External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Citi Pharma Limited incorporated as a private limited company in Pakistan under the repealed Companies Ordinance, 1984 on October 08, 2012. The principal activity of the company is manufacturing and sale of pharmaceuticals, medical chemicals and botanical products.

<ul><li>Citi Pharma (CPHL) announced its 1QFY25 result today, where the company recorded earnings of Rs201mn (EPS of Rs0.88), up 114% YoY and 32% QoQ.</li><li>The result came higher than expectations due to higher than expected net sales.</li><li>CPHL's net sales increased by 19% YoY and 12% QoQ to Rs3.2bn in 1QFY25. This improvement is primarily due to an increase in API volumetric sales and the addition of new formulation products, as per our channel checks.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Citi Pharma (CPHL) announced its 1QFY25 result today, where the company recorded earnings of Rs201mn (EPS of Rs0.88), up 114% YoY and 32% QoQ.The result came higher than expectations due to higher than expected net sales.CPHL's net sales increased by 19% YoY and 12% QoQ to Rs3.2bn in 1QFY25. This improvement is primarily due to an increase in API volumetric sales and the addition of new formulation products, as per our channel checks.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Citi Pharma (CPHL): 1QFY25 EPS at Rs0.88 up 32% QoQ  (Earnings higher than expectations)

Rubber News Specialist, Helixtap

Vinod Nedumudy

Rubber News Specialist

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

SGX Technically Specified Rubber 20 (TSR20) Futures: Effective from 16th May 2011, this contract will be migrated from SICOM platform to the SGX-DT platform. It will cease trading on SICOM at the close of business day Friday, 13th May 2011. Trading hours are revised as 7.55am to 6.00pm (no lunch break). Please refer to SGX products website for the new revised contract specifications. Exchange symbol: TF. Product Specifications: https://www2.sgx.com/derivatives/products/sicom-rubber?cc=TF

<ul><li>Vietnam exports 1.37 million tons of rubber during Jan-Sept 2024  </li><li>Exports to Malaysia witness staggering growth  </li><li>VRA expects rubber prices to remain high due to supply crunch</li></ul>

Vietnam exports 1.37 million tons of rubber during Jan-Sept 2024  Exports to Malaysia witness staggering growth  VRA expects rubber prices to remain high due to supply crunch

Vietnam Mints Money From Exports On Higher NR Value

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Eternal Beauty Holdings Limited / Equity Capital Markets

Eternal Beauty Holdings Limited (EBHL12 HK)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eternal-beauty-holdings-limited" target="_blank" data-smartkarma-citation="entities:43725:1" rel="noopener">Eternal Beauty Holdings</a>(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.</li>
<li>Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO.
Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
In this note, we talk about the positive aspects of the deal.


Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Event-Driven

China Traditional Chinese Medicine / Event-Driven

China Traditional Chinese Medicine Co. Limited, through its subsidiaries, manufactures and sells medicine and pharmaceutical products in China.

China Traditional Chinese Medicine (570 HK)

<ul>
<li>The real reason for CNPGC’s decision to abandon its promise may be "extraordinary". The "national security issue" seems to be a more reasonable explanation for the failure of this privatization.</li>
<li>A sustainable rebound in share prices will have to depend on obvious improvement in fundamentals and attractive dividends.We changed our valuation forecast. The investment logic of China TCM has changed.</li>
<li>China TCM may not deliver excess returns in the short term. If investors can't wait that long, offload directly and moving on to other opportunities is an option to consider.</li>
</ul>


The real reason for CNPGC’s decision to abandon its promise may be "extraordinary". The "national security issue" seems to be a more reasonable explanation for the failure of this privatization.
A sustainable rebound in share prices will have to depend on obvious improvement in fundamentals and attractive dividends.We changed our valuation forecast. The investment logic of China TCM has changed.
China TCM may not deliver excess returns in the short term. If investors can't wait that long, offload directly and moving on to other opportunities is an option to consider.


