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Health Care Archives | Page 110 of 137 | Smartkarma

Nov 02
0

Daily Brief Health Care: Singapore Medical, WuXi AppTec Co. Ltd. and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Singapore Medical’s VGO: Acceptances at 77.37%, Closing Date Now 15 Nov
  • Singapore Medical Extends Offer As Tendering Surprises
  • WuXi AppTec (603259.CH/2359.HK) 22Q3- It’s Too Early to Think That The Past Rapid Growth Has Resumed

Singapore Medical’s VGO: Acceptances at 77.37%, Closing Date Now 15 Nov

By Arun George

  • Singapore Medical (SMG SP)‘s voluntary conditional offer from management (chairman, CEO, exec director) has received acceptances of 77.37% of outstanding shares, below the 90% minimum acceptance condition.
  • The closing date has been extended to 15 November. To hit the 90% minimum acceptance condition, the offeror requires a 55.8% acceptance rate from the remaining holdout minorities.
  • The IFA previously declared the offer “not fair but reasonable.” The gross spread of 1.4% is not an attractive risk/reward profile. We continue to recommend taking profits.

Singapore Medical Extends Offer As Tendering Surprises

By David Blennerhassett

  • Back on the 14 September, healthcare provider Singapore Medical (SMG SP) announced a  voluntary MBO from TLW at S$0.37/share.  The IFA concluded the Offer was “not fair but reasonable”. 
  • The Offer is conditional on 90% of shares out held by the Offeror, and the TLW shareholders plus irrevocables hold 51.67% all-in. This 90% conditionality is firm. 
  • As of the first close, TLW now has 77.37%. The Offer has been extended by a fortnight. The Offer price has NOT been declared final.

WuXi AppTec (603259.CH/2359.HK) 22Q3- It’s Too Early to Think That The Past Rapid Growth Has Resumed

By Xinyao (Criss) Wang

  • WuXi AppTec’s 2022Q3 results beat the market expectations. The Company’s performance showed good recovery from the prior pandemic/lockdown, but it has not yet entirely reversed the trend of slowing growth.
  • Wuxi AppTec has a problem of decreasing future gross margins. Although the Q3 results could bring short-term catalyst for WuXi AppTec’s share price, such rebound may not last long.
  • We further analyzed WuXi AppTec’s business, and we remain to be conservative on the Company, because the whole outlook and investment logic of CXO have changed. 

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Nov 01
0

Daily Brief Health Care: SillaJen Inc, Global Health (Medanta), Takeda Pharmaceutical, Mitra Keluarga Karyasehat Tbk, Asahi Intecc, Ping An Healthcare and Technology Company Limited, Thermo Fisher Scientific Inc, AMI Organics Ltd and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • End of Mandatory Lock-Up Periods for 54 Companies in Korea in November 2022
  • Global Health IPO – Small Player but Attractive
  • Takeda: Thrilling Journey Ahead with a Dengue Vaccine Launch and New Approvals
  • Mitra Keluarga Karyasehat Tbk (MIKA IJ) – Higher Volumes Lower Intensity
  • Asahi Intecc (7747 JP): Stellar Performance in FY22 Likely to Accelerate in FY23
  • Ping An Healthcare and Technology (1833.HK) – The New Acquisition Is Hard to Turn Things Around
  • Thermo Fisher Scientific: New Technology For Cell Culture Harvesting & Other Drivers
  • Ami Organics Ltd: Forensic Analysis

End of Mandatory Lock-Up Periods for 54 Companies in Korea in November 2022

By Douglas Kim

  • We discuss end of the mandatory lock-up periods for 54 stocks in Korea in November 2022, among which 2 are in KOSPI and 52 are in KOSDAQ.
  • These 54 stocks on average could be subject to further selling pressures in November and could underperform relative to the market. 
  • Among these 54 stocks, the top 5 market cap stocks include Enchem, Sebit Chem, DearU, Sillajen, and Sampyo Cement. They could be exposed to greater selling pressures in November. 

