Health Care Archives | Page 103 of 136 | Smartkarma

Hisamitsu Pharmaceutical Co (4530 JP) has announced solid Q3FY23 results, with double-digit revenue growth and triple-digit operating and net profit growth, mainly driven by the OTC business of the company.
With the resumption of sporting/outdoor events globally and increasing unwillingness to use opioid for pain relief especially in the U.S., Salonpas is expected to continue its growth trajectory.
Hisamitsu has reiterated FY23 guidance. However, considering the current progress rate of all the parameters versus guidance, we think actual performance of Hisamitsu will exceed guidance.

China Healthcare Weekly (Jan.13)- Tigermed, HBM, Brii, Jacobio, Dental Implant, Successful Investors

The centralized procurement of interprovincial dental implants results were released. In our view, most of the profits from the midstream circulation and terminal sales of dental implants will be cleared.
We analyzed some key points of Hangzhou Tigermed Consulting (H) (3347 HK), HBM Holdings Limited (2142 HK), Brii Biosciences (2137 HK) and Jacobio Pharmaceuticals (1167 HK).
Many “successful investors” may not realize that their huge returns in the past are mainly due to unexpected capital market exit channel dividends, which is hard to be copied.

Align Technology – Very Well Positioned when Demand Returns

By Pyari Menon

Economic slowdown, China lockdown and more competition has hit Align Technology (ALGN US) share performance. Quantity and quality of innovations suggests a solid moat that should help a comeback.
ALGN has dominant leadership in digital design and mass custom manufacture of clear aligner orthodontics. A return of demand should lead to strong upside.
Dentistry has seen significant new technologies we list the top fifteen innovators in the sector. Align is primarily in the narrow business of straightening teeth, but dominates the space.

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Jan 14

Daily Brief Health Care: Tokyo Stock Exchange Tokyo Price Index Topix and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Transitional Measures Will End in 2-3 Years, but Will Prime Market Listing Criteria Remain the Same?

Transitional Measures Will End in 2-3 Years, but Will Prime Market Listing Criteria Remain the Same?

By Aki Matsumoto

TSE will probably settle on a compromise: “transitional measures will be completed as soon as possible,” while “measures to minimize negative impacts will also be adopted.
Of 271 companies that failed to meet prime market listing criteria and are allowed to list under transitional measures, 227 (98%) don’t have tradable market capitalization of 10 billion yen.
The market capitalization of companies that disclosed plans to meet listing criteria within 3 years increased, while those that stated that they would meet criteria in over 3 years decreased.

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Jan 13

Daily Brief Health Care: Lu Daopei Medical Group, Lepu Medical Technology A and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Lu DaoPei Medical Group Pre-IPO Tearsheet
Lepu Medical Technology (300003.CH) – New Development Mode Changes the Valuation Logic

Lu DaoPei Medical Group Pre-IPO Tearsheet

By Clarence Chu

Lu Daopei Medical Group (1816743D CH) Lu DaoPei Medical Group is looking to raise around US$400m in its upcoming Hong Kong IPO. The bookrunners are CITIC Securities, CMB International, and Macquarie.
Lu DaoPei Medical Group (LDPM) is a hospital operator focusing on hematology healthcare services.
As per F&S, the firm was the largest hematology healthcare services provider in China in terms of 2021 revenue.

Lepu Medical Technology (300003.CH) – New Development Mode Changes the Valuation Logic

After China reopens and demand for COVID-19 testing drops sharply, Lepu has lost the big driving force of performance growth. The 2022 full year performance may not be optimistic.
Lepu Medical Technology A (300003 CH) has begun to focus more on capital operation. As a holding platform, the valuable assets are spun off, which changes the valuation logic.
Even if Lepu could finally digest the negative impact of centralized procurement, such development mode would still put pressure/uncertainties on its future performance, leading to lower-than-expected financial results.

