In today’s briefing:
- New Ruipeng Pet Group Pre-IPO – The Negative – Loss-Making and Cash Burn Could Dampen Ambitions
- Q&M Dental Group (QNM SP): Core HealthCare Business Exhibits Secular Uptrend; Expansion to Continue
- SK Biopharmaceuticals (326030 KS): Global Expansion to Accelerate Growth Trajectory of Epilepsy Drug
- ASRT: Looking Ahead to 2023
New Ruipeng Pet Group Pre-IPO – The Negative – Loss-Making and Cash Burn Could Dampen Ambitions
- New Ruipeng Pet Group (RPET US) is looking to raise at least US$100m in its upcoming US IPO.
- New Ruipeng Pet Group (Ruipeng) is a pet services platform, primarily offering pet care services, supply chain services and local services, covering the entire lifecycle of pets.
- In this note, we will talk about the not-so-positive aspects of the deal.
Q&M Dental Group (QNM SP): Core HealthCare Business Exhibits Secular Uptrend; Expansion to Continue
- Q & M Dental Group (Singapore) (QNM SP) is the largest listed pure dental play in Southeast Asia. For the 9M2022, core healthcare revenue increased 3% to S$125.9M.
- Comparison of the numbers over five quarters to mitigate any impact of changes in the economic and business environment shows core healthcare revenue exhibits a secular uptrend.
- During 9M2022, Q&M added seven and four dental clinics in Singapore and Malaysia, respectively, bringing the company’s total number of clinics to 106 in Singapore and 45 in Malaysia.
SK Biopharmaceuticals (326030 KS): Global Expansion to Accelerate Growth Trajectory of Epilepsy Drug
- SK Biopharmaceuticals Co Ltd (326030 KS) is reporting continued stellar performance of its flagship drug Xcopri (cenobamate) in the U.S., with 9M2022 sales rising 137% YoY to KRW119B.
- Since its launch, Xcopri maintained strong momentum in US in terms of prescription volume. Xcopri reported 1.8x higher launching TRx than recently launched competitive anti-epileptic drugs (AEDs).
- The company plans to launch cenobamate in the Middle East and Africa this year, following launches in the U.S., China, Japan, and major countries in Europe.
ASRT: Looking Ahead to 2023
- ASRT has setup 2023 with the potential for growth even though Cambia now has generic competition. ASRT had been mentioning the generic competition for more than a year.
- Looking ahead to 2023, ASRT should benefit from having samples of Otrextup available for physicians.
- Indocin remains the primary revenue generator for ASRT. We are expecting greater revenue contribution from Indocin to offset Cambia
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