In today’s briefing:
- Merger Arb Mondays (08 Sep) – Kangji, OneConnect, Ashimori, Pacific Ind, RPM, Santos, Zeekr
- Blue Jet Healthcare: Pureplay Intermediates CDMO. Recent Correction Overdone, Good for Fresh Bet
- Myungin Pharm Pre-IPO: Discount to Peers; Potential Succession Planning
- MicroPort MedBot (2252 HK): Overseas Markets Shine; Tuomai Drives Growth; Losses Narrow in 1H25
Merger Arb Mondays (08 Sep) – Kangji, OneConnect, Ashimori, Pacific Ind, RPM, Santos, Zeekr
- I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
- Highest spreads: Mayne Pharma (MYX AU), Smart Share Global (EM US), ENN Energy (2688 HK), Dongfeng Motor (489 HK), Joy City Property (207 HK), Santos Ltd (STO AU).
- Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Humm Group (HUM AU), Ainsworth Game Technology (AGI AU), Ashimori Industry (3526 JP), Toyota Industries (6201 JP).
Blue Jet Healthcare: Pureplay Intermediates CDMO. Recent Correction Overdone, Good for Fresh Bet
- BLUEJET is a pure-play API/CDMO with strong positioning in contrast media intermediates. Further, it has demonstrated R&D and execution capabilities by commercialising 15+ molecules (oncology, CVS, CNS) under CDMO model.
- Its share price has corrected by ~35% since July end, after below expectation June quarter results exacerbated by weak export data amid tariff concerns. However, August numbers alleviated some concerns.
- Shares now trade at 30x FY26 PE, the lower end of 30-60x range where peers currently trade at. Company has high visibility for 20+% earnings growth for the medium term.
Myungin Pharm Pre-IPO: Discount to Peers; Potential Succession Planning
- Myungin Pharmaceutical (MYUNGIN KS) is looking to raise up to US$142m in its upcoming Korean IPO.
- It specializes in central nervous system (CNS) therapeutics and boasts an extensive product line-up of over 200 CNS products.
- In this note, we examine the IPO dynamics, and look at the firm’s valuation.
MicroPort MedBot (2252 HK): Overseas Markets Shine; Tuomai Drives Growth; Losses Narrow in 1H25
- Shanghai MicroPort MedBot Group (2252 HK) recorded 1H25 revenue of RMB 176M, up 77% YoY driven by rapid expansion of commercialization of multiple products. Overseas market sales grew 189% YoY.
- Toumai Laparoscopic Surgical Robot continued to be the main growth driver securing new orders of 30+ units and achieving commercial installation of 22 units.
- MedBot’s recent approvals of Toumai variants, technology advantages, diversified portfolio and commercialization strength place it at an inflection point, expected to be back in the black soon.
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