In today’s briefing:
- First Pacific (142 HK) Is Fully Valued Here
- Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead
- Jiaxin International Resources Investment IPO – No Track Record, Government Supported
- KS / Kuaishou (1024 HK): 2Q25, Op Profit Up by 35% YoY, 91% Upside
- EpimAb (岸迈生物) Pre-IPO: Differentiated Bispecific Products
- [IO Technicals 2025/34] Iron Ore Braces for Bullish Shift After Six-Day Slide
- Shanghai Forest Cabin Biological Tech. Pre-IPO: A Play on Aging Population But With A Few Wrinkles
- Jiangsu Hengrui (1276 HK): Robust 1H25; Innovative Drugs Key; Out-Licensing Affirm Pipeline Strength
- Lucror Analytics – Morning Views Asia
First Pacific (142 HK) Is Fully Valued Here
- In StubWorld: First Pacific (142 HK) Looking Stretched, I saw First Pacific Co (142 HK)‘s discount to NAV at ~30%, around its narrowest level in a decade.
- That analysis applied a fixed value for MPIC (delisted in 4Q23). However, if applying a look-through into 23.7%-held Manila Electric Company (MER PM), that NAV discount widens. Currently ~40%.
- By that yardstick this is the narrowest NAV discount since early 2018. This appears too tight. The benefits from the proposed spin-off of Maynilad appear baked in.
Wuxi Biologics (2269 HK): Expanded Offering and Capacity Drive 1H25 Result; Accelerated Growth Ahead
- Wuxi Biologics (2269 HK) logged solid performance in 1H25, with revenue growing 16% YoY to RMB10B and net profit increasing 55% YoY to RMB3B. Revenue from continuing operations grew 20%.
- Total backlog reached $20B as of June 30, 2025, including $11B service backlog, while the total backlog within three years stood at $4B, enhancing near-term revenue visibility.
- The company raised 2025 revenue growth target to 14–16% YoY from 12–15% YoY earlier. This indicates 2H25 revenue to be RMB11,524M, up 14% YoY and 16% HoH.
Jiaxin International Resources Investment IPO – No Track Record, Government Supported
- Jiaxin International Resources Investment Limited (JIRI) is looking to raise around US$153m in its upcoming Hong Kong IPO.
- Jiaxin International owns exclusive rights to a globally significant tungsten asset, supported by Jiangxi Copper. Commercial production began in April 2025, with full ramp-up expected by 2027.
- We have looked at the company’s background in our earlier note, in this note we talk about the deal pricing.
KS / Kuaishou (1024 HK): 2Q25, Op Profit Up by 35% YoY, 91% Upside
- The growth rate of GMV (Gross Merchandise Value) rose to 18% YoY in 2Q25 from 15% YoY in 1Q25.
- The operating margin improved to 13% in 2Q25 from 11% in 2Q24 so that operating profit increased by 35% YoY in 2Q25.
- We conclude an stock upside of 91% for the next twelve months. Buy.
EpimAb (岸迈生物) Pre-IPO: Differentiated Bispecific Products
- EpimAb, a China-based clinical stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CITIC Securities and CMBI are the joint sponsors.
- In this note, we look at the company’s product pipeline, its pre-IPO investors, and management.
- Our initial view is that the company does provide a line-up of differentiated products though still in early stage of clinical development.
[IO Technicals 2025/34] Iron Ore Braces for Bullish Shift After Six-Day Slide
- Iron ore drops on Tangshan curbs, but stable hot metal output underpins near-term price support.
- Managed money participants remain net long in iron ore, but softer buying momentum signalled profit-taking.
- Mean reversion and bullish MA crossover signal upside potential for the 62%/65% spread.
Shanghai Forest Cabin Biological Tech. Pre-IPO: A Play on Aging Population But With A Few Wrinkles
- Shanghai Forest Cabin Biological-Tech (SFCBT HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO.
- SFC is the leader among China’s premium domestic skincare brands. In 2024, SFC was ranked first among all premium domestic skincare brands in China by retail sales.
- In this note, we look at the company’s past performance.
Jiangsu Hengrui (1276 HK): Robust 1H25; Innovative Drugs Key; Out-Licensing Affirm Pipeline Strength
- In 1H25, Jiangsu Hengrui reported 16% YoY increase in revenue to RMB 15.8B primarily attributable to the growth of innovative drugs sales along with increase in licensing revenue.
- R&D expenses surged 6% to RMB 3.2B due to ongoing clinical trials. Net profit increased 30% YoY to RMB 4.5B resulting in net margin expanding 310bps to 28.3% in 1H25.
- In 1H25, the company obtained marketing approvals for six Class 1 innovative drugs, including trastuzumab rezetecan injection (as second line of treatment for NSCLC with HER2 mutations).
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Seazen Group, Japfa Comfeed
- UST yields declined 1-2 bps yesterday, amid limited macro catalysts and following good demand for an auction of 20Y notes. The yield on the 2Y UST was unchanged at 3.75%, while the yield on the 10Y UST fell 2 bps to 4.29%.
- Equities retreated for a second day, driven by broad decreases in tech heavyweights amid concerns over AI profitability. The S&P 500 slid 0.2% to 6,396, while the Nasdaq was down 0.7% at 21,173.
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