In today’s briefing:
- Last Week In Event SPACE: MINISO, Sony Financial, Zijin Mining/Gold, Jardines/Mandarin Oriental
- Pre-IPO Ganzhou Hemay Pharmaceutical – The Concerns on the Pipelines
- Hong Kong Single Stock Options (Sept 29 – Oct 03): Materials and IT Lead Amid Rising Option Activity
Last Week In Event SPACE: MINISO, Sony Financial, Zijin Mining/Gold, Jardines/Mandarin Oriental
- The Labubu craze has resulted in a ~200% increase in Pop Mart (9992 HK)’s shares YTD. MINISO (9896 HK)‘s TOP TOY will be wanting to cash in on this exuberance.
- Those who want to buy Sony Financial (8729 JP) may wait until earnings. If shares stayed flat for a month until earnings came out, don’t short the eve of earnings.
- Zijin Mining Group (2899 HK) is fully valued as Zijin Gold (2259 HK) trades at a 100% premium to peers on forward PER and EV/EBITDA multiples.
Pre-IPO Ganzhou Hemay Pharmaceutical – The Concerns on the Pipelines
- Mufemilast will face fierce competition and price reduction due to NRDL negotiation for related indications. For autoimmune disease drugs, overseas market space and ceiling are much higher than in China.
- Hemay022’s market space is narrower than pan HER2 inhibitors and HER2 ADC. There is still uncertainty in efficacy/safety profile. Hemay022 will face challenges in terms of commercialization after market launch.
- The current valuation logic for innovative drugs in China has changed. Without decent licensing cooperation, Hemay’s valuation will be discounted. Valuation of Hemay should be lower than peers.
Hong Kong Single Stock Options (Sept 29 – Oct 03): Materials and IT Lead Amid Rising Option Activity
- HSI extended gains to fresh highs, supported by strong breadth, surging Materials and IT names, and rising single stock option activity
- Broad gains across all sectors highlighted strong momentum, with leadership from Materials and Information Technology.
- We examine the distribution of returns since the April lows finding that the tails are distinctly unbalanced.
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