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Jan 12

Daily Brief Health Care: Zai Lab Ltd, Angelalign Technology, Classys, Edwards Lifesciences and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Zai LAB (ZLAB.US/9688.HK)：TTF Is Not a Done Deal, Both China and Globally
Angelalign Technology (6699.HK) – About the Share Price Rebound, the Outlook and the Challenges
Classys (214150 KS): Will Continue To Remain On a Consistent Growth Path Through New Launches
Edwards Lifesciences Corporation: Initiation of Coverage – Recent Approvals & Other Drivers

Zai LAB (ZLAB.US/9688.HK)：TTF Is Not a Done Deal, Both China and Globally

By Shawn Yang

ZaiLab and NovoCure (NVCR US, NR) surged on positive readout of Optune’s Phase III on Non-Small-Cell-Lung Cancer (NSCLC), a major indication win after the smaller ones in Glioblastoma and Mesothelioma.
We, however, caution that the readout is largely expected and Optune faces uncertainty in commercialization both globally and in China;
We raise TP to US$35 to reflect possible readouts in other cancer types

Angelalign Technology (6699.HK) – About the Share Price Rebound, the Outlook and the Challenges

The rebound of Angelalign’s share price isn’t based on the reversal of its fundamentals,but increasing confidence in China’s economic recovery. Investors could take the opportunity to trade during this time.
It’s “a helpless move” for Angelalign to participate in centralized procurement. The price change brought about by centralized procurement would weaken the brand advantage of leading manufacturers and change consumers’ preferences.
We are not optimistic about Angelalign’s 2022 performance. Its performance in 2023 could still be lower-than-expected after China reopens. When COVID-19 is no longer an excuse, true color reveals.

Classys (214150 KS): Will Continue To Remain On a Consistent Growth Path Through New Launches

Classys (214150 KS) has started selling Volnewmer from the end of October 2022. With a safe and comfortable treatment experience, Volnewmer will become another strong growth engine.
The ratio of consumables sales to total sales is gradually increasing from 33% in Q1 2022 and 37% in Q2 2022 to 46% in Q3 2022, leading to improved profitability.
Classys recorded 30%+ revenue growth and margin improvement in Q3, with the cumulative sales in Q3 of this year exceeded 2021 annual sales, which was already the largest.

Edwards Lifesciences Corporation: Initiation of Coverage – Recent Approvals & Other Drivers

This is our first report on Edwards Lifesciences, a market leading manufacturer of heart valve systems and repair products.
The last quarter was highly disappointing as Edwards failed to meet Wall Street expectations in terms of revenues as well as earnings.
Besides, their market-leading SAPIEN 3 Ultra transcatheter aortic heart valve combines Edwards’ ground-breaking RESILIA technology.

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Jan 10

Daily Brief Health Care: Eisai Co Ltd, Modern Dental Group and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Eisai Co (4523 JP): Alzheimer’s Drug Gets FDA Approval; Focus Is Now on the Path Forward
Modern Dental Group (3600.HK)- 2023 Harsh Reality Is Hard to Avoid, but Short-Term Rally Is Possible

Eisai Co (4523 JP): Alzheimer’s Drug Gets FDA Approval; Focus Is Now on the Path Forward

Eisai Co Ltd (4523 JP) received speedy regulatory nod for Alzheimer’s drug LEQEMBI. Treatment with LEQEMBI should be initiated in patients with mild cognitive impairment or dementia stage of disease.
LEQEMBI will be available during or before the week of January 23, 2023. Eisai decided to price LEQEMBI at WAC of $26,500 per year to promote broader patient access.
Eisai has submitted a supplemental Biologics License Application to the FDA supporting the conversion of the Accelerated Approval of LEQEMBI to a traditional approval.

