Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Pacific Smiles Group Limited owns and operates dental centers. The Company's centers provide preventative care, diagnosis and treatment for patients with a broad range of dental care requirements.

<ul>
<li>MA Financial (13.43% of shares out) and Alison Hughes (9.94%) said they will reject Genesis A$1.8675/share offer for <a href="https://www.smartkarma.com/entities/pacific-smiles-group-ltd" target="_blank" data-smartkarma-citation="entities:2891:1" rel="noopener">Pacific Smiles (PSQ AU)</a>; therefore the 90% acceptance condition cannot be met.</li>
<li>Separately, PSQ's board also rejected terms, as Genesis Offer is below NDC's A$2.05/share Offer; plus terms are "opportunistic" as they do not account for PSQ's recent strong financial improvement. </li>
<li>What now? Genesis has the flexibility to bump. Expect that to occur. They won't fold their tent in response to this latest development.</li>
</ul>


MA Financial (13.43% of shares out) and Alison Hughes (9.94%) said they will reject Genesis A$1.8675/share offer for Pacific Smiles (PSQ AU); therefore the 90% acceptance condition cannot be met.
Separately, PSQ's board also rejected terms, as Genesis Offer is below NDC's A$2.05/share Offer; plus terms are "opportunistic" as they do not account for PSQ's recent strong financial improvement. 
What now? Genesis has the flexibility to bump. Expect that to occur. They won't fold their tent in response to this latest development.


Pacific Smiles: Key Shareholders Reject Genesis' Terms

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Equity Bottom-Up

AFT Pharmaceuticals Limited develops, licenses, and sells pharmaceutical products. The Company offers medicines for allergy, cough, cold, and flu, eye care, pain management, and laxatives. AFT Pharmaceuticals serves customers worldwide.

<ul><li>Following a weak update three weeks ago, AFT Pharmaceuticals' (AFT) 1H25 result had few surprises and we have again materially downgraded our forecasts.</li><li>This hurts. That said, we don't view any of the recent issues as structural, and we think the growth story remains well intact.</li><li>AFT has set a FY27 revenue target of NZ$300m (~+17% CAGR from FY24), which we view as achievable in light of its track record. ​​​​​​​Placing AFT's defensive and strong performing ANZ business on ~11x EV/EBIT (~-30% discount to the NZ market median), implies investors are paying nothing for International and SE Asia, despite FY25E revenue of ~NZ$30m, and significant optionality through multiple growth drivers. OUTPERFORM.</li></ul>

Following a weak update three weeks ago, AFT Pharmaceuticals' (AFT) 1H25 result had few surprises and we have again materially downgraded our forecasts.This hurts. That said, we don't view any of the recent issues as structural, and we think the growth story remains well intact.AFT has set a FY27 revenue target of NZ$300m (~+17% CAGR from FY24), which we view as achievable in light of its track record. ​​​​​​​Placing AFT's defensive and strong performing ANZ business on ~11x EV/EBIT (~-30% discount to the NZ market median), implies investors are paying nothing for International and SE Asia, despite FY25E revenue of ~NZ$30m, and significant optionality through multiple growth drivers. OUTPERFORM.

AFT Pharmaceuticals - 1H25 Result; No Pain, No Gain

Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

FibroBiologics, Inc. operates as an early stage, cell therapy company. The Company develops food and drug administration trials related to fibroblast treatments for degenerative disc disease, multiple sclerosis, cancer, wound healing, and other diseases. FibroBiologics serves clients in the United States.

<ul><li>On November 12, 2024, FibroBiologics, Inc. (FBLG) announced financial results for the third quarter of 2024 and provided a business update.</li><li>The company is continuing preparations for a Phase 1/2 clinical trial in Australia to test its fibroblast-based spheroid product as a therapy for diabetic foot ulcers.</li><li>We anticipate the trial initiating in the second quarter of 2025 and completing by the end of 2025.</li></ul>

On November 12, 2024, FibroBiologics, Inc. (FBLG) announced financial results for the third quarter of 2024 and provided a business update.The company is continuing preparations for a Phase 1/2 clinical trial in Australia to test its fibroblast-based spheroid product as a therapy for diabetic foot ulcers.We anticipate the trial initiating in the second quarter of 2025 and completing by the end of 2025.