Global Health IPO – Small Player but Attractive

By Ethan Aw

  • Global Health (Medanta) (GH IN) is looking to raise approximately US$268m in its upcoming India IPO.  
  • Global Health (GH) is a hospital network that operates under the Medanta brand. The firm currently has five hospitals in operation and one more planned for development.
  • We have looked at the background of the deal in our earlier notes. In this note, we will talk about the peer comparison and valuations.

Takeda: Thrilling Journey Ahead with a Dengue Vaccine Launch and New Approvals

By Shifara Samsudeen, ACMA, CGMA

  • Takeda Pharmaceutical (4502 JP) reported 2QFY03/2023 results last week. Reported revenue increased 18.6% YoY to JPY1.0trn (vs consensus JPY962bn) while OP increased 7.2% YoY to JPY104.4bn (vs consensus JPY119bn).
  • Growth in sales was driven by Takeda’s blockbuster drug Entyvio (+36.6% YoY), Takhzyro (+75.8%) and immunoglobulin products (HYQVIA in particular).
  • The company also has raised its peak sales estimate for Entyvio to US$7.5-9.0bn (from US$5.5-6.5bn) driven by further market growth and market share expansion.

Mitra Keluarga Karyasehat Tbk (MIKA IJ) – Higher Volumes Lower Intensity

By Angus Mackintosh

  • Mitra Keluarga‘s 3Q2022 results reflected the changing environment with patient volumes higher and back above COVID levels but treatment intensity came down YoY in 3Q2022 given last year’s Delta base.
  • MIKA continues to expand its hospital numbers through greenfield and brownfield expansions with three new hospitals due to open in the next 12 months plus it is open to M&A.
  • Mitra Keluarga’s treatment intensity should start to improve over the next few quarters given management’s focus on this plus easier YoY comparisons. Valuations remain attractive versus historical levels. 

Asahi Intecc (7747 JP): Stellar Performance in FY22 Likely to Accelerate in FY23

By Tina Banerjee

  • Asahi Intecc (7747 JP) reported better-than-expected FY22 results, driven by overseas sales primarily in Europe and China mainly due to market recovery and a weaker yen versus other major currencies.
  • Asahi has raised FY23 revenue guidance to ¥89.3 billion (+15% y/y) from ¥83.5 billion earlier. However, with weakening yen, another beat is on card.
  • Although Asahi shares have strong upside potential, continued hospital staff shortages in the U.S. and COVID-related restrictions in China are the main downside risks.

Ping An Healthcare and Technology (1833.HK) – The New Acquisition Is Hard to Turn Things Around

By Xinyao (Criss) Wang

  • In 2022H1, Ping An Health’s losses narrowed and gross profit margin increased, with various financial indicators showing an improving trend. The Company also announced a new acquisition recently.
  • In the process of turning from 2C business to 2B business, Ping An Health hopes to expand B-end users who can contribute higher margin, but this transformation would encounter difficulties.
  • If the payment method in China is not changed (still dominated by national medical insurance payment, with small portion of commercial insurance), it’s difficult to improve the profitability qualitatively.

Thermo Fisher Scientific: New Technology For Cell Culture Harvesting & Other Drivers

By Baptista Research

  • Thermo Fisher Scientific had a positive quarterly result as it surpassed Wall Street expectations on all counts and continued to drive market share gains.
  • Thermo Fisher strengthened its market position during this quarter as it advanced its industry-leading Thermo Scientific Orbitrap portfolio and launched the Orbitrap Ascend Tribrid mass spectrometer during the International Mass Spectrometry Conference.
  • We provide the stock of Thermo Fisher with a ‘Hold’ rating with a revision in the target price.

Ami Organics Ltd: Forensic Analysis

By Nitin Mangal

  • AMI Organics Ltd (AMIORG IN)  is engaged in business of drugs intermediate chemicals and related activities.
  • Key forensic takeaways include bizarre accounting especially pertaining to JV, no provisioning on debtors and working capital woes, and mystery towards transfer from CWIP.
  • There are governance related concerns surrounding related parties, churn in top management, etc that should also not be overlooked.

