Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.</li>
</ul>


A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
We have looked at the IPO and lock-up release earlier. In this note, we talk about the other deal dynamics.


Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tandem-diabetes-care-inc" target="_blank" data-smartkarma-citation="entities:20893:1" rel="noopener">Tandem Diabetes Care (TNDM US)</a> reported underwhelming Q2 results, with both revenue and EPS missing consensus. Adjusted EBITDA declined and adjusted operating loss increased on a year-over-year basis.</li>
<li>To reflect lower sales visibility, the company has lowered 2023 guidance. The company has guided for 2023 sales of at least $785M, compared with earlier guidance of $885–900M.</li>
<li>Tandem has also withdrawn correlating year for its long-term target. Achievement of long-term target is highly dependent on the adoption of the company’s recently approved insulin delivery system, Mobi.</li>
</ul>



Tandem Diabetes Care (TNDM US) reported underwhelming Q2 results, with both revenue and EPS missing consensus. Adjusted EBITDA declined and adjusted operating loss increased on a year-over-year basis.
To reflect lower sales visibility, the company has lowered 2023 guidance. The company has guided for 2023 sales of at least $785M, compared with earlier guidance of $885–900M.
Tandem has also withdrawn correlating year for its long-term target. Achievement of long-term target is highly dependent on the adoption of the company’s recently approved insulin delivery system, Mobi.


Tandem Diabetes Care (TNDM US): Q2 Sales Declined, Margin Deteriorated; 2023 Guidance Revised Lower

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sd-biosensor-inc" target="_blank" data-smartkarma-citation="entities:33333:1" rel="noopener">SD Biosensor (137310 KS)</a> is reporting significant decline in revenue due to the fading demand of COVID-19 tests. 2Q23 revenue declined 80% YoY and 11% QoQ to KRW162.6B.</li>
<li>SD Biosensor reported operating loss of KRW97.8B and KRW76.4B in 1Q23 and 2Q23, respectively, leading to 1H23 operating loss of KRW174.2B, compared with an operating profit of KRW348B in 1H22.</li>
<li>SD Biosensor is on track to launch next-generation ultra-small continuous blood glucose meter (CGMS) in Korea in 2024. Thus far, Korea has approved four CGMS, including one locally-developed.</li>
</ul>



SD Biosensor (137310 KS) is reporting significant decline in revenue due to the fading demand of COVID-19 tests. 2Q23 revenue declined 80% YoY and 11% QoQ to KRW162.6B.
SD Biosensor reported operating loss of KRW97.8B and KRW76.4B in 1Q23 and 2Q23, respectively, leading to 1H23 operating loss of KRW174.2B, compared with an operating profit of KRW348B in 1H22.
SD Biosensor is on track to launch next-generation ultra-small continuous blood glucose meter (CGMS) in Korea in 2024. Thus far, Korea has approved four CGMS, including one locally-developed.


SD Biosensor (137310 KS): No Change of Fate Is Seen in Near-Term; Visibility to Improve in 2024 Only

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medtronic-plc" target="_blank" data-smartkarma-citation="entities:14982:1" rel="noopener">Medtronic Plc (MDT US)</a> announced better-than-expected Q1FY24 result. Revenue of $7.7B increased 6% on organic basis, ahead of guidance of 4.5%. Each of four segments delivered 6% organic revenue growth.</li>
<li>Adjusted EPS increased 6% YoY to $1.20, ahead of guidance of $1.10–1.12. Outperformance was driven by better-than-expected operational performance and lesser-than-expected unfavorable impact from foreign currency translation.</li>
<li>The company increased FY24 organic revenue growth guidance to 4.5% versus the prior range of 4.0% to 4.5% and adjusted EPS guidance to $5.08–5.16, 7 cent increase at midpoint.</li>
</ul>



Medtronic Plc (MDT US) announced better-than-expected Q1FY24 result. Revenue of $7.7B increased 6% on organic basis, ahead of guidance of 4.5%. Each of four segments delivered 6% organic revenue growth.
Adjusted EPS increased 6% YoY to $1.20, ahead of guidance of $1.10–1.12. Outperformance was driven by better-than-expected operational performance and lesser-than-expected unfavorable impact from foreign currency translation.
The company increased FY24 organic revenue growth guidance to 4.5% versus the prior range of 4.0% to 4.5% and adjusted EPS guidance to $5.08–5.16, 7 cent increase at midpoint.


