In today’s briefing:
- China Healthcare Weekly (Jul.6)- Anjoy’s IPO Debut, HEC CJ Pharma’s Merger with Sunshine Lake Pharma
- Korea Small Cap Gem #38: Infinitt Healthcare
- ETST: Initiating Coverage of a Strategic Holding Company Focused on the Healthcare Industry
China Healthcare Weekly (Jul.6)- Anjoy’s IPO Debut, HEC CJ Pharma’s Merger with Sunshine Lake Pharma
- For the upcoming 11th national VBP, we think some core and big varieties could be included, involving companies such as Sunshine Lake Pharma, Huadong Medicine, Hansoh Pharmaceutical (3692 HK), etc.
- Anjoy’s IPO is fairly priced. Reasonable valuation range is 10-15x P/E.However, unfavorable factors have led us to take a conservative attitude towards the upside potential of stock price after IPO.
- For Sunshine Lake Pharma’s privatization of HEC Pharma, Composite Document was despatched. However, if investors truly understand “the essence” of HEC Pharma, they will be calm/rational about this absorption merger.
Korea Small Cap Gem #38: Infinitt Healthcare
- Infinitt Healthcare is a leading Korean healthcare IT solutions specializing in medical imaging and enterprise imaging platforms. It is the number one provider of PACS system in Korea.
- Five major investment highlights include strong export growth, solid growth in sales and operating profits, number one player in PACS system in Korea, strong balance sheet, and attractive valuations.
- The company has a strong balance sheet. Net cash was 150 billion won at the end of 1Q 2025, representing 95% of its market cap.
ETST: Initiating Coverage of a Strategic Holding Company Focused on the Healthcare Industry
- Earth Science Tech, Inc. (ETST) is a strategic holding company, with wholly-owned subsidiaries operating in the compounding pharmaceutical (RxCompoundStore.com, MisterMeds.com), telehealth (Peaks Curative, Las Villas Health Care, DOConsultations.com), real estate (Avenvi), and consumer products (Magnefuse) sectors.
- Senior executives remain focused on managing and optimizing company operations, as well as acquiring complementary assets.
- The firm was incorporated in 2010, with headquarters in Miami, Florida.
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