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 1H24 revenue of RMB3,358mn, down 9.5% YoY, and attributable recurring net income of RMB640mn, down 19.3% YoY.</li><li>1H24 revenue/attributable recurring net income accounted for 40.9%/ 38.7%, respectively, of our previous full-year estimates, both falling moderately short of historical average levels.</li><li>However, Tigermed delivered satisfactory QoQ growth in the bottom-line. </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 1H24 revenue of RMB3,358mn, down 9.5% YoY, and attributable recurring net income of RMB640mn, down 19.3% YoY.1H24 revenue/attributable recurring net income accounted for 40.9%/ 38.7%, respectively, of our previous full-year estimates, both falling moderately short of historical average levels.However, Tigermed delivered satisfactory QoQ growth in the bottom-line. 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) - Order Growth in 1H24 Signals Reduced Uncertainties in Demand Recovery

<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

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

Midea Group Co Ltd A / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a>, one of the world’s largest home appliance producers, aims to raise up to  US$5bn in its H-share listing.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Midea Group Co Ltd A (000333 CH), one of the world’s largest home appliance producers, aims to raise up to  US$5bn in its H-share listing.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
In this note, we look at its past performance and other deal dynamics that might impact the listing.


Midea A/H Listing - Early Look - Probably Raising Acquisition Currency

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>The rebounds in healthcare sector is more due to oversold. Unfriendly macro environment could make stock price fluctuate largely.Investors would find better places to long than the current valuation level.</li>
<li>The new document about payment management measures for new technology out of CHS-DRG payment scope is an important “policy correction” signal, but there are still problems remain to be solved.</li>
<li>We analyzed our top picks and investment logic in CXO, pharmaceuticals and medical device industry. Overall, as a “defensive sector”, China healthcare has investment value in such complicated external environment.</li>
</ul>


The rebounds in healthcare sector is more due to oversold. Unfriendly macro environment could make stock price fluctuate largely.Investors would find better places to long than the current valuation level.
The new document about payment management measures for new technology out of CHS-DRG payment scope is an important “policy correction” signal, but there are still problems remain to be solved.
We analyzed our top picks and investment logic in CXO, pharmaceuticals and medical device industry. Overall, as a “defensive sector”, China healthcare has investment value in such complicated external environment.


2022H2 China Healthcare Investment Strategy and Top Picks

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) - Order Growth in 1H24 Signals Reduced Uncertainties in Demand Recovery

Tigermed reported 1H24 revenue of RMB3,358mn, down 9.5% YoY, and attributable recurring net income of RMB640mn, down 19.3% YoY.

CMB International

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

Midea A/H Listing - Early Look - Probably Raising Acquisition Currency

Midea officially filed for an H-share listing yesterday. As per media reports the company is looking to raise up to US$3bn in Hong Kong.

Sumeet Singh

2022H2 China Healthcare Investment Strategy and Top Picks

We analyze the investment strategy,top picks and logic in CXO,pharmaceuticals and medical device industry.As a “defensive sector”,China healthcare...

Xinyao (Criss) Wang

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52-week Range

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P/E

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