In today’s briefing:
- An Early Look at the Potential KOSDAQ150 Rebalance Candidates in December 2026
- Aequitas: Sunway Healthcare IPO Lockup – US$4.7bn Lockup Release, GIC Might Look to Sell
- Uncovered Thai Stocks: VIH (2Q26)
- CDT Equity (CDTE US): Synthetic Expert Call Transcript (11 Sep 2026)
- GenScript Biotech (1548 HK): Synthetic Expert Call Transcript (11 Sep 2026)
- Acurx Pharmaceuticals (ACXP US): Synthetic Expert Call Transcript (11 Sep 2026)
- Uncovered Thai Stocks: TM (2Q26)
An Early Look at the Potential KOSDAQ150 Rebalance Candidates in December 2026
- In this insight, I provide an early look at the potential additions and deletions to KOSDAQ150 rebalance in December 2026.
- I provide 9 potential deletion candidates including C&C International Corp (352480 KS), Devsisters (194480 KS), and Webzen Inc (069080 KS).
- QThe 7 potential addition candidates include Mezzion Pharma (140410 KS), Taihan Fiberoptics (010170 KS), and Seers (458870 KS).
Aequitas: Sunway Healthcare IPO Lockup – US$4.7bn Lockup Release, GIC Might Look to Sell
- Sunway Healthcare Holdings (SUNMED MK) raised US$735m in its Malaysia IPO in March 2026. The lockup on controlling shareholders and Pre-IPO investors is set to expire soon on 18 September.
- Sunway Healthcare Holdings, one of the largest private hospital groups in Malaysia, provides services covering the full lifecycle of care.
- In this note, we will talk about the lockup dynamics and possible placement.
Uncovered Thai Stocks: VIH (2Q26)
- The company is very good at generating consistently positive operating cash flow
- The tightness of the operation is very good based on the cash conversion cycle
- Looking at the balance sheet, the company has very good access to capital to fund growth
CDT Equity (CDTE US): Synthetic Expert Call Transcript (11 Sep 2026)
- Circular Dilution and AI Pivot: CDT Equity’s highly publicized pivot from a clinical-stage development model to an AI-powered drug-repositioning platform is primarily a capital-preservation tactic rather than a scientifically validated transition. Its 22.7% equity stake in Sarborg Limited was acquired almost entirely through highly dilutive stock and warrants. Crucially, Sarborg’s own audited financials filed in late August 2026 reveal that it is also operating under a going-concern warning with minimal cash, representing an unstable “paper-buying-paper” structure.
- Flawed Patent Defensibility: While CDT claims its solid-form chemistry and cocrystallization technologies can secure up to 20-year patent extensions on deprioritized assets, formulation and crystalline-phase patents are historically fragile. Generics and biosimilar developers frequently bypass these secondary barriers by designing around specific polymorphs, making CDT’s core IP far less defensible—and less attractive for out-licensing—than traditional new chemical entities (NCEs).
- Solvency and Governance Crisis: CDT is in a state of severe financial distress, holding just $0.7 million in cash as of June 30, 2026, against a projected 12-month working capital need of $19.5 million. This liquidity gap is compounded by a persistent $9.6 million accrued litigation liability stemming from the Strand Hanson High Court judgment, continuous auditor turnover, and extensive material weaknesses in internal controls over financial reporting.
Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.
GenScript Biotech (1548 HK): Synthetic Expert Call Transcript (11 Sep 2026)
- Strong Core Profitability Inflection: GenScript’s Life Science Group (LSG) has crossed a key utilization threshold, with 1H 2026 adjusted operating profit surging 102.8% to US$94.0 million on a 28.8% revenue increase. This operating leverage is heavily driven by high-throughput automation and the doubling of high-margin AI-driven protein orders.
- Capital Raise Driven by Cap Table Restructuring: The newly announced US$300 million primary placement at HK$30.50 per share is strategically timed to offset the US$225.1 million cash outlay used to buy back Hillhouse Capital’s preferred shares in ProBio. This restructuring cleans up ProBio’s cap table ahead of its newly approved HKEX Main Board spin-off.
- Bifurcated Competitive Landscape: GenScript retains an 80%+ win rate against Twist Bioscience and IDT for long-chain, highly complex genes (>10kb) due to proprietary error-correction algorithms, but loses on pure price ($0.003/base) to Twist for standard, low-complexity gene fragments (<1.5kb). Geopolitical overhang from the BIOSECURE Act is driving US biopharma clients to multi-source, capping GenScript’s near-term US market share expansion.
Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.
Acurx Pharmaceuticals (ACXP US): Synthetic Expert Call Transcript (11 Sep 2026)
- Ibezapolstat’s clinical value proposition hinges on a “single-agent” paradigm shift: By achieving a 96% clinical cure rate while actively preserving and enriching key gut phyla (Actinobacteria and Firmicutes), the drug aims to eliminate the need for secondary, costly microbiome-restoring therapies like Vowst or Rebyota.
- Acurx’s capital structure is critically inadequate for a Phase 3 trial: With only $10.66 million in cash as of June 30, 2026, and an ongoing net loss of $2.25 million per quarter, the company’s dependency on highly dilutive capital tools like the $12 million Lincoln Park facility and recent $7.1 million ATM registrations will continue to depress equity value.
- The regulatory path has a theoretical single-trial shortcut, but execution is partner-dependent: Although the FDA’s July 13, 2026 Type C meeting left the door open for a single-trial NDA based on the 550-patient IBZ-ASPIRE protocol, the lack of a formal Special Protocol Assessment (SPA) and Acurx’s weak balance sheet mean clinical initiation will likely stall without an international out-licensing deal.
Disclaimer: The following transcripts are synthetic, AI-generated on demand, and compiled exclusively from public data sources; no real-word experts were actually interviewed. This content is designed to highlight potential market mispricings, explore compelling lines of inquiry, and suggest strategic questions rather than present verified facts. All specific financial metrics and data points, including market shares, TAM, margins, and growth rates, are AI-estimated approximations. They may be inaccurate and must be independently verified.
Uncovered Thai Stocks: TM (2Q26)
- Earnings quality is very high based on our analysis of net income relative to operating cash flow
- The efficiency is average when looking at the growth in sales relative to the growth in assets
- The company has delivered moderate sales growth, which is essential for long-term value creation
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