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Oct 31
0

Daily Brief Health Care: Guangzhou Kingmed Diagnostics, Biogen Inc and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Guangzhou Kingmed Diagnostics (603882CH)-Soaring Accounts Receivable/Potential Bad Debt Are Big Risk
  • Biogen Inc: Push For Byooviz & Other Drivers

Guangzhou Kingmed Diagnostics (603882CH)-Soaring Accounts Receivable/Potential Bad Debt Are Big Risk

By Xinyao (Criss) Wang

  • Driven by the demand for nucleic acid testing due to COVID-19, Kingmed’s 22Q3 performance continued to grow. However, its accounts receivable also increased sharply, which would be a risk. 
  • Kingmed has to switch business in time when the huge demand for nucleic acid testing fades away.The YoY growth of other businesses would be the key to decide its outlook.
  • The current valuation of Kingmed isn’t attractive. After COVID-19 is under control, Kingmed’s YoY revenue growth could fall back to below 40%. Net profit margin could reduce to above 10%.

Biogen Inc: Push For Byooviz & Other Drivers

By Baptista Research

  • Biogen’s stock has been on a roll as the company delivered another solid set of results, surpassing Wall Street expectations on all counts.
  • Along with Eisai, there have been positive results from Clarity AD, a Phase 3 study of the lecanemab.
  • In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

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Oct 30
0

Daily Brief Health Care: Abbvie Inc and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • AbbVie (ABBV US): Q3 Sales Miss as Humira OUS Declines; 2022 Guidance Narrowed; Dividend Raised

AbbVie (ABBV US): Q3 Sales Miss as Humira OUS Declines; 2022 Guidance Narrowed; Dividend Raised

By Tina Banerjee

  • Abbvie Inc (ABBV US) reported Q3 revenue of $14.8 billion, an increase of 5% y/y operationally, mainly driven by a 16% y/y operational growth in immunology portfolio.
  • While Humira revenue increased 7% y/y in the U.S. to $5 billion, internationally Humira revenue declined 26% y/y to $603 million due to biosimilar competition.
  • While management reiterated mid-point of 2022 adjusted EPS guidance range, they have narrowed the range to $13.84–13.88 from $13.76–13.96. 2022 revenue guidance has been slightly lowered to $58.2 billion.

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Oct 29
0

Daily Brief Health Care: Vertex Pharmaceuticals, Novartis AG and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Vertex Pharmaceuticals (VRTX US): Better-Than-Expected Q3 Result; Guidance Raised 2nd Time This Year
  • Novartis ADR: Initiation of Coverage – Latest Focus Areas & Key Drivers

Vertex Pharmaceuticals (VRTX US): Better-Than-Expected Q3 Result; Guidance Raised 2nd Time This Year

By Tina Banerjee

  • Vertex Pharmaceuticals (VRTX US) reported 18% y/y revenue growth to $2.3 billion, led by 46% growth outside the U.S. on continued strong uptake of Trikafta. U.S. revenue grew 5% y/y.
  • The company raised full-year 2022 product revenue guidance by 2% at the mid-point to $8.8–8.9 billion, representing 17% y/y growth at the mid-point.
  • The company will submit biologics licensing application (BLA) for exa-cel to the FDA, beginning in November 2022 and expects to complete the submission by the end of Q1 2023.

Novartis ADR: Initiation of Coverage – Latest Focus Areas & Key Drivers

By Baptista Research

  • This is our first report global pharma major, Novartis.
  • The company delivered a mixed set of results for the last quarter, failing to meet Wall Street expectations in terms of revenues but managing an earnings beat.
  • The innovative medicine sales grew consistently in the quarter across the U.S.

