mengniu Dairy, CDF, Tencent, Baba, Anta Sports, Wuxi Bio.

Hong Kong Connect Flows (Feb 10th): Meituan, HKEx, ICBC, CCB, Kuaishou, Tencent, Li Ning

By Ke Yan, CFA, FRM

  • We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of February 10th.
  • The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
  • We highlight flows for Meituan, Hong Kong Exchanges And Clearing, Industrial And Commercial Bank Of China, China Construction Bank, Kuaishou Technology, Tencent, Li Ning.

A-H Premium Weekly (Feb 10th): Premium Compressed for Utilities

By Ke Yan, CFA, FRM

  • We analyse the changes of A-H premium on 143 stocks over the last week. The average A-H premium was 111.9% as of Feb 10th.
  • The average A-H premium changed by 3.6ppt week on week, led by health care, consumer discretionary, information technology and offset by real estate.
  • We highlight weekly changes in A-H premium for Great Wall Motor, Huadian, Huaneng, Datang Intl.

TWSE Short Interest Weekly (Feb 10th): Evergreen Marine, Unimicron Tech, Novatek

By Ke Yan, CFA, FRM

  • We analyzed the changes in short interest of TWSE Stocks as of Feb 10th which has an aggregated short interest worth USD11.5bn.
  • We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases & decreases in short value, short as multiple of ADT.
  • We highlight short interest changes in Evergreen Marine, Unimicron Tech, Novatek.

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Feb 13
0

Daily Brief Credit: Morning Views Asia: Adani Green Energy and more

By | Credit, Daily Briefs

In today’s briefing:

  • Morning Views Asia: Adani Green Energy, Adani Ports & Special Economic Zone, Adani Transmission

Morning Views Asia: Adani Green Energy, Adani Ports & Special Economic Zone, Adani Transmission

By Charles Macgregor

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

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Feb 13
0

Daily Brief Equity Bottom-Up: Standard Chartered: FAB’s StanChart Bid Could Draw Plenty of Regulatory Scrutiny and more

By | Daily Briefs, Equity Bottom-Up

In today’s briefing:

  • Standard Chartered: FAB’s StanChart Bid Could Draw Plenty of Regulatory Scrutiny
  • Koolearn (1797 HK): Don’t Overpay for Growth
  • Sa Sa Intl (178 HK): On-Ground Observations and Outlook
  • South Korean Banks Screener; Highlighting Industrial Bank of Korea (024110 KS)

Standard Chartered: FAB’s StanChart Bid Could Draw Plenty of Regulatory Scrutiny

By Fern Wang

  • FAB’s bid will be the fastest and easiest way to increase its global and product reach.
  • The deal is likely to face plenty of scrutiny due to StandChart’s complexity.
  • With ample capital, liquidity and on path for profit recovery, StandChart is not in need of a deal.

Koolearn (1797 HK): Don’t Overpay for Growth

By Eric Chen

  • Koolearn’s successful transformation into a live-streaming e-commerce business showcased outstanding entrepreneurship and leadership of its founder Michael Yu, whom we highly respect.
  • That said, we expect its growth to decelerate materially after hitting RMB18 billion GMV by 2024. We value Koolearn at RMB36 billion (20% downside), drawing reference to VIPShop growth trajectory.
  • While high-frequency data on live-streaming business will drive near-term stock price (and potentially to the upside), its current valuation doesn’t pay off for long -term investors in our view.

Sa Sa Intl (178 HK): On-Ground Observations and Outlook

By Osbert Tang, CFA

  • We observed that businesses at Sa Sa International Hldgs (178 HK) have picked up during the Chinese New Year, but a significant overall significant recovery is still lacked.
  • The full relaxation of mainland-HK border control has brought about a 110% surge in mainland arrival between 6 Feb and 11 Feb. This suggests that momentum is clearly building up. 
  • Sa Sa has embarked on strategies like re-opening important stores, selectively increase store counts and re-adjusting staff arrangement and opening hours to capture the opportunities.

South Korean Banks Screener; Highlighting Industrial Bank of Korea (024110 KS)

By Victor Galliano

  • In our latest South Korean banks screener; we add Industrial Bank of Korea to the buy list alongside Hana Financial; we cut KB Financial to a neutral rating
  • Industrial Bank of Korea has very attractive multiples and PEG ratio and the best pre-provision and post-provision returns of the peer group, it also has sound broad credit quality metrics
  • We introduce a broader credit quality metric to the screens and also EPS revisions over the last week and last month to give a sense of earnings momentum changes

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Feb 13
0

Daily Brief Technical Analysis: SPX 4 and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • SPX 4,200 Risk off Drivers

SPX 4,200 Risk off Drivers

By Thomas Schroeder

  • The stage is set for an equity/risk off decline after the SPX met our 4,200 rally objective as have Asian and European indices.
  • We are treating the DXY 101 low as a key USD turn support that will see dollar upside follow through on the back of a bullish 10 yr yield breakout.
  • Equity weakness due from mid- Feb into Q2. NDX is hovering near pivotal lows (tech/growth U/P). Scales are tipped toward new lows.

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Feb 13
0

Daily Brief Macro: Why You Should Fade the NASDAQ Surge and more

By | Daily Briefs, Macro

In today’s briefing:

  • Why You Should Fade the NASDAQ Surge
  • Macro Strategy– Has Global Liquidity (And the Equity Market) Bottomed Already?
  • Cautious Signs of a Bullish Revival

Why You Should Fade the NASDAQ Surge

By Cam Hui

  • The recent market rally has been led by a resurgence in large-cap NASDAQ stocks
  • This leadership has become overly extended, as evidenced by the rising divergence between their relative performance and the 10-year Treasury yield.
  • A detailed factor and sector performance analysis reveals an underlying trend in favor of cyclical exposure.

Macro Strategy– Has Global Liquidity (And the Equity Market) Bottomed Already?

By Andreas Steno

  • Liquidity trends are RAPIDLY on the rise in China and Japan in contrast to the West
  • Global liquidity probably bottomed in November unless BoJ turns around soon
  • The PBoC is currently helping global equities perform via new liquidity/credit

Cautious Signs of a Bullish Revival

By Cam Hui

  • The signs of a bullish revival are becoming more evident in both the sentiment and technical data.
  • However, forward P/E valuations are elevated and fundamental risk is rising.
  • The market is also extended in the short run and may be in need of a corrective or consolidation period.

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Feb 13
0

Daily Brief ECM: Jacobio Pharmaceuticals Placement (1167.HK) – We Keep Hope for Jacobio Because of Dr. Wang Yinxiang and more

By | Daily Briefs, ECM

In today’s briefing:

  • Jacobio Pharmaceuticals Placement (1167.HK) – We Keep Hope for Jacobio Because of Dr. Wang Yinxiang

Jacobio Pharmaceuticals Placement (1167.HK) – We Keep Hope for Jacobio Because of Dr. Wang Yinxiang

By Xinyao (Criss) Wang

  • There is limited breakthrough points in the field of small molecule drugs. Except those big varieties, the market space of small-molecular drugs is not optimistic due to small applicable population.
  • For KRAS, it just crossed the threshold of druggablility, but the whole pathway hasn’t shown the feeling of being a blockbuster variety, which would dampen the optimism of Jacobio’s valuation.
  • Jacobio is among the few biotech under Chapter 18A who really develop drugs seriously. Therefore, despite the challenging outlook, we hoped that Dr. Yinxiang Wang would finally break through.

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