Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.</li>
<li>Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.</li>
<li>Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.</li>
</ul>


Eisai Announced that global revenue of Leqembi in Q2FY25 was ¥10B, up 1.6x than Q1FY25. Takeda Pharma announced positive interim results from a Phase 3 study.
Shionogi’s COVID-19 drug was effective in reducing transmission of the disease. JCR Pharmaceuticals initiated first patient dosing in Japan in the Phase I clinical trial of JR-441.
Celltrion signed a contract with a U.S. GPO to list Zymfentra on private insurance formularies, which will expand the drug's coverage to 90%+ of the U.S. health insurance market.


APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

<ul>
<li>WuXi XDC Cayman shares significantly underperformed in 2024 with shares down ~28% year-to-date versus a ~19% gain on the Hang Seng Index.</li>
<li>Shares of both WuXi Biologics and WuXi AppTec also saw selling pressure due to Biosecure Act potential concerns. The US House of Representatives passed the Biosecure Act in September.</li>
<li>I believe that at current levels, the WuXi XDC Cayman valuation is full. My PT of HK$23.00 per share suggests limited upside. </li>
</ul>


WuXi XDC Cayman shares significantly underperformed in 2024 with shares down ~28% year-to-date versus a ~19% gain on the Hang Seng Index.
Shares of both WuXi Biologics and WuXi AppTec also saw selling pressure due to Biosecure Act potential concerns. The US House of Representatives passed the Biosecure Act in September.
I believe that at current levels, the WuXi XDC Cayman valuation is full. My PT of HK$23.00 per share suggests limited upside. 


WuXi XDC Cayman:  The Stock Still Trades at a Premium Multiple, Lack of Upside Catalysts

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Although both Republicans and Democrats have policies related to supply chain security/lowering drug prices, they have taken different approaches. Harris is likely to be “a continuation of the Biden policy”. </li>
<li>Harris would continue Biden’s strategy of “wooing India to contain China” and developing a pro-US supply chain system that isolates China.Her future policy direction may be more "predictable" than Trump's.</li>
<li>Whether Trump or Harris is elected as President of the US, there's a high possibility that the US will continue to confront China in the fields of biosecurity and biotechnology.</li>
</ul>


Although both Republicans and Democrats have policies related to supply chain security/lowering drug prices, they have taken different approaches. Harris is likely to be “a continuation of the Biden policy”. 
Harris would continue Biden’s strategy of “wooing India to contain China” and developing a pro-US supply chain system that isolates China.Her future policy direction may be more "predictable" than Trump's.
Whether Trump or Harris is elected as President of the US, there's a high possibility that the US will continue to confront China in the fields of biosecurity and biotechnology.


What Does a Kamala Harris Presidency Mean for China Healthcare?

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 analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 95.8% as of Oct 25th.</li>
<li>The average A-H premium changed by 1.4ppt week-on-week, led by consumer staples, information technology, real estate and offset by utilities, consumer discretionary, financials.</li>
<li>We highlight weekly changes in A-H premium for SMIC, ZOOMLION, PICC, FDZJ, FLAT GROUP, INNOCARE.</li>
</ul>


We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 95.8% as of Oct 25th.
The average A-H premium changed by 1.4ppt week-on-week, led by consumer staples, information technology, real estate and offset by utilities, consumer discretionary, financials.
We highlight weekly changes in A-H premium for SMIC, ZOOMLION, PICC, FDZJ, FLAT GROUP, INNOCARE.


A-H Premium Weekly (Oct 25th):SMIC, ZOOMLION, PICC, FDZJ, FLAT GROUP, INNOCARE

<ul>
<li>We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 98.3% as of Oct 18th.</li>
<li>The average A-H premium changed by 3.8ppt week-on-week, led by consumer discretionary, consumer staples, financials and offset by health care.</li>
<li>We highlight weekly changes in A-H premium for TSINGTAO, Goldwind, HAITONG, Guotai Junan Securities, Haohai, FMSH.</li>
</ul>


We analyse the changes of A-H premium on 149 stocks over the last week. The average A-H premium was 98.3% as of Oct 18th.
The average A-H premium changed by 3.8ppt week-on-week, led by consumer discretionary, consumer staples, financials and offset by health care.
We highlight weekly changes in A-H premium for TSINGTAO, Goldwind, HAITONG, Guotai Junan Securities, Haohai, FMSH.


A-H Premium Weekly (Oct 18th):TSINGTAO, Goldwind, HAITONG, Guotai Junan Securities, Haohai, FMSH

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)

APAC Healthcare Weekly (Nov 3)- Eisai, Takeda, Shionogi, Astellas Pharma, Celltrion, Wuxi AppTec

Large APAC healthcare companies are reporting mixed earnings. Demography will play a key role in ensuring how the overall domestic demand scenario...

Tina Banerjee

WuXi XDC Cayman: The Stock Still Trades at a Premium Multiple, Lack of Upside Catalysts

WuXi XDC Cayman stock rebounded strongly and trades above IPO offer price of HK$20.60. In my insight, I discuss the company’s valuation and...

Andrei Zakharov

What Does a Kamala Harris Presidency Mean for China Healthcare?

Harris could be “a continuation of Biden's policy” , making her future policy direction more "predictable" .But the US will continue to confront...

Xinyao (Criss) Wang

A-H Premium Weekly (Oct 25th):SMIC, ZOOMLION, PICC, FDZJ, FLAT GROUP, INNOCARE

We analyzed A-H premium changes in the past week and highlight A-H premium changes for SMIC, ZOOMLION, PICC, FDZJ, FLAT GROUP, INNOCARE.

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 18th):TSINGTAO, Goldwind, HAITONG, Guotai Junan Securities, Haohai, FMSH

We analyzed A-H premium changes in the past week and highlight A-H premium changes for TSINGTAO, Goldwind, HAITONG, Guotai Junan Securities,...

Ke Yan, CFA, FRM

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