Medtronic (MDT US): Q1 Result Exceeds Forecast; FY24 Guidance Raised on Higher Surgery Volumes

<ul>
<li>
<a href="https://www.smartkarma.com/entities/insulet-corp" target="_blank" data-smartkarma-citation="entities:5252:1" rel="noopener">Insulet Corp (PODD US)</a>, with expanding user-base and product innovation, is well-positioned to face competition in the US patch pump market. Large and underpenetrated target market offers immense growth potential.  </li>
<li>Insulet raised Omnipod 2023 revenue growth guidance to 21–25% from 17–22% previously. The U.S. Omnipod revenue growth guidance has been raised to 27–31% from 21–26% earlier.</li>
<li>For 2023, Insulet expects gross profit margin of 65–66%, compared with 61.7% in 2022. Insulet has reaffirmed high-single-digit operating profit margin for 2023 compared with 2.9% in 2022.</li>
</ul>



Insulet Corp (PODD US), with expanding user-base and product innovation, is well-positioned to face competition in the US patch pump market. Large and underpenetrated target market offers immense growth potential.  
Insulet raised Omnipod 2023 revenue growth guidance to 21–25% from 17–22% previously. The U.S. Omnipod revenue growth guidance has been raised to 27–31% from 21–26% earlier.
For 2023, Insulet expects gross profit margin of 65–66%, compared with 61.7% in 2022. Insulet has reaffirmed high-single-digit operating profit margin for 2023 compared with 2.9% in 2022.


Insulet Corp (PODD US): Slow Recovery Is Expected on Easing Competition Fear; 2023 Guidance Raised

United States

Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Abbott Laboratories (ABT US)

Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma. We had looked at the lockup release earlier.

Sumeet Singh

Tandem Diabetes Care (TNDM US): Q2 Sales Declined, Margin Deteriorated; 2023 Guidance Revised Lower

Tandem's Q2 sales declined 2% YoY to $195.9M, as global pump shipment plummeted 8% YoY to 29,494. The company has lowered 2023 sales guidance to...

Tina Banerjee

SD Biosensor (137310 KS): No Change of Fate Is Seen in Near-Term; Visibility to Improve in 2024 Only

SD Biosensor's revenue has significantly declined due to the decreasing demand for COVID-19 tests. The company has been reporting operating loss...

Tina Banerjee

Medtronic (MDT US): Q1 Result Exceeds Forecast; FY24 Guidance Raised on Higher Surgery Volumes

Medtronic announced better-than-expected Q1FY24 results with 6% organic revenue and EPS growth. The company has increased guidance for organic...

Tina Banerjee

Insulet Corp (PODD US): Slow Recovery Is Expected on Easing Competition Fear; 2023 Guidance Raised

With 100K+ US customers for Omnipod 5, Insulet is ready to face additional competition in patch pump market. 2023 is going to be eighth consecutive...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Mankind Pharma Placement - Its Expensive, but at Least It’s High Quality

A group of shareholders is looking to raise around US$600m via selling a 6.9% stake in Mankind Pharma. We had looked at the lockup release earlier.

Sumeet Singh

Tandem Diabetes Care (TNDM US): Q2 Sales Declined, Margin Deteriorated; 2023 Guidance Revised Lower

​Tandem's Q2 sales declined 2% YoY to $195.9M, as global pump shipment plummeted 8% YoY to 29,494. The company has lowered 2023 sales guidance to...

Tina Banerjee

SD Biosensor (137310 KS): No Change of Fate Is Seen in Near-Term; Visibility to Improve in 2024 Only

​SD Biosensor's revenue has significantly declined due to the decreasing demand for COVID-19 tests. The company has been reporting operating loss...

Tina Banerjee

Medtronic (MDT US): Q1 Result Exceeds Forecast; FY24 Guidance Raised on Higher Surgery Volumes

​Medtronic announced better-than-expected Q1FY24 results with 6% organic revenue and EPS growth. The company has increased guidance for organic...

Tina Banerjee

Insulet Corp (PODD US): Slow Recovery Is Expected on Easing Competition Fear; 2023 Guidance Raised

With 100K+ US customers for Omnipod 5, Insulet is ready to face additional competition in patch pump market. 2023 is going to be eighth consecutive...

Tina Banerjee

Tandem's Q2 sales declined 2% YoY to $195.9M, as global pump shipment plummeted 8% YoY to 29,494. The company has lowered 2023 sales guidance to...

SD Biosensor's revenue has significantly declined due to the decreasing demand for COVID-19 tests. The company has been reporting operating loss...

Medtronic announced better-than-expected Q1FY24 results with 6% organic revenue and EPS growth. The company has increased guidance for organic...