In today’s briefing:
- Japan Post Bank (7182 JP) – Not Cheap Enough Vs Others, or Holdings
- China Healthcare Weekly (Mar.9) – 11th VBP, PD-1/VEGF BsAb Outlook, MIXUE’s Stunning IPO Debut
Japan Post Bank (7182 JP) – Not Cheap Enough Vs Others, or Holdings
- The Offering of Japan Post Bank (7182 JP) is not taking place the way “the right pattern” would suggest, but last time was kind of special. This time is different.
- Last time was a “second IPO” and coincided with a US regional bank crisis. This time the offering is smaller outright, and much smaller as a portion of float.
- Pricing is Monday. It hasn’t moved much vs JPH. It needs to move more to be attractive. And there is still a bit of overhang to come.
China Healthcare Weekly (Mar.9) – 11th VBP, PD-1/VEGF BsAb Outlook, MIXUE’s Stunning IPO Debut
- The 11th national VBP is expected to start in 2025H1. Companies such as Kelun, CSPC, Qilu Pharmaceuticals, Fosun Pharma, China Resources Pharmaceutical, etc. are expected to be affected the most.
- It is estimated that the entire market of PD-1/L1 x VEGF BsAb is approximately US$20-30 billion. AK112 is expected to seize about 40%-50% of the market or US$8-15 billion.
- MIXUE’s IPO debut was stellar. Conservative investors can considering taking profits as risk of share price corrections has increased. Radical investors can choose to bet on valuation exceeding Nongfu Spring.
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