HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a> released the preliminary financial data for 2021. It is not surprising that the Company could maintain its outstanding performance.</li>
<li>We listed some interesting points to ponder, such as projected declining performance of WuXi DDSU and related chain reaction, the change in fair value of financial assets, overseas anticipation, etc..</li>
<li>It’s understandable if investors choose to start making layout at this point due to attractive valuation and longer “reflection arc”,but need to be patient for WuXi AppTec to achieve reversal.</li>
</ul>



WuXi AppTec Co. Ltd. (2359 HK) released the preliminary financial data for 2021. It is not surprising that the Company could maintain its outstanding performance.
We listed some interesting points to ponder, such as projected declining performance of WuXi DDSU and related chain reaction, the change in fair value of financial assets, overseas anticipation, etc..
It’s understandable if investors choose to start making layout at this point due to attractive valuation and longer “reflection arc”,but need to be patient for WuXi AppTec to achieve reversal.


WuXi AppTec (2359.HK/603259.CH)- Interesting Points to Ponder Behind 2021 Preliminary Financial Data

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 analyzed the latest HK SFC report for aggregate short position as of Feb 11. </li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short interest changes in Bank of China, Wuxi Biologics, and Wuxi Apptec.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Feb 11. 
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short interest changes in Bank of China, Wuxi Biologics, and Wuxi Apptec.


HK Short Interest: BOC, Wuxi Biologics/Apptec

Thematic (Sector/Industry)

<ul>
<li>Despite the rational return, the healthcare industry is constantly optimized and adjusted under the guidance of policy and would finally achieve a new balance. So, we are still highly bullish.</li>
<li>We analyzed the investment logic and related investment opportunities in sectors such as medical device, TCM, biotech and CXO.</li>
<li>The valuation of China healthcare sector has entered an attractive range. So, for long-term players, it is recommended to consider to long some high-quality assets at a good cost. </li>
</ul>


Despite the rational return, the healthcare industry is constantly optimized and adjusted under the guidance of policy and would finally achieve a new balance. So, we are still highly bullish.
We analyzed the investment logic and related investment opportunities in sectors such as medical device, TCM, biotech and CXO.
The valuation of China healthcare sector has entered an attractive range. So, for long-term players, it is recommended to consider to long some high-quality assets at a good cost. 


Presentation for Webinar: China Healthcare - Outlook and Opportunities in 2022

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Emcure Pharmaceuticals / Equity Capital Markets

<ul>
<li>Emcure Pharmaceuticals Limited is looking to raise around US$500m in its upcoming India IPO.</li>
<li>EP is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas. </li>
<li>In this note, we talk about the various aspects of the deal.</li>
</ul>


Emcure Pharmaceuticals Limited is looking to raise around US$500m in its upcoming India IPO.
EP is an Indian Pharmaceutical company engaged in the developing, manufacturing and globally marketing a broad range of pharmaceutical products across several major therapeutic areas. 
In this note, we talk about the various aspects of the deal.


Emcure Pharmaceuticals Pre-IPO - Proforma Earnings Were Strong but It Faces a Host of Legal Issues

<ul>
<li>We analyse the changes of A/H premium on 136 stocks over the last week.</li>
<li>Information technology and health care led the increases of A/H premium while consumer staple led the decreases of A/H premium. </li>
<li>We highlight A/H premium increases for Flat Glass, Cansino, and China Eastern Air. </li>
</ul>


We analyse the changes of A/H premium on 136 stocks over the last week.
Information technology and health care led the increases of A/H premium while consumer staple led the decreases of A/H premium. 
We highlight A/H premium increases for Flat Glass, Cansino, and China Eastern Air. 


A/H Premium Weekly: Flat Glass, Cansino, China Eastern Air

China

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

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WuXi AppTec (603259 CH)

WuXi AppTec (2359.HK/603259.CH)- Interesting Points to Ponder Behind 2021 Preliminary Financial Data

We analyzed some important points behind 2021 preliminary financial data (declining DDSU, fair value change of financial assets, overseas...

Xinyao (Criss) Wang

HK Short Interest: BOC, Wuxi Biologics/Apptec

We highlight week on week short interest changes in Bank of China, Wuxi Biologics, and Wuxi Apptec based on the latest Hong Kong SFC short...

Ke Yan, CFA, FRM

Presentation for Webinar: China Healthcare - Outlook and Opportunities in 2022

We review the important events since 2021H1 and keep bullish on China healthcare outlook.We also analyzed investment logic and opportunities in...

Xinyao (Criss) Wang

Emcure Pharmaceuticals Pre-IPO - Proforma Earnings Were Strong but It Faces a Host of Legal Issues

Emcure Pharmaceuticals Limited is looking to raise around US$500m in its upcoming India IPO. It is the 12th largest Indian Pharmaceutical company.

Sumeet Singh

A/H Premium Weekly: Flat Glass, Cansino, China Eastern Air

We highlight information technology and health care led the increases of A/H premium and three stocks: Flat Glass, Cansino, and China Eastern Air.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)