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.

Equity Bottom-Up

<ul><li>WuXi AppTec reported 3Q23 revenue of RMB10,670mn, up 0.3% YoY, and attributable recurring net income of RMB2,948mn, up 23.8% YoY, with attributable adjusted non-IFRS net income of RMB3,072mn, up 24.3% YoY.</li><li>3Q23 revenue accounted for 25.6% of our 2023 full-year estimate, in line with its historical average, while attributable adjusted non-IFRS net income represented 29.1% of our forecast, higher than its historical average of c.26%.</li><li>In 9M23, non-IFRS gross profit margin (GPM) improved by 3.6ppt to 42.3% while non-IFRS net profit margin increased by 3.7ppt to 27.6%, driven by favourable currency exchange rates and continuously improved operating efficiency. </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.

WuXi AppTec reported 3Q23 revenue of RMB10,670mn, up 0.3% YoY, and attributable recurring net income of RMB2,948mn, up 23.8% YoY, with attributable adjusted non-IFRS net income of RMB3,072mn, up 24.3% YoY.3Q23 revenue accounted for 25.6% of our 2023 full-year estimate, in line with its historical average, while attributable adjusted non-IFRS net income represented 29.1% of our forecast, higher than its historical average of c.26%.In 9M23, non-IFRS gross profit margin (GPM) improved by 3.6ppt to 42.3% while non-IFRS net profit margin increased by 3.7ppt to 27.6%, driven by favourable currency exchange rates and continuously improved operating efficiency. 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.

WuXi AppTec (603259 CH) – Peptide Business Becoming a New Growth Driver

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>WuXi AppTec's share price has performed well recently, mainly driven by CXO's "immune attributes" to anti-corruption campaign, investors' bullish view of weight loss drug business, and the previous oversold rebound.</li>
<li>Peptide CDMO business would contribute limited incremental performance to WuXi AppTec considering overall large business volume.Downward trend of CRO business is hard to be hedged by weight loss drug business.</li>
<li>Due to higher-for-longer rate, China CXOs only have rebound value, but no reversal logic. It's time to consider taking profits in a timely manner before the share price falls again.</li>
</ul>


WuXi AppTec's share price has performed well recently, mainly driven by CXO's "immune attributes" to anti-corruption campaign, investors' bullish view of weight loss drug business, and the previous oversold rebound.
Peptide CDMO business would contribute limited incremental performance to WuXi AppTec considering overall large business volume.Downward trend of CRO business is hard to be hedged by weight loss drug business.
Due to higher-for-longer rate, China CXOs only have rebound value, but no reversal logic. It's time to consider taking profits in a timely manner before the share price falls again.


WuXi AppTec (2359.HK/603259.CH) - Would the Recent Rebound in Share Price Be a Flash in the Pan?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.</li>
<li>Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.</li>
<li>The key stocks mentioned in this regular insight are <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 (2359 HK)</a>, <a href="https://www.smartkarma.com/entities/peking-university-resources" target="_blank" data-smartkarma-citation="entities:6379:1" rel="noopener">Peking University Resources (618 HK)</a>, and <a href="https://www.smartkarma.com/entities/friendtimes-inc" target="_blank" data-smartkarma-citation="entities:28309:1" rel="noopener">FriendTimes Inc (6820 HK)</a>.</li>
</ul>


The data in this insight is collated from the "shareholding disclosure" link on the HKEx website.
Often there is a corresponding HKEx announcement on the increase - or decrease - in the shareholding by directors. Or pledging. However, such disclosures are by no means an absolute.
The key stocks mentioned in this regular insight are WuXi AppTec (2359 HK), Peking University Resources (618 HK), and FriendTimes Inc (6820 HK).


Hong Kong CEO & Director Dealings (6 Sept): WuXi AppTec, Peking University, FriendTimes

<ul>
<li>The market’s reaction to WuXi AppTec's 23H1 report was positive due to some improvements in performance, but we don’t think WuXi AppTec has reversed its predicament completely if look closely.</li>
<li>We deep dive the challenges/risks in macro environment faced by US/Europe. The orders WuXi AppTec received from MNCs can’t guarantee future growth momentum if the US cannot achieve "soft landing".</li>
<li>We advise investors not to be blinded by the high growth of CXO in the past since the prosperity of CXO industry may face continuous downward pressure in the future.</li>
</ul>


The market’s reaction to WuXi AppTec's 23H1 report was positive due to some improvements in performance, but we don’t think WuXi AppTec has reversed its predicament completely if look closely.
We deep dive the challenges/risks in macro environment faced by US/Europe. The orders WuXi AppTec received from MNCs can’t guarantee future growth momentum if the US cannot achieve "soft landing".
We advise investors not to be blinded by the high growth of CXO in the past since the prosperity of CXO industry may face continuous downward pressure in the future.


WuXi AppTec (2359.HK/603259.CH) 23H1 - Is It Time to Start Being Optimistic?

<ul><li>WuXi AppTec reported 1H23 revenue of RMB18,871mn, up 6.3% YoY, and attributable recurring net income of RMB4,761mn, up 23.7% YoY, with attributable adjusted non-IFRS net income of RMB5,095mn, up 18.5% YoY.</li><li>1H23 revenue / adjusted Non-IFRS net income accounted for 45-52% of both our full-year estimates and consensus estimates, which also fell in its average historical range.</li><li>Non-IFRS gross profit margin (GPM) improved by 3.4ppt to 41.6% while non-IFRS net profit margin increased by 2.8ppt to 27.0% in 1H23, driven by favourable currency exchange rates and continuously improved operating efficiency. </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.

WuXi AppTec reported 1H23 revenue of RMB18,871mn, up 6.3% YoY, and attributable recurring net income of RMB4,761mn, up 23.7% YoY, with attributable adjusted non-IFRS net income of RMB5,095mn, up 18.5% YoY.1H23 revenue / adjusted Non-IFRS net income accounted for 45-52% of both our full-year estimates and consensus estimates, which also fell in its average historical range.Non-IFRS gross profit margin (GPM) improved by 3.4ppt to 41.6% while non-IFRS net profit margin increased by 2.8ppt to 27.0% in 1H23, driven by favourable currency exchange rates and continuously improved operating efficiency. 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.

WuXi AppTec (603259 CH) – Impressive Margin Improvement in 1H23

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 (2359 HK)

WuXi AppTec (603259 CH) – Peptide Business Becoming a New Growth Driver

WuXi AppTec reported 3Q23 revenue of RMB10,670mn, up 0.3% YoY, and attributable recurring net income of RMB2,948mn, up 23.8% YoY

CMB International

Hong Kong CEO & Director Dealings (6 Sept): WuXi AppTec, Peking University, FriendTimes

The data in this insight is collated from the "shareholding disclosure" link on the HKEx website. These insights also flag those companies where...

David Blennerhassett