In today’s briefing:
- Agilus Diagnostics Limited Pre-IPO Tearsheet
- Bluemtec IPO Preview
- Amvis Holdings Inc (7071 JP): Strong Performance in 9MFY23; Business Expansion Continues
- Asymchem Laboratories (6821.HK/002821.CH) – A Heartening Rise in Share Price Could Be Drawing Near
Agilus Diagnostics Limited Pre-IPO Tearsheet
- Agilus Diagnostics Limited (SRLL IN) is looking to raise around US$200m in its upcoming India IPO. The deal will be run by Citi, Axis Capital, and ICICI Securities.
- Agilus Diagnostics Limited (Agilus) is a diagnostic testing service provider.
- As per the CRISIL report, the firm was the largest diagnostics service provider in terms of number of laboratories and the second largest in terms of FY23 sales.
Bluemtec IPO Preview
- Bluemtec is getting ready to complete its IPO in KOSDAQ in the next several weeks. Bluemtec operates the number one pharmaceutical e-commerce platform in Korea.
- The company is offering 1.4 million shares in this IPO. The IPO price range is from 15,000 won to 19,000 won.
- The company sales and gross profit growth increased impressively in the past several years. The company’s sales increased at a CAGR of 60.5% from 2020 to 2022.
Amvis Holdings Inc (7071 JP): Strong Performance in 9MFY23; Business Expansion Continues
- Amvis Holdings Inc (7071 JP) reported 40% YoY increase in revenue to ¥23B in 9MFY23, driven by 27% YoY increase in bed capacity and 86.6% utilization rate at existing facilities.
- Operating profit grew 40% YoY to ¥6.2 billion. However, operating margin declined 10 basis points to 26.9%, due to the impact of inflation and increase in wages for long-service employees.
- Amvis announced plans to open 25 new facilities and expand 1 facility (1,308 beds) in FY24. The company plans to raise patient payments by about ¥4,000 per month in Oct’23.
Asymchem Laboratories (6821.HK/002821.CH) – A Heartening Rise in Share Price Could Be Drawing Near
- CDMO business usually have higher certainty/profit margin, and would be affected by the deterioration of overseas financing environment much later than CRO business. So, we prefer Asymchem to WuXi AppTec.
- Total market size of GLP-1s could exceed the sum of semaglutide + the vast majority of chronic disease drugs.No matter how GLP-1s expand indications, Asymchem has the opportunity to benefit.
- Asymchem needs to secure a large order related to GLP-1 drugs. Such big catalyst would certainly boost stock price, just like when COVID-19 order was received in November 2021.
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