Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>In Q2FY24, <a href="https://www.smartkarma.com/entities/avid-bioservices-inc" target="_blank" data-smartkarma-citation="entities:13309:1" rel="noopener">Avid Bioservices (CDMO US)</a> reported 27% YoY and 33% QoQ revenue decline to $25.4M, due to annual maintenance shutdown and reduction in process development services from early-stage customers.</li>
<li>During Q2FY24, Avid Bioservices signed $35M in net new business orders from both new and existing customers, resulting in a record high backlog of $199M, up 35% YoY.</li>
<li>Avid Bioservices has lowered FY24 revenue guidance to $137–147 million from $145–165 million. For reference, the company reported revenue of $149 million in FY23.</li>
</ul>


In Q2FY24, Avid Bioservices (CDMO US) reported 27% YoY and 33% QoQ revenue decline to $25.4M, due to annual maintenance shutdown and reduction in process development services from early-stage customers.
During Q2FY24, Avid Bioservices signed $35M in net new business orders from both new and existing customers, resulting in a record high backlog of $199M, up 35% YoY.
Avid Bioservices has lowered FY24 revenue guidance to $137–147 million from $145–165 million. For reference, the company reported revenue of $149 million in FY23.


Avid Bioservices (CDMO US): Q2 Result Falls Below Expectation; FY24 Guidance Lowered Amid Slowdown

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 8th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Wuxi Biologics (2269 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), China Petroleum &amp; Chemical (386 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Dec 8th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), Wuxi Biologics (2269 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), AIA (1299 HK), China Petroleum &amp; Chemical (386 HK).


Hong Kong Buybacks Weekly (Dec 8th): Tencent, AIA, Wuxi Biologics

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine.</li>
<li>We tabulate the top stocks by inflows, outflows, and holding by mainland investors.</li>
<li>We highlight inflows into TraHK, Xpeng, SMIC, CSOP Hang Seng ETF, Ping An Insurance.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine.
We tabulate the top stocks by inflows, outflows, and holding by mainland investors.
We highlight inflows into TraHK, Xpeng, SMIC, CSOP Hang Seng ETF, Ping An Insurance.


Hong Kong Connect Flows (November): Five Months of Inflows Despite New Low

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 24th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Xpeng, Xiaomi and Link Reit.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 24th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Xpeng, Xiaomi and Link Reit.


HK Short Interest Weekly: Xpeng, Xiaomi, Link Reit

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>This is the somewhat brand-spanking-new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.</li>
<li>SOUTHBOUND flows the last several weeks clearly indicated a momentum move. The top net sells were all down. The top buys were all up. We saw a pause, then continued.</li>
<li>SOUTHBOUND sees more net selling this week of stocks. Last week ETF selling turned flows negative. This week, ETF flows flattered the net sell. Tech still being sold.</li>
</ul>


This is the somewhat brand-spanking-new Quiddity HK Connect SOUTHBOUND Monitor. We work off the same presentation as the A/H Premium Monitor and Mainland Connect NORTHBOUND Monitor.
SOUTHBOUND flows the last several weeks clearly indicated a momentum move. The top net sells were all down. The top buys were all up. We saw a pause, then continued.
SOUTHBOUND sees more net selling this week of stocks. Last week ETF selling turned flows negative. This week, ETF flows flattered the net sell. Tech still being sold.


HK Connect SOUTHBOUND Flows (To 24 Nov 23); ETF Buying Offsets Broad Selling, Especially in Tech

China

WuXi Biologics (Cayman) Inc. is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China, U.S., and Iceland.  We provide a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process.  Our services are designed to help our global partners in shortening the cycle and lowering the cost of drug and medical device R&D through cost-effective and efficient solutions. 

Price Gauge
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Wuxi Biologics (2269 HK)

Avid Bioservices (CDMO US): Q2 Result Falls Below Expectation; FY24 Guidance Lowered Amid Slowdown

Avid Bioservices reported 27% YoY and 33% QoQ revenue decline to $25.4M in Q2FY24. The company has lowered FY24 revenue guidance to $137M–147M...

Tina Banerjee

Hong Kong Buybacks Weekly (Dec 8th): Tencent, AIA, Wuxi Biologics

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (November): Five Months of Inflows Despite New Low

We analyzed the Hong Kong Connect Scheme for November and highlight flows for TraHK, Xpeng, SMIC, CSOP Hang Seng ETF, Ping An Insurance.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Xpeng, Xiaomi, Link Reit

We analyzed the latest HK SFC report for aggregate short position as of Nov 24th and highlight short interest changes in Xpeng, Xiaomi and Link Reit.

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 24 Nov 23); ETF Buying Offsets Broad Selling, Especially in Tech

HK Connect SOUTHBOUND flows were to the sell side again. Last week was driven by ETFs, this week by single stocks, especially tech, and China...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Avid Bioservices (CDMO US): Q2 Result Falls Below Expectation; FY24 Guidance Lowered Amid Slowdown

​Avid Bioservices reported 27% YoY and 33% QoQ revenue decline to $25.4M in Q2FY24. The company has lowered FY24 revenue guidance to $137M–147M...

Tina Banerjee

Hong Kong Buybacks Weekly (Dec 8th): Tencent, AIA, Wuxi Biologics

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

Hong Kong Connect Flows (November): Five Months of Inflows Despite New Low

We analyzed the Hong Kong Connect Scheme for November and highlight flows for TraHK, Xpeng, SMIC, CSOP Hang Seng ETF, Ping An Insurance.

Ke Yan, CFA, FRM

HK Short Interest Weekly: Xpeng, Xiaomi, Link Reit

We analyzed the latest HK SFC report for aggregate short position as of Nov 24th and highlight short interest changes in Xpeng, Xiaomi and Link Reit.

Ke Yan, CFA, FRM

HK Connect SOUTHBOUND Flows (To 24 Nov 23); ETF Buying Offsets Broad Selling, Especially in Tech

HK Connect SOUTHBOUND flows were to the sell side again. Last week was driven by ETFs, this week by single stocks, especially tech, and China...

Travis Lundy

Avid Bioservices reported 27% YoY and 33% QoQ revenue decline to $25.4M in Q2FY24. The company has lowered FY24 revenue guidance to $137M–147M...