Daily Brief Health Care: China Traditional Chinese Medicine, Amanta Healthcare, Livingstone Health Holdings, Hunan Mabgeek Biotech, Jiangsu Hengrui Pharmaceuticals, LB Pharmaceuticals, Glow LifeTech, Radiopharm Theranostics and more

• China TCM is still in the adjustment period due to CTCMG VBP and goodwill impairment loss. However, the new management is pushing for internal reforms, which is a good phenomenon.
• Rebound will come after China TCM fully digest the impact of VBP. Looking forward, annual profit of RMB1bn is still expected. Reasonable valuation is RMB10-15bn, which is just conservative estimate.
• As CNPGC still commits to resolving the horizontal competition issue, investors have reignited interest in betting on privatization of China TCM and potential merger with Taiji, which is a catalyst.

• The company operates a diversified portfolio of sterile liquid products across six therapeutic segments, with a strong domestic presence and expanding global reach, ensuring consistent revenue streams. 
• Proceeds from the IPO will fund the establishment of two new sterile manufacturing lines, significantly enhancing SteriPort and SVP capacities, expected to drive growth in FY26-27. 
• While the IPO valuation appears elevated at 46x FY25earnings, the company’s debt reduction and expanded capacity should lead to moderated multiples.

• Livingstone Health Holdings Limited (“Livingstone”) is a multidisciplinary healthcare group in Singapore, operating a network of primary care and specialist clinics.
• The Group provides a comprehensive range of services, including anaesthesiology, pain management, internal medicine, orthopaedic surgery, podiatry, physiotherapy, aesthetics and wellness treatments.
• It operates through three main segments, Primary Healthcare, Specialist Healthcare, and Others, supported by an integrated care model that captures patients at multiple touchpoints and promotes cross-referrals.

• Mabgeek, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. CICC is the sole sponsor.
• In this note, we look at the company’s core product, MG-K10.
• We also look at the company’s pre-IPO investors and management team.

• Jiangsu Hengrui Pharmaceuticals (1276 HK) entered into agreements with Braveheart Bio, to grant Braveheart an exclusive worldwide right of HRS-1893, a selective myosin inhibitor that treats hypertrophic cardiomyopathy.
• The only approved product available worldwide is Bristol Myer Squibb’s Camzyos (mavacamten) which was approved for marketing by FDA in April 2022 for obstructive hypertrophic cardiomyopathy.
• With Robust R&D and future potential drug candidates under its belt, Jiangsu Hengrui continues to remain an attractive bet, with a long-term perspective.

• LB Pharmaceuticals is offering 16.7 million shares at $14-$16 equating to a market cap of $281m-$322m.
• According to guidance that the deal is well-oversubscribed at launch from a comprehensive testing-the-waters meetings.
• Investor sentiment toward the subsector remains constructive, and the company’s lead candidate is entering Phase III with a solid track record of clinical data.

Key points (machine generated)

• The author holds a long position in Glow Lifetech Corp, increasing their investment after a positive 1Q2025 earnings release.
• The investment thesis is based on expected net income growth from high-margin, organic expansion in product offerings and geographic reach.
• Glow Lifetech specializes in biotech ingredient technology with proprietary MyCell technology, allowing for enhanced absorption of cannabinoid-based and nutraceutical products.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

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