In today’s briefing:
- IntelliCentrics (6819 HK): Special Dividend Vote on 18 April
- CSPC Pharmaceutical (1093 HK): Deep Value High Dividend Yield Idea; New Launches to Drive Growth
- Wuxi Biologics (2269.HK) – The Crisis Is Not Over
- BioNTech SE: How Its Strengthened Pipeline & Portfolio Is Changing The Game!
IntelliCentrics (6819 HK): Special Dividend Vote on 18 April
- The IntelliCentrics Global Holding (6819 HK) IFA considers the terms for the disposal of assets to symplr software as fair and reasonable. The EGM vote is on 18 April.
- The consideration will be distributed to shareholders as a special dividend with a minimum and maximum of US$0.52 (HK$4.07) and US$0.55 (HK$4.30), respectively.
- Irrevocables ensure that the EGM vote will pass. At the last close and for a 7 May payment, the gross and annualised spread of the minimum dividend is 2.8%/33.6%.
CSPC Pharmaceutical (1093 HK): Deep Value High Dividend Yield Idea; New Launches to Drive Growth
- CSPC Pharmaceutical Group (1093 HK) reported steady growth in finished drugs in 2023. New products including Mingfule, Yilouda, and Anfulike achieved rapid sales ramp-up due to inclusion in the NRDL.
- The company expects to launch 50 innovative drugs in the next five years, which will provide continuous momentum. The company further aims for 17 common generic launches during 2024–2025.
- CSPC Pharmaceutical shares are trading at a P/E of 11.3x, lowest level seen in last five years, and cheaper than peers. Dividend yield remains attractive at 4%+.
Wuxi Biologics (2269.HK) – The Crisis Is Not Over
- WuXi Bio’s profit was disappointing.The 41 new orders added last December were small orders, which cannot contribute decent revenue/profits.The goal of gross margin to reach 45% by 2026 seems challenging.
- The management has become more cautious in its guidance for 2024. 2024H1’s performance could be disappointing. The key is to see whether the performance in 2024 full-year would meet expectations.
- Due to BIOSECURE Act, foreign CXOs are planning to seize WuXi Bio’s market share. We are not sure whether Europe (the US’s ally), will follow suit and enact similar legislation.
BioNTech SE: How Its Strengthened Pipeline & Portfolio Is Changing The Game!
- This is our first report on biotechnology major, BioNTech.
- The company recently reported its fourth quarter and full-year 2023 earnings.
- BioNTech successfully advanced its clinical pipelines and improved its technology platforms, digital capabilities, and infrastructure while executing its key strategic initiatives.
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