Macroeconomic and Investing, The Macro Compass

Alfonso Peccatiello (Alf)

Macroeconomic and Investing

The Macro Compass

Actionable investment ideas and unique global macro insights. From the desk of a former Head of $20 bn Investment Portfolio straight to your inbox.

Actionable Investment Ideas

Thematic (Sector/Industry)

<ul><li>Healthcare stocks tend to do better than the broad S&amp;P 500 in risk-off environments and periods of slowing economic growth.</li><li><p>The purchasing managers’ index and various leading indicators continue to suggest economic deceleration is in store for 2022</p></li><li>Meanwhile, healthcare stocks generally have attractive valuations. They’ve not been piled into by hedge funds or meme traders</li></ul>

Healthcare stocks tend to do better than the broad S&amp;P 500 in risk-off environments and periods of slowing economic growth.The purchasing managers’ index and various leading indicators continue to suggest economic deceleration is in store for 2022Meanwhile, healthcare stocks generally have attractive valuations. They’ve not been piled into by hedge funds or meme traders

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Ilyang Pharmaceutical Co., / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/ilyang-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:2789:1" rel="noopener">Ilyang Pharmaceutical Co., (007570 KS)</a> shares have plunged 19% since we published our bearish insight on the company on November 2, 2021.</li>
<li>We are still bearish on Ilyang Pharmaceutical as both of its key drugs, Noltec and Supect are facing increasing competition from new generation treatments.</li>
<li>Q4 provisional results indicate sequential deceleration in revenue, operating profit, and net profit. Recently, one institutional shareholder has reduced stake holding in the company.  </li>
</ul>



Ilyang Pharmaceutical Co., (007570 KS) shares have plunged 19% since we published our bearish insight on the company on November 2, 2021.
We are still bearish on Ilyang Pharmaceutical as both of its key drugs, Noltec and Supect are facing increasing competition from new generation treatments.
Q4 provisional results indicate sequential deceleration in revenue, operating profit, and net profit. Recently, one institutional shareholder has reduced stake holding in the company.  


Ilyang Pharmaceutical (007570 KS): Key Drugs Facing Increasing Competition

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<a href="https://www.smartkarma.com/entities/mesoblast-ltd" target="_blank" data-smartkarma-citation="entities:769:1" rel="noopener">Mesoblast Ltd (MSB AU)</a> has developed a range of late-stage product candidates derived from its first and second generation proprietary mesenchymal lineage cell therapy technology platforms.</li>
<li>BLA resubmission of remestemcel-L and formal BLA submission of rexlemestrocel-L to the FDA are two near-term catalysts for Mesoblast. Latest clinical trial results should support efficacy of both the candidates.</li>
<li>In November, Mesoblast completed a refinancing of its senior secured debt facility with a new $90 million five-year facility. Current funding is available for an estimated seven quarters.</li>
</ul>



Mesoblast Ltd (MSB AU) has developed a range of late-stage product candidates derived from its first and second generation proprietary mesenchymal lineage cell therapy technology platforms.
BLA resubmission of remestemcel-L and formal BLA submission of rexlemestrocel-L to the FDA are two near-term catalysts for Mesoblast. Latest clinical trial results should support efficacy of both the candidates.
In November, Mesoblast completed a refinancing of its senior secured debt facility with a new $90 million five-year facility. Current funding is available for an estimated seven quarters.


Mesoblast (MSB AU): Preparing for Re-Submission of Biologics License Application for Ryoncil

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<li>
<a href="https://www.smartkarma.com/entities/imugene-ltd" target="_blank" data-smartkarma-citation="entities:20276:1" rel="noopener">Imugene Ltd (IMU AU)</a> is a clinical-stage biopharma company, which is developing alternative approach to treat certain types of cancers. Lead candidate HER-Vaxx is in phase 2 trial.</li>
<li>Imugene is well funded and resourced, to deliver on its commercial and clinical milestones. Recent clinical and patent activities entail conviction over the commercialization prospect of Imugene’s pipeline.</li>
<li>Recent insider acquisition of shares and patent grant in Europe and South Korea for its lead candidate have boosted investor sentiment.</li>
</ul>



Imugene Ltd (IMU AU) is a clinical-stage biopharma company, which is developing alternative approach to treat certain types of cancers. Lead candidate HER-Vaxx is in phase 2 trial.
Imugene is well funded and resourced, to deliver on its commercial and clinical milestones. Recent clinical and patent activities entail conviction over the commercialization prospect of Imugene’s pipeline.
Recent insider acquisition of shares and patent grant in Europe and South Korea for its lead candidate have boosted investor sentiment.


Imugene (IMU AU): Research Partnerships and Fund-Raising Entail Conviction on Solid Tumors Pipeline

Simcere Pharmaceutical Group / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> is transitioning to an innovation and R&amp;D-driven pharmaceutical company, with revenue from innovative pharmaceuticals making greater contribution and R&amp;D pipeline of innovative pharmaceuticals advancing rapidly.</li>
<li>During H1 2021, Simcere newly added 5 pivotal registrational trials and phase III clinical trials and 1 phase I clinical trial, and received 7 clinical trial approvals.</li>
<li>Simcere entered into three international partnerships to develop and market innovative drugs in China. The company has also in-licensed an oral COVID-19 drug candidate, which is in pre-clinical stage.</li>
</ul>



Simcere Pharmaceutical Group (2096 HK) is transitioning to an innovation and R&amp;D-driven pharmaceutical company, with revenue from innovative pharmaceuticals making greater contribution and R&amp;D pipeline of innovative pharmaceuticals advancing rapidly.
During H1 2021, Simcere newly added 5 pivotal registrational trials and phase III clinical trials and 1 phase I clinical trial, and received 7 clinical trial approvals.
Simcere entered into three international partnerships to develop and market innovative drugs in China. The company has also in-licensed an oral COVID-19 drug candidate, which is in pre-clinical stage.


Simcere Pharmaceutical (2096 HK): Focus Shifts to Innovative Drug; COVID-19 Oral Drug in Development

United States

Bristol-Myers Squibb Company is a global biopharmaceutical company. The Company develops, licenses, manufactures, markets, and sells pharmaceutical and nutritional products. Bristol-Myers Squibb products and experimental therapies address cancer, heart disease, HIV/AIDS, diabetes, rheumatoid arthritis, hepatitis, organ transplant  rejection, and psychiatric disorders.

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Bristol Myers Squibb Co (BMY US)

A Healthy Long for Your Portfolio

Healthcare stocks tend to do better than the broad S&P 500 in risk-off environments and periods of slowing economic growth. The purchasing...

Alfonso Peccatiello (Alf)

Ilyang Pharmaceutical (007570 KS): Key Drugs Facing Increasing Competition

Increasing competition for its key drugs, sequential decelerating financial performance in Q4, and recent institutional shareholder selling stocks...

Tina Banerjee

Mesoblast (MSB AU): Preparing for Re-Submission of Biologics License Application for Ryoncil

Mesoblast is preparing for biologics license application for two of its pipeline candidates. The company believes it has generated substantial new...

Tina Banerjee

Imugene (IMU AU): Research Partnerships and Fund-Raising Entail Conviction on Solid Tumors Pipeline

Imugene's novel technologies to smash solid tumors and research partnerships with large global pharmaceutical companies entail better visibility...

Tina Banerjee

Simcere Pharmaceutical (2096 HK): Focus Shifts to Innovative Drug; COVID-19 Oral Drug in Development

Simcere is expected to continue strong performance driven by increasing contribution of innovative drugs. Rich pipeline entails visibility. The...

Tina Banerjee

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