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

Hangzhou Tigermed Consulting (A) / Equity Bottom-Up

<ul><li>Tigermed reported 1Q24 revenue of RMB1,660mn, down 8.0% YoY, and attributable recurring net income of RMB303mn, down 20.5% YoY, which was mainly due to the substantially reduced gains on fair value changes and investment changes (RMB8mn in 1Q24 vs RMB198mn in 1Q23).</li><li>1Q24 revenue / attributable recurring net income accounted for 19.8%/ 18.0%, respectively, of our 2024 full-year estimates, which were largely in line with its pre-COVID average level.</li><li>1Q24 revenue would be flat compared with 1Q23 if excluding COVID vaccine related revenue. Gross profit margin (GPM) in 1Q24 was 37.8%, significantly improved by 5.0ppt QoQ, driven by ongoing cost management measures as well as the MoM GPM improvements of its lab services. </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.

Tigermed reported 1Q24 revenue of RMB1,660mn, down 8.0% YoY, and attributable recurring net income of RMB303mn, down 20.5% YoY, which was mainly due to the substantially reduced gains on fair value changes and investment changes (RMB8mn in 1Q24 vs RMB198mn in 1Q23).1Q24 revenue / attributable recurring net income accounted for 19.8%/ 18.0%, respectively, of our 2024 full-year estimates, which were largely in line with its pre-COVID average level.1Q24 revenue would be flat compared with 1Q23 if excluding COVID vaccine related revenue. Gross profit margin (GPM) in 1Q24 was 37.8%, significantly improved by 5.0ppt QoQ, driven by ongoing cost management measures as well as the MoM GPM improvements of its lab services. 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.

Tigermed (300347 CH) - Meaningful Demand Recovery in 1Q24

<ul><li>Tigermed reported 2023 revenue of RMB7,384mn, up 4.2% YoY, and attributable recurring net income of RMB1,477mn, down 4.1% YoY.</li><li>Revenue/ attributable recurring net income missed our forecast by 2.9%/ 12.1%, respectively, mainly due to shrinking COVID vaccine revenue, slowdown in global R&amp;D activities, and contracted margins stemming from temporary pricing adjustments coupled by relatively lower lab facility utilization.</li><li>New orders signed in 2023 amounted to RMB7.85bn, down 18.8% YoY, mainly due to ~RMB1.2bn reduction of COVID pass-through orders. </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.

Tigermed reported 2023 revenue of RMB7,384mn, up 4.2% YoY, and attributable recurring net income of RMB1,477mn, down 4.1% YoY.Revenue/ attributable recurring net income missed our forecast by 2.9%/ 12.1%, respectively, mainly due to shrinking COVID vaccine revenue, slowdown in global R&amp;D activities, and contracted margins stemming from temporary pricing adjustments coupled by relatively lower lab facility utilization.New orders signed in 2023 amounted to RMB7.85bn, down 18.8% YoY, mainly due to ~RMB1.2bn reduction of COVID pass-through orders. 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.

Tigermed (300347 CH) - Expect Business Rebound in 2024E

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 145 stocks over the last week. The average A-H premium was 110.9% as of Aug 2nd.</li>
<li>The average A-H premium changed by -0.6ppt week-on-week, led by utilities, energy, financials and offset by consumer staples, real estate, information technology.</li>
<li>We highlight weekly changes in A-H premium for Livzon Pharm, Asymchem Lab, Shanghai Pharm, Hangzhou Tigermed, Goldwind Science.</li>
</ul>


We analyse the changes of A-H premium on 145 stocks over the last week. The average A-H premium was 110.9% as of Aug 2nd.
The average A-H premium changed by -0.6ppt week-on-week, led by utilities, energy, financials and offset by consumer staples, real estate, information technology.
We highlight weekly changes in A-H premium for Livzon Pharm, Asymchem Lab, Shanghai Pharm, Hangzhou Tigermed, Goldwind Science.