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Oct 27
0

Daily Brief Health Care: Chongqing Zhifei Biological Products, Shinpoong Pharmaceutical, Tokyo Stock Exchange Tokyo Price Index Topix and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Zhifei Biological Products (300122.CH) – More Downside Ahead, with Untenable Logic in HPV Vaccine
  • Shinpoong Pharmaceutical (019170 KS): Late Entry in COVID Drug Market; Legal Overhang Still Persists
  • Human Capital Investment Is Also Necessary to Remind Valuations of Growth-Based Corporate Value

Zhifei Biological Products (300122.CH) – More Downside Ahead, with Untenable Logic in HPV Vaccine

By Xinyao (Criss) Wang

  • Due to the lack of competitiveness, Zhifei’s self-developed products cannot contribute solid performance to make up for the shrinking revenue of HPV vaccines when more competing products gradually launched.
  • The real potential of HPV vaccine market in China is not as big as imagined. So, the companies involved have the problem of inflated market values.
  • Due to low demand of COVID-19 vaccine/negative impact of pandemic on HPV vaccination, Zhifei’s revenue YoY growth could be 10%-20%; Net profit YoY growth could be negative in 2022.

Shinpoong Pharmaceutical (019170 KS): Late Entry in COVID Drug Market; Legal Overhang Still Persists

By Tina Banerjee

  • Shinpoong Pharmaceutical (019170 KS) is re-purposing its existing anti-malarial drug Pyramax as an oral treatment for the COVID-19. The company is conducting phase 3 study in six countries, including Korea.
  • South Korean oral COVID-19 treatment market is currently dominated by Paxlovid. Other domestic companies are also in race to develop homegrown oral COVID-19 drugs, thereby creating a crowded market.
  • With declining cases and hospitalizations, Pyramax has muted growth prospect as a treatment for COVID-19. Shinpoong is reporting operating loss due to accelerated R&D expenditures.  

Human Capital Investment Is Also Necessary to Remind Valuations of Growth-Based Corporate Value

By Aki Matsumoto

  • Human investment, the engine of medium-to-long-term growth, was burden for companies without high profit margins, and it wasn’t of much interest to investors seeking stock price returns from short-term perspective.
  • Today, where people are required to do jobs that machines and robots cannot do and to think about mechanisms for making them work, investing in people is becoming more important.
  • The fact that investors have focused more on short-term earnings volatility indicates that they have failed to assume growth-based corporate value in valuations. Growth investing is essential to raising valuations.

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Oct 26
0

Daily Brief Health Care: Myovant Sciences, Giant Biogene Holding, Incyte Corp, Shanghai Bio-Heart Biological Technology and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Sumitomo/​Myovant: Agreed Minorities Takeout at $27
  • Giant Biogene IPO: Peer Comparison and Valuation
  • Giant Biogene IPO: Valuation Insights
  • Incyte Corp: Acquisition of Villaris Therapeutics & Other Drivers
  • Shanghai Bio-Heart Biological Technology (2185.HK) – The Bubble Will Eventually Burst

Sumitomo/​Myovant: Agreed Minorities Takeout at $27

By Jesus Rodriguez Aguilar

  • Sumitomo has increased its all-cash offer by c. 19% to $27/share, a 50% premium, 4.6x EV/Fwd Revenue and corresponds to an implied equity value of $1.7 billion and EV of $2.9 billion.
  • The Board of Myovant recommends the offer, which should close in Q1 2023. The market has bought into the deal: USD turnover on 24 October has been $585 million.
  • As a result of the improved offer, I increase my TP to $27 (vs $22.84 formerly). Gross spread is 0.78% and the estimated annual return is 1.83%.

Giant Biogene IPO: Peer Comparison and Valuation

By Shifara Samsudeen, ACMA, CGMA

  • Giant Biogene Holding (GBH HK) designs, develops and manufactures professional skin treatment products with recombinant collagen as the key bioactive ingredient in China.
  • The company’s IPO offering has been downsized and now plans to raise approx. US$80m through issuing 22.6m shares at an indicative IPO price range of HK$24.3-27.7 per share.
  • Our analysis shows that Giant Biogene’s IPO is attractively priced compared to domestic and international peers, however, we expect the upside to be limited given the current market volatility.

