In today’s briefing:
- Medley (4480) – Move to Prime Means TOPIX Inclusion Next Month
- Ascentage Pharma (6855.HK) – May Not Survive “This Winter”
Medley (4480) – Move to Prime Means TOPIX Inclusion Next Month
- A year ago, TSE Growth-listed Medley (4480 JP) said they would “make preparations” for a listing on TSE Prime. Last month, Janaghan Jeyakumar, CFA had it at “Almost Ready.”
- Today they announced they would list on TSE Prime on 28 November which means a TOPIX Inclusion at end-December.
- Shareholder structure and stock bias matter a lot in this case. It’s very much worth looking at the details.
Ascentage Pharma (6855.HK) – May Not Survive “This Winter”
- The R&D direction and field of Ascentage Pharma Group Corp (6855 HK) distinguish it from other domestic biotech companies. The Company has proved its R&D capability after the successful launch of olverembatinib.
- The uncertainties of commercialization performance and R&D risks would make it difficult for Ascentage to achieve break-even. Due to increasing cash flow pressure, Ascentage must first solve the survival problem.
- Considering the Risk return trade-off, we think Ascentage has short-term investment value only when it’s “extremely undervalued”.We suggest that it could be sold in a timely manner to secure gains.
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