In today’s briefing:
- Johnson & Johnson Inc. – Equity Research Flash Note – March 24, 2023
- Ansell Ltd (ANN AU): Macro Headwind to Negatively Impact Near-Term Financial Performance
- Consun Pharmaceutical (1681.HK) – Undervalued. Good Performance Growth Will Continue
Johnson & Johnson Inc. – Equity Research Flash Note – March 24, 2023
- Johnson & Johnson is a diversified healthcare products company.
- The Company is engaged in the re- search and development, manufacture and sale of a range of products in the healthcare field.
- It operates through three segments: Consumer Health, Pharmaceutical and MedTech. Its primary focus is products related to human health and well-being.
Ansell Ltd (ANN AU): Macro Headwind to Negatively Impact Near-Term Financial Performance
- Ansell Ltd (ANN AU) reported weak H1FY23 result. Strong growth in industrial more than offset by lower healthcare sales leading to 11.5% overall revenue decline on an organic constant currency-basis.
- Healthcare business sales declined 21.9% YoY on an organic constant currency-basis, mainly dragged by a 38% YoY decline in examination/single-use glove revenue with reductions in both price and volume.
- Ansell has revised FY23 EPS guidance downward to $1.10–1.20 (down 21% YoY at mid-point) from $1.15–1.35 earlier, reflecting market condition in healthcare GBU.
Consun Pharmaceutical (1681.HK) – Undervalued. Good Performance Growth Will Continue
- Despite unfriendly external environment in 2022, Consun Pharmaceutical (1681 HK) still achieved stable performance growth. The Company has maintained a consistently high level of dividend payout, which is commendable.
- The rapid sales expansion of commercialized products has laid the foundation for the high-quality growth of Consun, and the continuously improving profitability further confirms its growth certainty.
- Based on the current market value, we think Consun is undervalued considering its RMB3 billion cash balance by 2022. It is expected to usher in valuation repair in the future.
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