In today’s briefing:
- HSCEI Index Rebalance: Beigene, ZTO Replace Sino Biopharma, Li Ning; Surprise for Some
- Haw Par Corp (HPAR SP): $1 Special Dividend–Xie Xie, Let’s Make It Regular!
- West Pharmaceutical Services: How GLP-1 and Biologics Are Unlocking Explosive Growth!
- Telix Pharmaceuticals (TLX AU): Record Performance in 2024; Robust Forecast for 2025
- Zoetis Inc.: Double-Digit Growth in Major Franchises Propelling Our ‘Buy’ Rating!
HSCEI Index Rebalance: Beigene, ZTO Replace Sino Biopharma, Li Ning; Surprise for Some
- BeiGene (6160 HK) and ZTO Express Cayman (2057 HK) will replace Sino Biopharmaceutical (1177 HK) and Li Ning (2331 HK) in the HSCEI INDEX at the close on 7 March.
- Estimated one-way turnover at the rebalance is 5% resulting in a round-trip trade of HK$6.4bn (US$825m). The final capping will use the close of trading on 4 March.
- ZTO Express Cayman (2057 HK) is also an inclusion to a global index with implementation scheduled for the close on 21 March.
Haw Par Corp (HPAR SP): $1 Special Dividend–Xie Xie, Let’s Make It Regular!
- Haw Par Corp (HPAR SP) announced a special dividend of S$1.00 per share for 2024, alongside its regular S$0.40 dividend.
- Investors have long pushed for higher payouts and special dividends, given the company’s strong cash reserves and free cash flow.
- Based on our analysis of its financials, Haw Par could sustainably raise its regular dividend to S$1.00 per share without tapping into reserves.
West Pharmaceutical Services: How GLP-1 and Biologics Are Unlocking Explosive Growth!
- West Pharmaceutical Services delivered its financial results for the fourth quarter and full year 2024, demonstrating both achievements and challenges.
- The company’s financial performance showed signs of recovery in certain areas but also faced headwinds that are influencing its outlook for 2025.
- In 2024, West made notable progress in several strategic initiatives.
Telix Pharmaceuticals (TLX AU): Record Performance in 2024; Robust Forecast for 2025
- Telix Pharmaceuticals (TLX AU) reported 2024 revenue of A$783M, up 56% YoY, beating full year revised guidance of A$745–776M, driven by Illuccix. 2024 R&D expenditure was in-line with guidance.
- Telix provides 2025 revenue guidance of A$1.18–1.23B ($770–800M), up 51–57% YoY. The company expects 2025 R&D expenses to increase 20–25% YoY to A$234–243M.
- 2025 will be a pivotal year for Telix, with three new products launches planned for this year in the U.S. (Zircaix, Pixclara, and Gozellix) and the European/UK rollout of Illuccix.
Zoetis Inc.: Double-Digit Growth in Major Franchises Propelling Our ‘Buy’ Rating!
- Zoetis reported strong financial results for its fiscal year 2024, reaching the high end of its guidance, largely driven by double-digit operational revenue growth of 11%.
- The company’s robust performance is attributed to its formidable portfolio spanning both the Companion Animal and Livestock segments.
- For the U.S., revenue surged by 11%, while international revenue saw a 10% operational increase, demonstrating the company’s capability to navigate a competitive landscape effectively.
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