In today’s briefing:
- HLB: Hires Korea Investment & Securities for a Potential Switch to a KOSPI Listing
- BeiGene (6160.HK/BGNE.US) – The Truth Behind Novartis’ Divorce Decision on PD-1
- PHC Holdings (6523 JP): Despite Slow Start, FY24 Guidance Reiterated; Diabetes Can Be a Sweet Spot
- Evo Commerce Banks US$2.8M More for Product Development, Asia Expansion
HLB: Hires Korea Investment & Securities for a Potential Switch to a KOSPI Listing
- On 20 September, HLB Inc announced that it has hired Korea Investment & Securities as an advisor for a potential switch from KOSDAQ to KOSPI listing.
- In our view, there is a 80-90%+ probability of HLB switching its listing from KOSDAQ to KOSPI sometime in the next 6-12 months.
- If HLB finally decides to switch its listing from KOSDAQ to KOSPI, it is likely that HLB will be included in KOSPI 200 index in 2024.
BeiGene (6160.HK/BGNE.US) – The Truth Behind Novartis’ Divorce Decision on PD-1
- Novartis’ return of PD-1 to BeiGene may actually have nothing to do with TIGIT project. Long-term strategic adjustment and decreasing value of tislelizumab to Novartis could be the core reasons.
- Abandoning PD-1 is a simple decision for Novartis, but not for BeiGene, who will do its best to promote FDA approval for tislelizumab, aiming to expand internationalization and stabilize valuation.
- We advise investors not to focus too much on whether or not tislelizumab will eventually get FDA approval,because the actual peak sales tislelizumab can contribute to BeiGene could be disappointing.
PHC Holdings (6523 JP): Despite Slow Start, FY24 Guidance Reiterated; Diabetes Can Be a Sweet Spot
- Despite the absence of special demand related to COVID-19, PHC Holdings (6523 JP)’s Q1FY24 revenue of ¥81.3B was at the same level as Q1FY23 due to favorable Fx impact.
- Operating profit declined 16% YoY to ¥1.7B, due to lower profit in the diabetes management business and a drop in the volume of PCR testing.
- PHC guided for FY24 revenue of ¥355.5B and operating profit of ¥29.3B (+47% YoY). The company expects FY24 net profit of ¥15.6B from a net loss of ¥3.2B in FY23.
Evo Commerce Banks US$2.8M More for Product Development, Asia Expansion
Evo Commerce owns two brands: bback focuses on post-party recovery aids, while Stryv specialises in the affordable luxury segment for personal care electronics
Evo Commerce, a direct-to-consumer health & beauty startup based in Singapore, has secured US$2.8 million in equity and debt financing.
Shanghai-based firm IJK Capital led the round, with participation from Carousell Co-Founder and CEO Quek Siu Rui, Fave Co-Founder Joel Neoh, and Tipsy Collective.
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