Giant Biogene IPO: Valuation Insights

By Arun George

Incyte Corp: Acquisition of Villaris Therapeutics & Other Drivers

By Baptista Research

  • Incyte has started appreciating with its financial results being just around the corner.
  • In the last quarter, the company’s revenues rose 29% and it managed an all-around beat.
  • With an increase in new patient starts across all 3 indications, Jakafi’s net revenues increased 13% to $598 million.

Shanghai Bio-Heart Biological Technology (2185.HK) – The Bubble Will Eventually Burst

By Xinyao (Criss) Wang

  • Among innovative medical device companies in HKEX under Chapter 18A, Bio-heart is quite “special”- It is the only company without commercialized products but has higher market value than the peers.
  • The competitiveness of Bio-heart’s core products is not high. There are great uncertainties in terms of the commercialization outlook, because Bio-heart doesn’t have obvious advantages in development progress/sales capability.
  • Bio-Heart is overvalued. Its efforts to maintain high share price may be to pave the way for listing in A-share,but anything deviates from fundamentals would inevitably return to the origin. 

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Oct 25
0

Daily Brief Health Care: Innovent Biologics Inc and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Innovent Biologics Inc (1801.HK) – The Concerns and the Outlook

Innovent Biologics Inc (1801.HK) – The Concerns and the Outlook

By Xinyao (Criss) Wang

  • Innovent Biologics Inc (1801 HK)’s share price had some rebounds last week, which could be related to some positive progress on business and the picking-up market sentiment in healthcare sector. 
  • We increased overall sales forecast for Innovent by including the two new products from Sanofi. But it’s still far from the management’s target of RMB20 billion sales in 5 years.
  • Innovent’s current commercialization capability is like a “semi-finished product”, and has long way to go. It lacks the second big product except PD-1 to “pave the way” for next-stage development.

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Oct 24
0

Daily Brief Health Care: Giant Biogene Holding and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Giant Biogene IPO: Valuation First Look

Giant Biogene IPO: Valuation First Look

By Arun George

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Oct 23
0

Daily Brief Health Care: Giant Biogene Holding, PolyNovo Ltd, Tokyo Stock Exchange Tokyo Price Index Topix and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • ECM Weekly (23rd Oct 2022) – Giant Biogene, Blibli, Bionote, Fusion Micro, Mitsubishi Estate
  • PolyNovo Ltd (PNV AU): Shares Are Rallying Fueled by Strong US Sales and New Product Approval
  • Prime Market Should Raise Market Cap Standards. Companies Should Take Measures to Raise Valuations

ECM Weekly (23rd Oct 2022) – Giant Biogene, Blibli, Bionote, Fusion Micro, Mitsubishi Estate

By Sumeet Singh

  • Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
  • On the IPO front, Blibli launched its Indonesian IPO, while a few other names are said to be gearing up to launch in Hong Kong and India.
  • There were a few placements this week, notable ones being Mitsubishi Estate Logistics (3481 JP) and Zee Entertainment Enterprises (Z IN).

PolyNovo Ltd (PNV AU): Shares Are Rallying Fueled by Strong US Sales and New Product Approval

By Tina Banerjee

  • PolyNovo Ltd (PNV AU) reported 73% y/y revenue growth to A$12.5M in Q1FY23, driven by the U.S. The company reported record high monthly sales of A$5.4M in September 2022.
  • The company is aggressively expanding team and the increased headcount is having the desired impact on sales growth and loss continues to be minimized compared to business expansion.
  • PolyNovo received FDA clearance for NovoSorb MTX, which expands PolyNovo’s U.S. addressable market by ~A$500M. The company plans to launch SynPath in the U.S. in 2023 (addressable market ~$400M).

Prime Market Should Raise Market Cap Standards. Companies Should Take Measures to Raise Valuations

By Aki Matsumoto

  • There is a discrepancy between the prime market concept and the listing criteria of 10 billion yen in tradable market capitalization.
  • The most significant effect of the market restructuring was the elimination of parent-subsidiary listings, but companies are reluctant to discuss matters not explicitly addressed in the corporate governance code.
  • Increasing market capitalization is not an overnight solution, but companies should study the initiatives advanced by companies that have increased valuations and implement those initiatives.

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