In today’s briefing:
- China National Building Material (3323 HK): Buyback Getting Even More Convincing
- Plover Bay 1523 HK FY24 Earnings Preview: What Should We Expect in FY25
- China Consumption Weekly (13 Jan 2025): NEV 2024, Tencent in Blacklist, Energy Monster Going Private
- Imugene (IMU AU): Pipeline Progresses; Capital Injection to Extend Cash Runway to Late 2025
China National Building Material (3323 HK): Buyback Getting Even More Convincing
- The prices of the construction materials stocks collapsed recently, with China National Building Material (3323 HK) holding firm, thanks to the buyback proposal.
- A sustained drop in cement prices and continued weakness in fixed asset investment revealed the challenging demand environment, making CNBM’s offer attractive.
- The buyback price equals 25.7x and 10.8x PERs for FY24F and FY25F, representing a hefty premium over peers. We continue to believe this is a good exit opportunity.
Plover Bay 1523 HK FY24 Earnings Preview: What Should We Expect in FY25
- We preview Plover Bay Technologies’ (1523 HK) FY24 earnings and expect 25% revenue growth and 38% profit growth, aligning with the profit alert’s trends.
- The company will declare its results on February 27th and hold a conference call to clarify its growth prospects for FY25 (vs our assumption of 20% avg-10 Yr growth)
- This is a name worth exploring, trading at 16x/14x FY24e/25e, net cash, with >50% ROEs and 5%/6% dividend yields for FY24e/25e.
China Consumption Weekly (13 Jan 2025): NEV 2024, Tencent in Blacklist, Energy Monster Going Private
- NEV retail deliveries grew by 41% in 2024, higher than 36% in 2023.
- The US Department of Defense designated Tencent as a Chinese Military Company.
- Smart Share Global plans to go private, as the company has no exclusive advantage.
Imugene (IMU AU): Pipeline Progresses; Capital Injection to Extend Cash Runway to Late 2025
- Imugene Ltd (IMU AU) announced dosing of the first Australian patient in the Phase 1b clinical trial of its allogeneic CAR T-cell therapy azer-cel in diffuse large B-cell lymphoma.
- Azer-Cel is one of the few allogeneic CAR T-cell therapies currently being evaluated in Australia. Azer-cel has potential revenue opportunity of $2.5B per annum.
- Imugene intends to raise A$46M through convertible bonds and warrants. Cost savings initiatives provide cash runway into late 2025. Early-stage pipeline and fund raising requirement make Imugene a risky bet.
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