IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Asymchem Laboratories Tianjin / Equity Capital Markets

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<a href="https://www.smartkarma.com/entities/asymchem-laboratories-tianjin-co-ltd" target="_blank" data-smartkarma-citation="entities:28265:1" rel="noopener">Asymchem Laboratories (002821 CH)</a> is a global contract development manufacturing organisation (CDMO). Asymchem is pre-marketing an H Share listing to raise $1.5 billion, according to press reports.</li>
<li>Asymchem has delivered strong growth and margin progression (on a constant currency basis) over the track record period.</li>
<li>The forward indicators suggest that the near-term prospects remain solid. Overall, we think that Asymchem has robust fundamentals.  </li>
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Asymchem Laboratories (002821 CH) is a global contract development manufacturing organisation (CDMO). Asymchem is pre-marketing an H Share listing to raise $1.5 billion, according to press reports.
Asymchem has delivered strong growth and margin progression (on a constant currency basis) over the track record period.
The forward indicators suggest that the near-term prospects remain solid. Overall, we think that Asymchem has robust fundamentals.  


Asymchem Laboratories H Share Listing: On-Demand Science

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/wuxi-apptec" target="_blank" data-smartkarma-citation="entities:23679:1" rel="noopener">Wuxi Biologics (2269 HK)</a> recently raised its full-year guidance, indicating the certainty of future performance growth.</li>
<li>The high quality of profit, strong global business layout, capacity, supply chain and technology platforms has helped the Company establish high moat.</li>
<li>The “reflection arc” of domestic negative policy impact, the increasing labor cost and other concerns should also be aware of by investors.</li>
<li>Like <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a>, investors are advised to get prepared in advance. </li>
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Wuxi Biologics (2269 HK) recently raised its full-year guidance, indicating the certainty of future performance growth.
The high quality of profit, strong global business layout, capacity, supply chain and technology platforms has helped the Company establish high moat.
The “reflection arc” of domestic negative policy impact, the increasing labor cost and other concerns should also be aware of by investors.
Like WuXi AppTec Co. Ltd. (2359 HK), investors are advised to get prepared in advance. 


Wuxi Biologics (2269.HK) 2021Q3 - The Strength and the Concerns Behind the New Full-Year Guidance

Hangzhou Tigermed Consulting C / Equity Bottom-Up

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<a href="https://www.smartkarma.com/entities/hangzhou-tigermed-consulting-co-ltd-1008d609-73bd-4d76-8315-b29502a448ff" target="_blank" data-smartkarma-citation="entities:29212:1" rel="noopener">Hangzhou Tigermed Consulting (H) (3347 HK)</a> has released its 2021Q3 results, which indicated strong growth. However, if seen from the prior years, it may not be the case.</li>
<li>Tigermed seems to be more interested in investment business and M&amp;A, but the potential risks should be aware of by investors.</li>
<li>Compared with peers (<a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK) </a>and <a href="https://www.smartkarma.com/entities/pharmaron-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:28428:1" rel="noopener">Pharmaron Beijing Co Ltd-H (3759 HK)</a>), Tigermed is lagging behind in terms of CDMO business, integration and overseas business layout.</li>
<li>We are conservative about Tigermed’s outlook based on our analysis.</li>
</ul>



Hangzhou Tigermed Consulting (H) (3347 HK) has released its 2021Q3 results, which indicated strong growth. However, if seen from the prior years, it may not be the case.
Tigermed seems to be more interested in investment business and M&amp;A, but the potential risks should be aware of by investors.
Compared with peers (WuXi AppTec Co. Ltd. (2359 HK) and Pharmaron Beijing Co Ltd-H (3759 HK)), Tigermed is lagging behind in terms of CDMO business, integration and overseas business layout.
We are conservative about Tigermed’s outlook based on our analysis.


Hangzhou Tigermed Consulting (3347.HK/300347.CH) - More of an Investment Company than a CRO

In October 2021, <a href="https://www.smartkarma.com/entities/pharmaron-beijing-co-ltd" target="_blank" data-smartkarma-citation="entities:28428:1" rel="noopener">Pharmaron Beijing Co Ltd-H (3759 HK) </a>completed the new investment in Zhongke Lingrui (Zhanjiang) Biotechnology. In the CRO industry, companies such as <a href="https://www.smartkarma.com/entities/wuxi-apptec-co-ltd-bf4a1265-beef-48b6-b82d-29308426030f" target="_blank" data-smartkarma-citation="entities:27795:1" rel="noopener">WuXi AppTec Co. Ltd. (2359 HK)</a>, Pharmaron, <a href="https://www.smartkarma.com/entities/hangzhou-tigermed-consulting-co-ltd-1008d609-73bd-4d76-8315-b29502a448ff" target="_blank" data-smartkarma-citation="entities:29212:1" rel="noopener">Hangzhou Tigermed Consulting (H) (3347 HK) </a>and others are all on the hunt for acquisitions. However, investors seems to be more interested in when Pharmaron would truly achieve " integration". On the other hand, Pharmaron just released its 2021Q3 results. The revenue was RMB5.3 billion, up 47.84% YoY, and the net profit was RMB1 billion, up 31.02% YoY. This insight mainly analyzed the business and the concerns of the Company when it is compared with WuXi AppTec.

