Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.</li>
<li>Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.</li>
<li>Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.</li>
</ul>


Fosun Pharma is acquiring 53% stake in Green Valley Pharmaceuticals for ~$200M, to bolster CNS portfolio. Hansoh Pharmaceutical entered an exclusive license agreement with Glenmark Pharma for NSCLC drug Ameile.
Daiichi Sankyo received FDA approval for Enhertu as first-line treatment for HER2+ breast cancer. Takeda Pharmaceutical announced positive topline results for two P3 studies of zasocitinib in moderate-to-severe plaque psoriasis.
Hanmi Pharmaceutical filed domestic marketing application for efpeglenatide autoinjector, the first domestically developed GLP-1-based obesity drug. Max Healthcare announced INR10B+ investment for a ~450 bedded hospital in Pune.


APAC Healthcare Weekly (December 21)–Fosun Pharma, Hansoh, Daiichi Sankyo, Takeda, Hanmi, Max Health

Equity Capital Markets

Shanghai Forest Cabin Biological-Tech / Equity Capital Markets

Shanghai Forest Cabin Biological-Tech (SFCBT HK)

<ul>
<li>Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.</li>
<li>Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.</li>
<li>The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.</li>
</ul>


Shanghai Forest Cabin launched its Hongkong IPO aiming to raise up to HK$1086.2M. The company plans to sell 13.97M shares at HK$77.77 per share.
Shanghai Forest Cabin (SFC) are a premium domestic skincare brand in China with a focus on the anti-wrinkle and firming skincare market, under their flagship brand Forest Cabin.
The company’s business model is robust. We think Shanghai Forest Cabin issue is attractively priced and investors can surely look to invest in this growth story.


Shanghai Forest Cabin IPO: Delivers Essence-Tial Growth, Investors Can Put A Skin in The Game

Equity Bottom-Up

NIHON KOHDEN CORPORATION develops, manufactures, and sells medical equipment, transformers, and power switches and devices.  The Company's products include testing equipment for cerebral nerve such as electroencephalographs, circulatory systems, diagnostic equipment, catheters, biogenic monitoring systems such as electrocardiographs used into patient monitoring systems.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nihon-kohden-corp" target="_blank" data-smartkarma-citation="entities:7668:1" rel="noopener">Nihon Kohden (6849 JP)</a> reiterated previous guidance for overall revenue to be ¥240B in FY26 (+6.5% YoY). Domestic sales have been slightly revised downwards while overseas revenue witnessed upward revision.</li>
<li>North America to be near-term growth driver. H1FY26 revenue from North America increased 16% YoY to ¥22.3B. Expected to grow 18% YoY to ¥49.5B (55% of overseas sales) in FY26.</li>
<li>Nihon Kohden has a sustainable long-term growth prospect. The three-year business plan further enhances conviction on the same.</li>
</ul>



Nihon Kohden (6849 JP) reiterated previous guidance for overall revenue to be ¥240B in FY26 (+6.5% YoY). Domestic sales have been slightly revised downwards while overseas revenue witnessed upward revision.
North America to be near-term growth driver. H1FY26 revenue from North America increased 16% YoY to ¥22.3B. Expected to grow 18% YoY to ¥49.5B (55% of overseas sales) in FY26.
Nihon Kohden has a sustainable long-term growth prospect. The three-year business plan further enhances conviction on the same.


Nihon Kohden (6849 JP): Stable Japan, Growing US; ¥5B Share Buyback Plan Augurs Well

HOGY MEDICAL CO., LTD. manufactures and sells medical supply and related products including sterilized tools and disposable injectors and masks used by surgeons.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hogy-medical-co-ltd" target="_blank" data-smartkarma-citation="entities:10493:1" rel="noopener">Hogy Medical (3593 JP)</a> , in the last 10 fiscals, witnessed sales grow at CAGR of 1%. In tandem with that, company reported 4% drop sales to ¥18.9B in H1FY26.</li>
<li>The company revised FY26 sales guidance downwards to ¥39.2B (from previous ¥41.8B), with profits also witnessing considerable downward revision.</li>
<li>Stock to underperform and so we recommend a SELL on Hogy at this moment. Strategically, two possible outcomes open for Hogy, a take-over by another corporate entity or going private.</li>
</ul>



Hogy Medical (3593 JP) , in the last 10 fiscals, witnessed sales grow at CAGR of 1%. In tandem with that, company reported 4% drop sales to ¥18.9B in H1FY26.
The company revised FY26 sales guidance downwards to ¥39.2B (from previous ¥41.8B), with profits also witnessing considerable downward revision.
Stock to underperform and so we recommend a SELL on Hogy at this moment. Strategically, two possible outcomes open for Hogy, a take-over by another corporate entity or going private.


Hogy (3593 JP): Can Activism Alone Save Hogy From Going Down a Spriral? Fundamentals Don’t Support

Shenzhen Mindray Bio-Medical Electronics / Equity Capital Markets

Shenzhen Mindray Bio-Medical Electronics Co., Ltd. manufactures and distributes medical equipment. The Company produces life information supporting, in vitro diagnostic, and medical imaging equipment equipment. Shenzhen Mindray Bio-Medical Electronics also produces supporting reagents.

Shenzhen Mindray Bio-Medical Electronics (300760 CH)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> filed for a Hongkong IPO. The company’s A shares are already listed on the Shenzhen Stock Exchange. The IPO will consist of fresh issue.</li>
<li>Mindray intends to use the proceeds for funding global R&amp;D efforts, to further enhance global sales network and supply chain capabilities and, for working capital and general corporate purposes.</li>
<li>The long-term growth scenario looks largely subdued with the overseas market (revenue achieved a CAGR of over 18% from 2022-24) compensating for the sales lost in the domestic market.</li>
</ul>



Shenzhen Mindray Bio-Medical Electronics (300760 CH) filed for a Hongkong IPO. The company’s A shares are already listed on the Shenzhen Stock Exchange. The IPO will consist of fresh issue.
Mindray intends to use the proceeds for funding global R&amp;D efforts, to further enhance global sales network and supply chain capabilities and, for working capital and general corporate purposes.
The long-term growth scenario looks largely subdued with the overseas market (revenue achieved a CAGR of over 18% from 2022-24) compensating for the sales lost in the domestic market.


Shenzhen Mindray A/H Listing: Overseas Shine Amid Absent China Recovery, Not Enough For Long Term

Equity research analyst having 15+ years of experience, with an interest on fundamentally strong global healthcare companies. I have been helping investors to find future winners in healthcare space to grow their wealth by focusing on the strength and potential of the business models of the companies. My initiating coverage reports and pitch help investors to know ‘what to buy’, ‘why to buy’, and ‘when to buy’. My clients always remain on top of the sector with the help of my timely and detailed notes on earnings or any news update. I also provide broader view on the entire healthcare sector through periodic thematic reports.