External broker reports(aggregated public sources), Bell Potter Securities

Bell Potter

External broker reports(aggregated public sources)

Bell Potter Securities

Bell Potter Securities is a leading Australian stockbroking, investment and financial advisory firm that provides a comprehensive offering of financial services to individuals, institutions and corporations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Behring to continue the heavy liftingCSL is a global biotechnology company holding the #1 or #2 position in its three key markets: (1) plasma-derived therapies (Behring), (2) flu vaccines (Seqirus) and (3) iron products (Vifor).</li><li>Behring is CSL’s largest division (72% of revenue) and we expect it will continue to do the heavy lifting in the near-term, both in topline growth and margin expansion.</li><li>CSL’s FY25 revenue guidance of 5%-7% (BPe 6.5%) is comprised of “high single digit” growth for Behring...</li></ul><p><em>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.</em></p>

Behring to continue the heavy liftingCSL is a global biotechnology company holding the #1 or #2 position in its three key markets: (1) plasma-derived therapies (Behring), (2) flu vaccines (Seqirus) and (3) iron products (Vifor).Behring is CSL’s largest division (72% of revenue) and we expect it will continue to do the heavy lifting in the near-term, both in topline growth and margin expansion.CSL’s FY25 revenue guidance of 5%-7% (BPe 6.5%) is comprised of “high single digit” growth for Behring...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.

CSL Limited (CSL): Margin Recovery to Drive Earnings

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>Rejected Offer: Grifols' independent committee rejected Brookfield's proposed valuation of €10.50 per Class A share €7.62 per Class B share, citing significant undervaluation of the company's long-term prospects.</li>
<li>Stakeholder Dynamics: Brookfield seeks a statutory amendment to differentiate Class A and B share prices, while opposition from Brandes (13.5% of Class B shares) and Mason complicates negotiations.</li>
<li>Financial Recovery: Grifols achieved 12% revenue growth in Q3 2024, reduced net debt to €8.1 billion, and targets a 4.5x leverage ratio by year-end, supporting improved financial stability.</li>
</ul>


Rejected Offer: Grifols' independent committee rejected Brookfield's proposed valuation of €10.50 per Class A share €7.62 per Class B share, citing significant undervaluation of the company's long-term prospects.
Stakeholder Dynamics: Brookfield seeks a statutory amendment to differentiate Class A and B share prices, while opposition from Brandes (13.5% of Class B shares) and Mason complicates negotiations.
Financial Recovery: Grifols achieved 12% revenue growth in Q3 2024, reduced net debt to €8.1 billion, and targets a 4.5x leverage ratio by year-end, supporting improved financial stability.


Lowball Non-Binding Indication from Brookfield

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/csl-ltd" target="_blank" data-smartkarma-citation="entities:917:1" rel="noopener">CSL Ltd (CSL AU)</a> has reported strong financial performance in H1FY24, with revenue and net profit growing 11% and 20%, YoY, respectively. Growth was mainly driven by immunoglobulins franchise.</li>
<li>CSL reaffirmed FY24 guidance. Revenue growth is anticipated to be 9–11% YoY at constant currency. NPATA is anticipated to be $2.9–3.0B at constant currency, up 13–17% YoY.</li>
<li>The company is confident to deliver double-digit earnings growth over the medium term, citing strong demand for immunoglobulins and successful initiatives in plasma collections that are enhancing efficiencies.</li>
</ul>



CSL Ltd (CSL AU) has reported strong financial performance in H1FY24, with revenue and net profit growing 11% and 20%, YoY, respectively. Growth was mainly driven by immunoglobulins franchise.
CSL reaffirmed FY24 guidance. Revenue growth is anticipated to be 9–11% YoY at constant currency. NPATA is anticipated to be $2.9–3.0B at constant currency, up 13–17% YoY.
The company is confident to deliver double-digit earnings growth over the medium term, citing strong demand for immunoglobulins and successful initiatives in plasma collections that are enhancing efficiencies.


CSL Ltd (CSL AU): Double-Digit Sales and Profit Growth in H1FY24 Led by Immunoglobulin Franchise

Thematic (Sector/Industry)

<ul>
<li>Australia has recommended against the approval of Eisai Alzheimer’s disease drug Leqembi. Daiichi Sankyo’s Enhertu received conditional approval in China for the treatment of non-small cell lung cancer.</li>
<li>Nihon Kohden has revised its financial forecasts for H1FY25. Shanghai Junshi Biosciences’ toripalimab has been approved for marketing in India for treatment of recurrent or metastatic nasopharyngeal carcinoma.</li>
<li>Akeso Biopharma raised ~$250M, for funding its R&amp;D activities. Celltrion has filed phase 3 clinical trial application in Europe for Cosentyx biosimilar in patients with moderate to severe plaque psoriasis.</li>
</ul>


Australia has recommended against the approval of Eisai Alzheimer’s disease drug Leqembi. Daiichi Sankyo’s Enhertu received conditional approval in China for the treatment of non-small cell lung cancer.
Nihon Kohden has revised its financial forecasts for H1FY25. Shanghai Junshi Biosciences’ toripalimab has been approved for marketing in India for treatment of recurrent or metastatic nasopharyngeal carcinoma.
Akeso Biopharma raised ~$250M, for funding its R&amp;D activities. Celltrion has filed phase 3 clinical trial application in Europe for Cosentyx biosimilar in patients with moderate to severe plaque psoriasis.


APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

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 analyzed the changes in short interest of ASX Stocks as of Sep 6th (reported today) which has an aggregated short interest worth USD24.3bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Macquarie, Fortescue, Mirvac, Insurance Australia, BHP, Wesfarmers, CSL.</li>
</ul>


We analyzed the changes in short interest of ASX Stocks as of Sep 6th (reported today) which has an aggregated short interest worth USD24.3bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Macquarie, Fortescue, Mirvac, Insurance Australia, BHP, Wesfarmers, CSL.


ASX Short Interest Weekly (Sep 6th): Macquarie, Fortescue, Mirvac, Insurance Australia, BHP

Australia

CSL Limited develops, manufactures and markets human pharmaceutical and diagnostic products derived from human plasma. The Company's products include pediatric and adult vaccines, infection, pain medicine, skin disorder remedies, antivenoms, anticoagulants, and immunoglobulins.

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CSL Ltd (CSL AU)

CSL Limited (CSL): Margin Recovery to Drive Earnings

Behring is CSL’s largest division (72% of revenue) and we expect it will continue to do the heavy lifting in the near-term, both in topline growth...

Bell Potter

Lowball Non-Binding Indication from Brookfield

Rejected Offer: Grifols' independent committee rejected Brookfield's proposed valuation of €10.50 per Class A share, citing significant...

Jesus Rodriguez Aguilar

CSL Ltd (CSL AU): Double-Digit Sales and Profit Growth in H1FY24 Led by Immunoglobulin Franchise

In H1FY24, CSL reported 23% YoY growth in revenue from Immunoglobulin. The company has reaffirmed FY24 guidance. FY24 revenue and NPATA are...

Tina Banerjee

APAC Healthcare Weekly (Oct 20)- Eisai, Daiichi Sankyo, Junshi Bioscience, Akeso, Celltrion, Neuren

This insight collates key news in APAC healthcare last week. With the earnings season beginning to unfold along with major pharma and healthcare...

Tina Banerjee

ASX Short Interest Weekly (Sep 6th): Macquarie, Fortescue, Mirvac, Insurance Australia, BHP

We analyzed ASX short interest report for the past week and highlight short interest changes in Macquarie, Fortescue, Mirvac, Insurance Australia,...

Ke Yan, CFA, FRM

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