China TCM (570.HK) Update - The Real Reason For the Deal Break and the Valuation Outlook

Equity Research Analyst - Long-Short

Raj S, CA, CFA

Thematic (Sector/Industry)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/geely-automobile-holdings-ltd" target="_blank" data-smartkarma-citation="entities:127:1" rel="noopener">Geely Auto (175 HK)</a> is at a pivotal stage in its transformation, and we expect it to outperform peers in the medium term.</li>
<li>Investors are seeing progress and strategic direction in three critical areas: new EV brands, increasing exports, and sustaining the success of ICE brands.</li>
<li>We are bullish about the EV capabilities of Chinese local OEMs and their ambition to enter global markets assertively. Geely Auto is one of the best plays on this theme.</li>
</ul>



Geely Auto (175 HK) is at a pivotal stage in its transformation, and we expect it to outperform peers in the medium term.
Investors are seeing progress and strategic direction in three critical areas: new EV brands, increasing exports, and sustaining the success of ICE brands.
We are bullish about the EV capabilities of Chinese local OEMs and their ambition to enter global markets assertively. Geely Auto is one of the best plays on this theme.


Geely Auto (175 HK): Initiation: A Key Play on China EV and Global Expansion Theme

Asia (APAC)
Insights on Asia Pacific (APAC)

Citi Pharma (CPHL): 1QFY25 EPS at Rs0.88 up 32% QoQ (Earnings higher than expectations)

Citi Pharma (CPHL) announced its 1QFY25 result today, where the company recorded earnings of Rs201mn (EPS of Rs0.88), up 114% YoY and 32%...

Topline Securities

Vietnam Mints Money From Exports On Higher NR Value

The Vietnam rubber sector has successfully weathered Typhoon Yagi in September to register an increase in export volume compared to August, but the...

Helixtap

Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO. In this note, we talk about the positives aspects of...

Sumeet Singh

China TCM (570.HK) Update - The Real Reason For the Deal Break and the Valuation Outlook

China TCM's decision to abandon privatization may be due to national security concerns. We lowered 2024 forecast. Valuation rebound rely on...

Xinyao (Criss) Wang

Geely Auto (175 HK): Initiation: A Key Play on China EV and Global Expansion Theme

Geely Auto poised to outperform peers with focus on new EV brands, exports, making it a top play in context of our bullish view on Chinese OEMs'...

Raj S, CA, CFA

Citi Pharma (CPHL): 1QFY25 EPS at Rs0.88 up 32% QoQ (Earnings higher than expectations)

Citi Pharma (CPHL) announced its 1QFY25 result today, where the company recorded earnings of Rs201mn (EPS of Rs0.88), up 114% YoY and 32%...

Topline Securities

Vietnam Mints Money From Exports On Higher NR Value

The Vietnam rubber sector has successfully weathered Typhoon Yagi in September to register an increase in export volume compared to August, but the...

Helixtap

Eternal Beauty Pre-IPO - The Positives - Expanding Its Brands and Offering

Eternal Beauty Holdings(EB) is looking to raise about US$200m in its upcoming Hong Kong IPO. In this note, we talk about the positives aspects of...

Sumeet Singh

China TCM (570.HK) Update - The Real Reason For the Deal Break and the Valuation Outlook

​China TCM's decision to abandon privatization may be due to national security concerns. We lowered 2024 forecast. Valuation rebound rely on...

Xinyao (Criss) Wang

Geely Auto (175 HK): Initiation: A Key Play on China EV and Global Expansion Theme

​Geely Auto poised to outperform peers with focus on new EV brands, exports, making it a top play in context of our bullish view on Chinese OEMs'...

Raj S, CA, CFA

China TCM's decision to abandon privatization may be due to national security concerns. We lowered 2024 forecast. Valuation rebound rely on...

Geely Auto poised to outperform peers with focus on new EV brands, exports, making it a top play in context of our bullish view on Chinese OEMs'...