In today’s briefing:
- BYD (1211 HK): Sales Volume Slowing Down in 2Q25, But Competitors Facing Cash Flow Stress
- Supreme Court’s Final Ruling on Samsung’s Lee Jae-Yong on 17 July: Impact on Samsung Group Companies
- Hikari Tsushin’s Portfolio
- Anthem BioSciences IPO Analysis ~ The Fastest-Growing Indian CRDMO
- Anthem Biosciences IPO: Despite 100% OFS, Worth Accumulating for Long-Term Compounding
- UnitedHealth Group’s Bold Healthcare Transformation—Is This The Future of Affordable Medicine?
- CICC (3908 HK): It Is the Best of the Time
- Intel Layoffs Finally Kick Off With A Chaotic Start In Oregon
- Treasure Chest: CSL Not A One-Trick Pony
- Astellas Pharma (4503 JP): Izervay on Strong Footing, Strategic Brands Key for Future
BYD (1211 HK): Sales Volume Slowing Down in 2Q25, But Competitors Facing Cash Flow Stress
- The sales volume growth rate slowed down month by month in 2Q25.
- The domestic sales volume was stagnant in 2Q25 and decreased YoY from March to June.
- However, competitors expanded aggressively; therefore, we believe small ones may go bankrupt.
Supreme Court’s Final Ruling on Samsung’s Lee Jae-Yong on 17 July: Impact on Samsung Group Companies
- The Supreme Court of Korea plans to make a final ruling on Samsung’s Lee Jae-Yong on 17 July.
- If the Supreme Court confirms this appellate court’s ruling, then Lee Jae-Yong would finally be cleared of all charges related to the Samsung C&T and Cheil Industries merger.
- The market is mostly expecting the confirmation of “not guilty” on all 19 charges on Lee Jae-Yong.
Hikari Tsushin’s Portfolio
This write-up is about Hikari Tsushin — a Japanese sales organization run by a visionary founder called Yasumitsu Shigeta
It’s been much talked about on Twitter and Substack, but few of the write-ups discuss Hikari Tsushin’s portfolio of publicly listed equities
I am personally not particularly interested in Hikari Tsushin itself, as it is primarily a sales organization helping other businesses find customers
Anthem BioSciences IPO Analysis ~ The Fastest-Growing Indian CRDMO
- Anthem Biosciences (1234D IN) is launching a 3,395 crore IPO via a complete OFS, with a price band of INR 540–570 per share, open from July 14 to July 16.
- Company is a fully integrated CRDMO with capabilities across drug discovery, development, and manufacturing for both small molecules and biologics, serving 550+ customers globally.
- The company is undertaking a major capacity expansion, set to make its fermentation capacity over 6x larger than the second-largest Indian CRDMO player post-expansion.
Anthem Biosciences IPO: Despite 100% OFS, Worth Accumulating for Long-Term Compounding
- Strong Revenue Momentum and Profitability:Anthem Biosciences (1234D IN) achieved INR 18.4bn in revenue in FY25, growing 25% CAGR over FY20–FY25,with industry-leading EBITDA margins of 36.8% and PAT margin of 23.4%
- Unique Dual Capability in Biologics and Small Molecules:Among the few Indian CRDMOs with end-to-end capabilities across both small and large molecules, and technology-driven portfolio including ADCs, RNAi, peptides, and oligonucleotides
- Peer-Leading Returns and Robust Pipeline: Anthem boasts the highest ROCE (26.9%) among Indian peers, with significant IP-backed revenue streams and global molecule commercialization. It is a BUY for long term.
UnitedHealth Group’s Bold Healthcare Transformation—Is This The Future of Affordable Medicine?
- UnitedHealth Group’s first quarter 2025 results reveal a number of positive developments alongside several challenges that have led to a downward revision of the company’s adjusted earnings per share outlook.
- The company now expects an adjusted earnings per share range of $26 to $26.50, down from previous estimates, partly attributed to higher-than-expected care activity within its Medicare Advantage business and changes in member profiles impacting revenue at Optum Health.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
CICC (3908 HK): It Is the Best of the Time
- China International Capital Corporation (3908 HK)‘s 1H25 positive profit alert is encouraging, with 1H25 results growing by 55-78% YoY.
- YTD, CICC has a 59.5% share of the HK IPO market. The solid H-share IPO pipeline of A-share companies is beneficial, as this is its major area of strength.
- Market consensus has underestimated its FY25 earnings, inflating its PER multiples. The current 51% discount of its H-share to A-share is just too steep (average 37.7%).
Intel Layoffs Finally Kick Off With A Chaotic Start In Oregon
- Despite initially WARNing of 529 job cuts in Oregon, the actual number turned out to be 2,392
- Only 9% of the Oregon cuts are in management positions
- Huge cuts in technical employees across the board with a total of thirty Principal Engineers losing their jobs in Oregon alone.
Treasure Chest: CSL Not A One-Trick Pony
- FNArena’s Treasure Chest reports on money making ideas from stockbrokers and other experts.
- Today’s idea is on CSL
Astellas Pharma (4503 JP): Izervay on Strong Footing, Strategic Brands Key for Future
- Astellas Pharma (4503 JP) announced that in Q1FY26 the sales of their drug Izervay (avacincaptad pegol intravitreal solution) in the U.S. market will be ¥15.9B (~$110M, up 25% YoY).
- Strategic brands (Padcev, Izervay, Veozah, Vyloy, and Xospata) revenue expanded to ¥336B (+¥176B or +110% YoY) in FY25, representing 18% of the total revenue.
- Astellas agreement with Evopoint Biosciences for a novel investigational clinical-stage antibody-drug conjugate (ADC) targeting CLDN18.2, will help expand its pipeline and augurs well given its expertise in similar therapies (Vyloy).
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