Daily BriefsHealthcare

Health Care: Sysmex Corp, Ajanta Pharma, Eyebright Medical Technology Beijing, Laurus Labs and more

In today’s briefing:

  • Japan’s Governance: Board Director Training
  • Ajanta Pharmaceuticals: India Growth Drives Steady Numbers
  • Eyebright Medical Technology (688050. CH) – A Good Company but The Valuation Is Too High
  • Laurus Labs: Strong Performance Driven by Formulations
  • Ajanta Pharma: DF, US, Africa Drive Revenue Growth

Japan’s Governance: Board Director Training

By Aki Matsumoto

Following the previous article “Board Evaluation”, “Board Director Training”, which is dealt with in this article, is also a modest part of the “Disclosure based on each principle of the Corporate Governance Code” in the Corporate Governance Report. Therefore, it seems to be treated as an extremely small item among the evaluation items of corporate governance. It is never mentioned in analyst meetings, and I don’t recall any explanation from the company side regarding it. However, “training of board directors” is definitely one of the necessary elements in terms of improving the quality of board discussions and the quality of each board director in order to function more effectively.


Ajanta Pharmaceuticals: India Growth Drives Steady Numbers

By ICICI Securities Limited

Domestic formulations constitute 30% of the total consolidated turnover and is segregated into branded formulations & institutional business Asia accounts for ~35% of export formulations, Africa 33% & US 32%. The…

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Eyebright Medical Technology (688050. CH) – A Good Company but The Valuation Is Too High

By Xinyao (Criss) Wang

The field of high-value ophthalmic consumables has always been one of the focus of investors. Among them, Eyebright Medical Technology Beijing (688050 CH), which is committed to the R&D, production and commercialization of intraocular lens (IOL) and orthokeratology lens (OK lens) as its core products, attracts continuous attention. Since its listing in July 2020, the stock price of Eyebright had once been as high as RMB398.86/share. As of July 30, 2021, the share price of Eyebright was closed at RMB274.1/share, up about 717% compared with the issue price of RMB33.55/share, with the market value of RMB28.8 billion and P/E ratio of 200.66. So could Eyebright continue to support its high valuation? This insight mainly analyzed the industry characteristics, the business, and thoughts on valuation of Eyebright.


Laurus Labs: Strong Performance Driven by Formulations

By ICICI Securities Limited

About the stock: Laurus Labs operates in the segment of Generic APIs & FDFs (formulations), custom synthesis and biotechnology. Major focus in APIs is on ARV, oncology and other APIs.

  • It has eight manufacturing units (five FDA approved sites) with 61 DMFs, 27 ANDAs filed (two Para IV, seven first to file), 292 Patents filed (150 granted)
  • Laurus acquired Richore Life Sciences to diversify in area of recombinant animal origin free products, enzymes as well as building biologics CDMO
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Ajanta Pharma: DF, US, Africa Drive Revenue Growth

By Motilal Oswal

Ajanta Pharma (AJP) delivered 1QFY22 earnings marginally below our expectation. Robust growth in Domestic Formulation (DF) / Branded Generics (Africa) was offset by moderate growth in US / Branded Generics (Asia) and enhanced opex towards marketing and promotional activities. AJP is on track to outperform in the Branded Generics segment across DF/Asia/Africa and build a product pipeline for the US market.

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