Modern Dental Group (3600.HK)- 2023 Harsh Reality Is Hard to Avoid, but Short-Term Rally Is Possible

Modern Dental Group (MDG) disclosed selected unaudited operational data for 22Q1-Q3. The negative trend on performance would continue to 22Q4. The overall 2022 performance of MDG would show a negative growth.
We may face a situation where both domestic and external demand would weaken in 2023. MDG’s overseas revenue is expected to see a bigger YoY decline than domestic revenue.
There would be strong expectations but weak realities in 2023Q1-Q2, during which MDG’s share price could rally in short term, but it’s not based on the improvement of its fundamentals.

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Jan 09

Daily Brief Health Care: Shanghai Junshi Bioscience Co. Ltd. and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Shanghai Junshi Bioscience (1877.HK/688180.CH)- Junshi Has Changed Its Story from Tumor to COVID-19?

Shanghai Junshi Bioscience (1877.HK/688180.CH)- Junshi Has Changed Its Story from Tumor to COVID-19?

Junshi once generated sales and profits in scale, but lost money again. Its story suddenly changed from cancer drugs to COVID-19. We have lost sight of its development direction.
Junshi’s commercialization history has lost its reference value for confirming the outlook. The calculation of peak sales doesn’t make much sense, because they cannot help Junshi turn losses into profits.
The current market value still has too much “bubble”, and COVID-19 drug is a major “interference” to the valuation. We analyzed our thoughts on future valuation by excluding COVID-19 projects.

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Jan 08

Daily Brief Health Care: Acotec Scientific Holdings, Samsung Biologics, Gushengtang and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Weekly Deals Digest (08 Jan) – Acotec, Halycon, Warrego, Nitro, Norwest, VinFast
Samsung Biologics (207940 KS): Near-Term Key Positive Catalysts
Hong Kong CEO & Director Dealings (8 Jan): Tian An, Differ Group, Pharmaron, Joinn Lab, Gushengtang

Weekly Deals Digest (08 Jan) – Acotec, Halycon, Warrego, Nitro, Norwest, VinFast

By Arun George

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments – Quiet week as VinFast (1905332D VN) continues to pre-market a US$1bn IPO.
Event-Driven developments – Acotec Scientific Holdings (6669 HK), Nitro Software Ltd (NTO AU), Norwest Energy NL (NWE AU), Warrego Energy (WGO AU), Halcyon Agri (HACL SP).

Samsung Biologics (207940 KS): Near-Term Key Positive Catalysts

Samsung Biologics (207940 KS) is expected to report strong Q4 results, with double-digit revenue growth. Partial operation of Plant 4 will impact profitability, which will be continued through H12023.
The Chairman of the company has been selling shares, causing recent pullback in the stock, which should be considered as an attractive entry point.
The long-term growth story remains intact, with all eyes being on upcoming conference where the company may unfold its capex plan amid stellar order book and industry demand.

Hong Kong CEO & Director Dealings (8 Jan): Tian An, Differ Group, Pharmaron, Joinn Lab, Gushengtang

By David Blennerhassett

The data in this insight is collated from the “shareholding disclosure” link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase – or decrease – in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
Stocks mentioned include Tian An China Investment (28 HK), Differ Group Auto (6878 HK), Pharmaron Beijing Co Ltd-H (3759 HK), Joinn Laboratories (H) (6127 HK), and Gushengtang (2273 HK).

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Jan 06

Daily Brief Health Care: HDmall, Hygeia Healthcare Group, Universal Vision Biotechnology and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

HD, the Airbnb for Surgeries in SEA, Secures US$6M Funding
Hygeia Healthcare Placement (6078.HK)- The Prospect Is More Certain After the Policy Risk Is Removed
Universal Vision Biotechnology (3218 TT): Not Suffering from Myopia; Clear Long-Term Growth Prospect

HD, the Airbnb for Surgeries in SEA, Secures US$6M Funding

By e27

HD will use the funding to expand its team and develop its technology, enabling over 5,000 healthcare providers and thousands of surgeries by 2024.
HD, a Bangkok-headquartered startup operating the healthcare and surgery marketplace HDmall in Thailand and Indonesia, has received US$6 million in new funding.
HD is an online marketplace that powers over 1,500 healthcare providers, including hospitals. It connects patients to hospitals, clinics, operating rooms, and surgeons.

