In today’s briefing:
- Aster DM Healthcare’s Special Dividend & Restructuring
- Ansell Placement – Undertaking a Large Acquisition as Sector Headwinds Remain
- Special Changes in KOSDAQ 150: Deletion (NKMAX) + Addition (GI Innovation)
- Gland Pharma Ltd (GLAND IN): Business Recovery Seems To Be Overlooked by Mr. Market
- Natera Inc.: Initiation Of Coverage – Can It Successfully Leverage The Invitae Acquisition? – Major Drivers
- Roivant Sciences Ltd.: Initiation Of Coverage – Acquisition Of New Programs To Diversify In Biosciences! – Major Drivers
- BenQ BM Holding Cayman Corp Pre-IPO Tearsheet
Aster DM Healthcare’s Special Dividend & Restructuring
- Aster DM Healthcare Ltd (ASTERDM IN) completes a significant restructuring, separating its India and GCC operations, with a consortium led by Fajr Capital acquiring a 65% stake in Aster GCC.
- The substantial cash consideration received provides financial flexibility for further investments, debt reduction, or strategic opportunities.
- Explore the implications of Aster’s restructuring on shareholder value, with a special dividend of INR 110 to INR 120 per share planned.
Ansell Placement – Undertaking a Large Acquisition as Sector Headwinds Remain
- Ansell Ltd (ANN AU) is looking to raise US$262m in its primary follow-on to partially fund its acquisition of KCPPE.
- Despite the firm having been on an acquisition spree, it remains uncertain to us if the market has been factoring in such a large one.
- The deal would be a large one to digest, representing 52.5 days of the stock’s three month ADV.
Special Changes in KOSDAQ 150: Deletion (NKMAX) + Addition (GI Innovation)
- On 8 April, the Korea Exchange announced special changes to KOSDAQ 150. NKMAX will be excluded from KOSDAQ 150 and it will be replaced by GI Innovation.
- NKMAX was designated as “administrative issue” and “investment attention issue” on 8 April 2024, which resulted in the Korea Exchange deciding to remove this stock from KOSDAQ 150.
- We believe that this inclusion of GI Innovation in KOSDAQ 150 is likely to further positively impact its share price.
Gland Pharma Ltd (GLAND IN): Business Recovery Seems To Be Overlooked by Mr. Market
- Gland Pharma Ltd (GLAND IN) reported mid-single-digit revenue and EPS growth in its base business (ex-Cenexi) during 9M FY24. The company is confident to end FY24 on a high note.
- Gland Pharma starts FY25 on a strong note with gaining U.S. approval for eribulin mesylate injection, used for breast cancer that has spread to other parts of the body.
- Over the next 12–15 months, Gland Pharma is poised for enhanced geographical foot-print in Europe through Cenexi. The addressable CDMO business opportunity is estimated at €4B.
Natera Inc.: Initiation Of Coverage – Can It Successfully Leverage The Invitae Acquisition? – Major Drivers
- Natera, Inc.’s latest quarterly earnings reveal positive growth prospects and the firm’s commitment to maintaining momentum in their healthcare ventures.
- The company saw a rise in revenue, reaching $311 million for Q4, a substantial growth of 43% over the same period in 2022.
- Furthermore, its full-year revenues were reported at $1.08 billion, up by more than 30% compared to the previous year.
Roivant Sciences Ltd.: Initiation Of Coverage – Acquisition Of New Programs To Diversify In Biosciences! – Major Drivers
- This is our first report on Roivant.
- The company’s Q3 2023 earnings were decent and the neutral positives can be highlighted from the continuous growth of VTAMA, ROIV’s best-selling branded topical in psoriasis, recording over 300,000 prescriptions and revenues of $20.7 million.
- Additionally, the pipeline for Roivant has compelling developments, with brepocitinib showing promising potential in orphan rheumatology.
BenQ BM Holding Cayman Corp Pre-IPO Tearsheet
- BenQ BM Holding Cayman Corp (2228515D KY) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The bookrunners on the deal are CICC and Citigroup.
- BenQ BM Holding Cayman Corp (BenQ BM) is a general hospital operator.
- As of Dec 2023, BenQ BM owned and operated two hospitals, with a total combined GFA of approximately 380,000 sqm and 1,850 registered beds.
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