In today’s briefing:
- STAR50/STAR100 Index Rebalance Preview: One Is Meh; The Other Is👍
- PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story
- Pre-IPO Nanjing Leads Biolabs – The Future Prospects of the Pipeline Are Worth Looking Forward To
- EVAX: Bolsters Balance Sheet
- Paramount Bed Holdings Co Lt (7817 JP): Q3 FY03/25 flash update
- Cloudbreak 拨康视云 IPO: Negative Readthrough from Underperforming Market Leader
- Sana Biotechnology (SANA) Core Investment Case 05022025
STAR50/STAR100 Index Rebalance Preview: One Is Meh; The Other Is👍
- With the review period complete, we forecast 3 changes for the SSE STAR50 (STAR50 INDEX) and 8 changes for the STAR100 Index. There are a few migrations between the indices.
- We estimate turnover of 3.8% for the SSE STAR50 (STAR50 INDEX) and 9.9% for the STAR100 Index. The estimated net round-trip trade is CNY 13bn (US$1.8bn).
- The forecast adds to the STAR50 INDEX have underperformed the forecast deletes. For the STAR100 Index outright changes, the forecast adds have outperformed the forecast deletes by a lot.
PegBio 派格生物 IPO: A (Supposedly) Straightforward GLP-1 Challenger Story
- PegBio is looking to raise at least USD 100m via its Hong Kong IPO.
- In this note, we looked at the company’s fundamentals, particularly its core product PB-117.
- We think the story might look simple as a straightforward GLP-1 challenger but there are quite a number of concerns as we dig into the company’s story.
Pre-IPO Nanjing Leads Biolabs – The Future Prospects of the Pipeline Are Worth Looking Forward To
- After PD-1/L1, we haven’t seen the next successful/reliable immune checkpoint emerges due to issues on efficacy/safety profile. So, for 4-1BB/LAG3, we’re worried about the druggability or future commercialization after approval.
- In Leads Biolabs’ pipeline, we think the future highlight may still lie in CD3, since the mechanism by which TCR/CD3 is used to activate T cells is well validated.
- After Series C+ Financing, the post investment valuation has exceeded RMB3 billion.If the pipeline development progresses smoothly, Leads Biolabs’ valuation would surpass peers in the future due to better outlook.
EVAX: Bolsters Balance Sheet
- EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed treatments.
- The company has two streams of possible revenue: from the treatments themselves and from the licensing of the AI technology.
- The company announced that it has close a public offering of almost four million American Depository Shares, resulting in an additional of over $10 million in cash to its balance sheet.
Paramount Bed Holdings Co Lt (7817 JP): Q3 FY03/25 flash update
- Cumulative Q3 revenue increased by 2.8% YoY to JPY75.1bn, while operating profit decreased by 15.2% YoY.
- Domestic revenue rose 3.0% YoY, driven by a 7.9% YoY increase in the nursing care business.
- SG&A expenses rose 9.2% YoY, impacting profit margins; net income attributable to owners declined by 10.7% YoY.
Cloudbreak 拨康视云 IPO: Negative Readthrough from Underperforming Market Leader
- Cloudbreak re-filed for a Hong Kong listing in December 2024 to raise at least USD 100 million.
- In this note, we look at updates to its product lines. The progress of core products is on track while there are significant delays observed for other products.
- We have a negative readthrough from the leading competitor of its core product.
Sana Biotechnology (SANA) Core Investment Case 05022025
- Sana Biotechnology (NasdaqGS:SANA) is a well-funded cell and gene therapy innovator.
- Its therapies address significant unmet needs across oncology, central nervous system (CNS) disorders, and rare genetic diseases.
- Leveraging IP protected platform technologies, SANA is developing a robust pipeline of allogeneic cell therapies, in vivo gene editing and hypoimmune solutions, that might revolutionize treatment paradigms.
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