Hygeia Healthcare Placement (6078.HK)- The Prospect Is More Certain After the Policy Risk Is Removed

The government has changed its tone and started to encourage social capital to run hospitals, indicating that the previous concerns about the policy risk on Hygeia has been relieved.
At this stage, Hygeia has more investment value, greater expansion space and higher market demand than Aier Eye Hospital. Meanwhile, the Company performs better in trans provincial expansion than Topchoice.
Due to large investment/“heavy asset” model, Hygeia would continue to face capital pressure. Its expansion pace may not be as fast as expected if it hopes to control expansion quality.

Universal Vision Biotechnology (3218 TT): Not Suffering from Myopia; Clear Long-Term Growth Prospect

Universal Vision Biotechnology (3218 TT) recorded revenue growth of 34% YoY to TWD2.5B during nine month ended Sept’22, driven by increasing number of refractive and cataract surgeries performed in Taiwan.
With 12M addressable patient population and just 0.16% penetration, refractive treatment market in Taiwan has favorable trend. With ~50% market share, the company is well-positioned to grab the opportunity.
This year, the company has renovated two existing centers and added four new centers. UVB is targeting 50 Universal Eye Centers by 2025 from 28 now.

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Jan 05

Daily Brief Health Care: Acotec Scientific Holdings, Jinxin Fertility Co Ltd, Zoetis Inc, Dexcom Inc and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Acotec (6669 HK): Boston Scientific’s Partial Offer Open For Tendering
Jinxin Fertility Group Placement – Weak Track Record And Recent Deals Have Performed Poorly
Zoetis Inc.: Initiation of Coverage – The Jurox Acquisition & Key Drivers
DexCom Inc.: Initiation of Coverage – Business Strategy & Key Drivers
Zoetis Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

Acotec (6669 HK): Boston Scientific’s Partial Offer Open For Tendering

By David Blennerhassett

On the 12 December, Acotec Scientific (6669 HK) announced a HK$20/share partial Offer from Boston Scientific, a 31.6% premium to last close, but below August 2021’s IPO price of HK$23.80/share.
Boston Scientific will acquire at least 156.7mn shares (50.01%), up to 203.7mn (65%). Irrevocables total 60.14%, comprising shares held by CA Medtech/CPE Investment, Jing Li (chairman, CEO), and Bliss Way.
The Composite Doc is now out and the Offer is open for acceptances. This Offer is done. The key question is the final proration.

Jinxin Fertility Group Placement – Weak Track Record And Recent Deals Have Performed Poorly

By Ethan Aw

Jinxin Fertility Co Ltd (1951 HK) is looking to raise US$122m via a top-up placement.
Proceeds from the offering will be used to repay its outstanding convertible bond and general corporate purposes.
In this note, we will run the deal through our ECM framework and talk about the recent updates.

Zoetis Inc.: Initiation of Coverage – The Jurox Acquisition & Key Drivers

This is our first report on animal health pharma major, Zoetis.
Despite the world’s volatile external environment and economic unpredictability, Zoetis has performed well from a financial standpoint given to its varied durable portfolio and global reach.
It delivered a 5% operating revenue increase in Q3, which reflected a decent yet below-par performance across its range of innovation-driven companion animal products, particularly in its overseas markets.

DexCom Inc.: Initiation of Coverage – Business Strategy & Key Drivers

This is our first report on medical device major, DexCom.
Although DexCom anticipates that these primary care connections will be crucial to its long-term consumer goals, they also enable the company to serve the nation’s extensive insulin users.
In addition, DexCom carried out its previously disclosed accelerated share repurchase program, buying roughly 550 million outstanding shares.

Zoetis Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report