FBLG: On Target to Initiate Phase 1/2 Trial in 2025 

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

OSE Immunotherapeutics SA is a biotechnology company based in France, developing immunotherapy products against invasive/metastatic late-stage cancers.

OSE Immunotherapeutics’ final analysis of the CoTikiS trial in ulcerative colitis (UC) confirmed that Lusvertikimab met the primary endpoint with statistical significance, highlighting its potential to offer a clinically meaningful solution for the condition. In our view, this marks a positive step forward for the candidate, which, to our knowledge, has a unique mechanism of action to address chronic inflammatory and autoimmune diseases. We believe that OSE plans to advance this programme to the next stages of development (Phase IIb or Phase III) once a partner is onboard. Based on the encouraging full results, we have increased our probability of success for Lusvertikimab in UC to 35% (from 17%), resulting in a valuation upgrade for OSE to €541.2m or €24.8/share (from €465.7m or €21.3/share previously).

OSE Immunotherapeutics’ final analysis of the CoTikiS trial in ulcerative colitis (UC) confirmed that Lusvertikimab met the primary endpoint with statistical significance, highlighting its potential to offer a clinically meaningful solution for the condition. In our view, this marks a positive step forward for the candidate, which, to our knowledge, has a unique mechanism of action to address chronic inflammatory and autoimmune diseases. We believe that OSE plans to advance this programme to the next stages of development (Phase IIb or Phase III) once a partner is onboard. Based on the encouraging full results, we have increased our probability of success for Lusvertikimab in UC to 35% (from 17%), resulting in a valuation upgrade for OSE to €541.2m or €24.8/share (from €465.7m or €21.3/share previously).

OSE Immunotherapeutics - Full Lusvertikimab results reflect potential in UC

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thermo Fisher Scientific Inc / Equity Bottom-Up

Thermo Fisher Scientific, Inc. manufactures scientific instruments, consumables, and chemicals.  The Company offers analytical instruments, laboratory equipment, software, services, consumables, reagents, chemicals, and supplies to pharmaceutical and biotech companies, hospitals and clinical diagnostic labs, universities, research institutions, and government agencies.

<ul><li>Thermo Fisher, distinguished by its extensive portfolio of products and services, stands as a global leader in life science services.</li><li>We are confident in the long-term prospects of Thermo Fisher as a global leader in life sciences industry, backed by its economies of scale, strong industry consolidation capabilities and its end-to-end platform amid the expected turnaround in client destocking and biotech funding.</li><li>We initiate coverage on the stock with a BUY rating and TP of US$670.00.</li></ul>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.

Thermo Fisher, distinguished by its extensive portfolio of products and services, stands as a global leader in life science services.We are confident in the long-term prospects of Thermo Fisher as a global leader in life sciences industry, backed by its economies of scale, strong industry consolidation capabilities and its end-to-end platform amid the expected turnaround in client destocking and biotech funding.We initiate coverage on the stock with a BUY rating and TP of US$670.00.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.

Thermo Fisher (TMO US) - A Global Leader in Life Sciences with Favourable Industry Trends

Health Care
Several billion reasons

Pacific Smiles: Key Shareholders Reject Genesis' Terms

Pacific Smiles (PSQ AU)'s board caves and now recommends shareholders accept the Offer. Genesis Bidco now holds 32.93%, which the board reckons is...

David Blennerhassett

AFT Pharmaceuticals - 1H25 Result; No Pain, No Gain

Following a weak update three weeks ago, AFT Pharmaceuticals' (AFT) 1H25 result had few surprises and we have again materially downgraded our...

Forsyth Barr

FBLG: On Target to Initiate Phase 1/2 Trial in 2025

On November 12, 2024, FibroBiologics, Inc. (FBLG) announced financial results for the third quarter of 2024 and provided a business update. The...

Zacks Small Cap Research

OSE Immunotherapeutics - Full Lusvertikimab results reflect potential in UC

OSE Immunotherapeutics’ final analysis of the CoTikiS trial in ulcerative colitis (UC) confirmed that Lusvertikimab met the primary endpoint with...

Edison Investment Research

Thermo Fisher (TMO US) - A Global Leader in Life Sciences with Favourable Industry Trends

Thermo Fisher, distinguished by its extensive portfolio of products and services, stands as a global leader in life science services.

CMB International