In today’s briefing:
- BeiGene (6160.HK/ONC US) 2024 Results – The Performance Is Outstanding
- Airtasker Ltd – Media deals drive positive revenue trends
- Plover Bay (1523 HK): Brilliant FY24 Results/Growth To Continue
- Best Idea of 2025: Medexus Pharmaceuticals
- Raccoon Holdings, Inc. (3031 JP): Q3 FY04/25 flash update
BeiGene (6160.HK/ONC US) 2024 Results – The Performance Is Outstanding
- BeiGene’s 2024 results beat expectations, mainly driven by strong sales growth of BRUKINSA. In 2025, BRUKINSA’s sales would exceed Calquence for the first time.But sales performance of tislelizumab remains lackluster.
- Based on positive trend, turning losses into profits is just a matter of time. BeiGene is expected to achieve positive GAAP operating income in 2025, which is an inflection point.
- US$24.5-26.5 billion is the valuation bottom line, below which BeiGene is undervalued. Our forecast is that market value would reach US$37.5 billion. So, there is still upside potential in valuation.
Airtasker Ltd – Media deals drive positive revenue trends
- Airtasker Limited (ASX:ART) is an online marketplace for local services, connecting people and businesses who need work done with people who want to work.
- ART’s reported H1 FY25 results are messy, with a number of non-cash items including media capital spend distorting reported numbers.
- On an adjusted basis revenue growth was 11%, with Airtasker marketplace growth closer to 15%.
Plover Bay (1523 HK): Brilliant FY24 Results/Growth To Continue
- Plover Bay Technologies (1523 HK) reported FY24 revenues/profits up 23.9%/35.4% YoY. H2 FY24 revenue/profit growth was steady at 20%/20% YoY.
- On the conference call, the company did not provide explicit guidance for FY25 but mentioned that growth has been healthy for the six weeks of FY25 and will continue.
- Trading at 19x/16.4x FY24/25e (assuming 20% growth and flat margins), with a dividend yield of 5.8% and 10% of the market cap in net cash, the stock is worth exploring.
Best Idea of 2025: Medexus Pharmaceuticals
- Medexus (MDP.TO / MEDXF) is my best idea for 2025. The stock trades at a distressed valuation despite the current launch of a new drug that could double revenue and triple EBITDA within 3 years.
- I see 100% upside in 2025, but there is the potential for 400% to 500% upside over a three year period.
- Downside is limited as Medexus has minimal debt (net debt to EBITDA of 0.7x) and a stable base business.
Raccoon Holdings, Inc. (3031 JP): Q3 FY04/25 flash update
- Revenue increased by 6.0% YoY to JPY4.6bn, with operating profit up 104.7% YoY to JPY952mn.
- EC business revenue rose 7.1% YoY to JPY2.6bn, with segment profit increasing 47.4% YoY to JPY915mn.
- Financial business revenue grew 4.6% YoY to JPY1.9bn, with segment profit up 59.5% YoY to JPY572mn.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