A-H Premium Weekly (Aug 2nd):Livzon Pharm, Asymchem Lab, Shanghai Pharm, Hangzhou Tigermed

<ul><li>Tigermed reported 3Q23 revenue of RMB1,940mn, up 7.1% YoY (vs +3.3% YoY in 1H23), and attributable recurring net income of RMB405mn, down 3.8% YoY (vs +2.9% YoY in 1H23).</li><li>3Q23 revenue accounted for 24.9% of our 2023 full-year estimate, in line with its historical average, while attributable recurring net income represented 22.7% of our forecast, which fell short of its historical average of ~27%.</li><li>If excluding COVID vaccine revenue, 3Q23 revenue would grow by ~18% YoY (vs ~27% YoY in 1H23). </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.

Tigermed reported 3Q23 revenue of RMB1,940mn, up 7.1% YoY (vs +3.3% YoY in 1H23), and attributable recurring net income of RMB405mn, down 3.8% YoY (vs +2.9% YoY in 1H23).3Q23 revenue accounted for 24.9% of our 2023 full-year estimate, in line with its historical average, while attributable recurring net income represented 22.7% of our forecast, which fell short of its historical average of ~27%.If excluding COVID vaccine revenue, 3Q23 revenue would grow by ~18% YoY (vs ~27% YoY in 1H23). 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.

Tigermed (300347 CH) – Business Stabilizing from Late September

<ul><li>1H23 earnings in line. Tigermed reported 1H23 revenue of RMB3,711mn, up 3.3% YoY, and attributable recurring net income of RMB793mn, up 2.9% YoY.</li><li>1H23 revenue / attributable recurring net income accounted for 45.4%/ 42.3%, respectively of our 2023 full-year estimates, which were in line with its prepandemic average level.</li><li>Note that revenue growth accelerated on a quarterly basis, with -0.7% YoY in 1Q23 and +7.3% YoY in 2Q23, indicating business recovery after the pandemic, especially for clinical operation and SMO. </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.

1H23 earnings in line. Tigermed reported 1H23 revenue of RMB3,711mn, up 3.3% YoY, and attributable recurring net income of RMB793mn, up 2.9% YoY.1H23 revenue / attributable recurring net income accounted for 45.4%/ 42.3%, respectively of our 2023 full-year estimates, which were in line with its prepandemic average level.Note that revenue growth accelerated on a quarterly basis, with -0.7% YoY in 1Q23 and +7.3% YoY in 2Q23, indicating business recovery after the pandemic, especially for clinical operation and SMO. 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.

Tigermed (300347 CH) – Healthy Growth Amid Challenging Environment

China

Hangzhou Tigermed Consulting Company Limited provides professional clinical research services for domestic and foreign pharmaceutical and health-related research and development. The Company's main services include clinical trial technology services, data management, and statistical analysis.

Hangzhou Tigermed Consulting (A) (300347 CH)

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Hangzhou Tigermed Consulting (A) (300347 CH)

Tigermed (300347 CH) - Meaningful Demand Recovery in 1Q24

1Q24 revenue / attributable recurring net income accounted for 19.8%/ 18.0%, respectively, of our 2024 full-year estimates, which were largely in...

CMB International

Tigermed (300347 CH) - Expect Business Rebound in 2024E

Tigermed reported 2023 revenue of RMB7,384mn, up 4.2% YoY, and attributable recurring net income of RMB1,477mn, down 4.1% YoY.

CMB International

A-H Premium Weekly (Aug 2nd):Livzon Pharm, Asymchem Lab, Shanghai Pharm, Hangzhou Tigermed

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Livzon Pharm, Asymchem Lab, Shanghai Pharm, Hangzhou Tiger,...

Ke Yan, CFA, FRM

Tigermed (300347 CH) – Business Stabilizing from Late September

Tigermed reported 3Q23 revenue of RMB1,940mn, up 7.1% YoY (vs +3.3% YoY in 1H23), and attributable recurring net income of RMB405mn, down 3.8% YoY...

CMB International

Tigermed (300347 CH) – Healthy Growth Amid Challenging Environment

1H23 earnings in line. Tigermed reported 1H23 revenue of RMB3,711mn, up 3.3% YoY, and attributable recurring net income of RMB793mn, up 2.9% YoY.

CMB International

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