In October 2021, Pharmaron Beijing Co Ltd-H (3759 HK) completed the new investment in Zhongke Lingrui (Zhanjiang) Biotechnology. In the CRO industry, companies such as WuXi AppTec Co. Ltd. (2359 HK), Pharmaron, Hangzhou Tigermed Consulting (H) (3347 HK) and others are all on the hunt for acquisitions. However, investors seems to be more interested in when Pharmaron would truly achieve " integration". On the other hand, Pharmaron just released its 2021Q3 results. The revenue was RMB5.3 billion, up 47.84% YoY, and the net profit was RMB1 billion, up 31.02% YoY. This insight mainly analyzed the business and the concerns of the Company when it is compared with WuXi AppTec.

Pharmaron Beijing Co Ltd (3759.HK) 2021Q3 - Still Takes Time to Challenge Wuxi AppTec

Since <a href="https://www.smartkarma.com/entities/shanghai-medicilon-inc" target="_blank" data-smartkarma-citation="entities:30368:1" rel="noopener">Shanghai Medicilon Inc (688202 CH)</a> was listed on the SSE STAR Market in November 2019, in less than two years, its share price has been up about 1535%, the highest among all CRO companies in A-share. By the end of October 18, 2021, its market value was RMB42.9 billion. So, what is so special about this CRO company that its stock is rising so sharply? This insight mainly analyzed the business, the financial performance, the outlook and the concerns of the Company.

Since Shanghai Medicilon Inc (688202 CH) was listed on the SSE STAR Market in November 2019, in less than two years, its share price has been up about 1535%, the highest among all CRO companies in A-share. By the end of October 18, 2021, its market value was RMB42.9 billion. So, what is so special about this CRO company that its stock is rising so sharply? This insight mainly analyzed the business, the financial performance, the outlook and the concerns of the Company. 

Shanghai Medicilon (688202.CH)- Concerns on Long-Term Outlook Despite Amazing Short Term Performance

China

Hangzhou Tigermed Consulting Co.,Ltd. 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 offers services worldwide.

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Hangzhou Tigermed Consulting C (3347 HK)

Wuxi Biologics (2269.HK) 2021Q3 - The Strength and the Concerns Behind the New Full-Year Guidance

This insight mainly analyzed WuXi Biologics in terms of the new full-year guidance, CMO business, profit quality, other moats, and the concerns of...

Xinyao (Criss) Wang

Hangzhou Tigermed Consulting (3347.HK/300347.CH) - More of an Investment Company than a CRO

The article analyzed Tigermed in terms of its 2021Q3 results, business model (investment business +M&A+CRO), the weakness in CDMO and global...

Xinyao (Criss) Wang

Pharmaron Beijing Co Ltd (3759.HK) 2021Q3 - Still Takes Time to Challenge Wuxi AppTec

The insight analyzed Pharmaron from a different angle after it released the 2021Q3 results,which included the key bottleneck and concerns in terms...

Xinyao (Criss) Wang

Shanghai Medicilon (688202.CH)- Concerns on Long-Term Outlook Despite Amazing Short Term Performance

The insight mainly analyzed Medicilon in terms of the business, the financial performance, the comparison with peers, the outlook, the concerns and...

Xinyao (Criss) Wang

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52-week Range

Market Cap (USDm)

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Asymchem Laboratories H Share Listing: On-Demand Science

Asymchem is pre-marketing an H Share listing to raise $1.5 billion, according to press reports. The forward indicators suggest that the near-term...

Arun George

Wuxi Biologics (2269.HK) 2021Q3 - The Strength and the Concerns Behind the New Full-Year Guidance

This insight mainly analyzed WuXi Biologics in terms of the new full-year guidance, CMO business, profit quality, other moats, and the concerns of...

Xinyao (Criss) Wang

Hangzhou Tigermed Consulting (3347.HK/300347.CH) - More of an Investment Company than a CRO

The article analyzed Tigermed in terms of its 2021Q3 results, business model (investment business +M&A+CRO), the weakness in CDMO and global...

Xinyao (Criss) Wang

Pharmaron Beijing Co Ltd (3759.HK) 2021Q3 - Still Takes Time to Challenge Wuxi AppTec

The insight analyzed Pharmaron from a different angle after it released the 2021Q3 results,which included the key bottleneck and concerns in terms...

Xinyao (Criss) Wang

Shanghai Medicilon (688202.CH)- Concerns on Long-Term Outlook Despite Amazing Short Term Performance

The insight mainly analyzed Medicilon in terms of the business, the financial performance, the comparison with peers, the outlook, the concerns and...

Xinyao (Criss) Wang