In today’s briefing:
- Apiam Animal Health (AHX AU): Adamantem’s A$0.87/Share Offer
- Bel Fuse Arbitrage Opportunity, Mayne Pharma Court Win, Pacific Current Buyback, STAAR Proxy Pushback, Empresaria Board Overhaul
- Pre-IPO Herb Standard Holdings Limited – The Business, the Concerns and the Outlook
- Japan Eyewear (5889 JP): Corporate Governance Issue Seems Easing; Inbound Demand to Drive Growth
- Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended
- GRAIL: PATHFINDER 2 Results Were Impressive, Samsung C&T/Samsung Electronics Made Equity Investment
Apiam Animal Health (AHX AU): Adamantem’s A$0.87/Share Offer
- Back on the 18th August, Apiam Animal Health (AHX AU), Australia’s largest rural and regional veterinary group, announced a A$0.88/share non-binding indicative Offer from PE outfit Adamantem Capital.
- That was a 64.5% premium to last close. If terms were firmed, shareholders would also be afforded a partial scrip option.
- Apiam and Adamantem have now firmed terms at A$0.87/share, including a permitted fully franked dividend up to A$0.10/share. Mix & match options available, including 100% scrip.
Bel Fuse Arbitrage Opportunity, Mayne Pharma Court Win, Pacific Current Buyback, STAAR Proxy Pushback, Empresaria Board Overhaul
- Bel Fuse’s Class A and B shares have a price gap, with BELFB trading 18% above BELFA, suggesting potential arbitrage.
- Mayne Pharma’s court ruling favors MYX in the A$7.40/share takeover by Cosette, pending FIRB approval by October 31.
- STAAR Surgical’s Q3 sales rose 7% YoY, driven by China demand recovery, amid proxy advisory opposition to Alcon’s offer.
Pre-IPO Herb Standard Holdings Limited – The Business, the Concerns and the Outlook
- Herb Standard adopts light-asset model, which helps to bring about high gross margin.However, gross margin showed a declining trend due to increase in promotional discounts to capture more market share
- The total sales value of products returned was up 317% YoY in FY2025 due to unsold products after promotional events. There’re concerns whether the current strong growth momentum is sustainable
- Our forecast is revenue to increase 20%/15%/12% and net profit to increase 14% /11.7%/8.8% in FY2026/FY2027/FY2028, respectively.Due to higher growth/profit margin, valuation of Herb Standard could be higher than peer
Japan Eyewear (5889 JP): Corporate Governance Issue Seems Easing; Inbound Demand to Drive Growth
- Japan Eyewear Holdings (5889 JP) shares are moving from the Standard Market to the Prime Market of the Tokyo Stock Exchange, thereby enhancing visibility and liquidity.
- The company has been showing consistently strong financial performance, driven by continuous recovery in inbound tourists. Overseas sales are also gaining traction.
- For FY30, JEH targets revenue of ¥28B, representing five-year CAGR of 10%. JEH aims to achieve operating profit of ¥10B in FY30, a CAGR of 13% during FY25–30.
Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended
- Levels of certain harmful particles typically returned to pre-treatment levels 1-3 weeks after treatment ended, suggesting a potential benefit to patients while being treated the study is designed to examine whether an increased number of Hemopurifier treatments can help extend positive patient responses.
- The company’s goal is to build its database supporting development of the Hemopurifier as an oncology treatment and this data appears to support that goal.
- It will be important to monitor whether these observations are reproducible as the study progresses, as it is early in the clinical trial to draw definitive conclusions and the data from Cohort 1 is not statistically significant.
GRAIL: PATHFINDER 2 Results Were Impressive, Samsung C&T/Samsung Electronics Made Equity Investment
- GRAIL Inc., a healthcare company whose mission is to detect cancer early when it can be cured, announced detailed results from its registrational PATHFINDER 2 study.
- Samsung C&T and Samsung Electronics also made a ~$110M equity investment in GRAIL at a price of $70.05 per share of common stock.
- I expect GRAIL shares to outperform the market as solid performance from its Galleri test continues and investors are confident that the first MCED test will receive FDA approval.
💡 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
