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.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/probiotec-ltd" target="_blank" data-smartkarma-citation="entities:12047:1" rel="noopener">Probiotec Ltd (PBP AU)</a> IE considers <a href="https://www.smartkarma.com/entities/pyridam-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:12900:1" rel="noopener">Pyridam Farma (PYFA IJ)</a>’s A$3.00 offer fair and reasonable as it is within its A$2.79-A$3.28 per share valuation range.</li>
<li>The scheme remains conditional on shareholders' (Probiotec and Pyridam), FIRB, and OJK approvals. Probiotec can also pay a permitted dividend of up to A$0.04 per share.</li>
<li>The gross spread of 4.9% (6.3% including dividends) reflects doubts about Pyridam’s funding credibility, as Pyridam’s market cap is 16% of Probiotec’s implied by the offer.</li>
</ul>


The Probiotec Ltd (PBP AU) IE considers Pyridam Farma (PYFA IJ)’s A$3.00 offer fair and reasonable as it is within its A$2.79-A$3.28 per share valuation range.
The scheme remains conditional on shareholders' (Probiotec and Pyridam), FIRB, and OJK approvals. Probiotec can also pay a permitted dividend of up to A$0.04 per share.
The gross spread of 4.9% (6.3% including dividends) reflects doubts about Pyridam’s funding credibility, as Pyridam’s market cap is 16% of Probiotec’s implied by the offer.


Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

SK Biopharmaceuticals   / Equity Bottom-Up

<ul>
<li>In 2Q23, Xcopri U.S. sales increased 57% YoY and 18% QoQ to KRW63.4B, marking the 13th consecutive quarter of growth since the company launched Xcopri in the U.S. in May’20.</li>
<li>Operating loss narrowed for the second consecutive quarters to KRW18.9B from KRW22.7B in 1Q23 and KRW40.1B in 2Q22. The company is on track to swing back to black in 4Q23.</li>
<li>
<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals (326030 KS)</a> entered licensing agreement with <a href="https://www.smartkarma.com/entities/hikma-pharmaceuticals-plc" target="_blank" data-smartkarma-citation="entities:21969:1" rel="noopener">Hikma Pharmaceuticals (HIK LN)</a> to commercialize Xcopri in 16 countries in MENA, including Saudi Arabia, Egypt, and Algeria – three biggest epilepsy markets.</li>
</ul>


In 2Q23, Xcopri U.S. sales increased 57% YoY and 18% QoQ to KRW63.4B, marking the 13th consecutive quarter of growth since the company launched Xcopri in the U.S. in May’20.
Operating loss narrowed for the second consecutive quarters to KRW18.9B from KRW22.7B in 1Q23 and KRW40.1B in 2Q22. The company is on track to swing back to black in 4Q23.

SK Biopharmaceuticals (326030 KS) entered licensing agreement with Hikma Pharmaceuticals (HIK LN) to commercialize Xcopri in 16 countries in MENA, including Saudi Arabia, Egypt, and Algeria – three biggest epilepsy markets.


SK Biopharmaceuticals (326030 KS): Solid Growth in Xcopri US Sales in 2Q23; Operating Loss Narrowed

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the September 2023 Rebalance.</li>
<li>I expect four changes for F100 and seven changes for F250 based on the latest available data.</li>
<li>However, with five more trading days left for the base date and with many names lurking close to the border, the rankings can still change.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the September 2023 Rebalance.
I expect four changes for F100 and seven changes for F250 based on the latest available data.
However, with five more trading days left for the base date and with many names lurking close to the border, the rankings can still change.


Quiddity Leaderboard F100/​​​250 Sep 23: Several Changes Including Potential Surprises

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>Global equities under pressure; we discussed in our August 3,2023 <em>Int'l Compass</em> how it could be the start of a ~15% pullback in $ACWI, which would put it at $84-$85.</li>
<li>We also discussed how it is possible that this is a normal 3%-6% pullback to the major $93 support level (which it tested today).</li>
<li>If the 10-year Treasury yield and DXY remain below their respective resistance levels, we remain buyers on this pullback to $93 on ACWI-US.</li>
</ul>


Global equities under pressure; we discussed in our August 3,2023 Int'l Compass how it could be the start of a ~15% pullback in $ACWI, which would put it at $84-$85.
We also discussed how it is possible that this is a normal 3%-6% pullback to the major $93 support level (which it tested today).
If the 10-year Treasury yield and DXY remain below their respective resistance levels, we remain buyers on this pullback to $93 on ACWI-US.


10-Yr Treasury Yield and DXY at Key Inflection Points; $ACWI Testing $93; Energy/HC/Tech/CD Buys

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the September 2023 Rebalance.</li>
<li>I currently see one change for the F100 index and two separate changes for the F250 index.</li>
<li>There are several names lurking just outside the borders and could be involved in index changes in September 2023 if there are sharp price changes.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run up to the September 2023 Rebalance.
I currently see one change for the F100 index and two separate changes for the F250 index.
There are several names lurking just outside the borders and could be involved in index changes in September 2023 if there are sharp price changes.


Quiddity Leaderboard for F100/​​250 Sep 2023: One F100 Change and Two F250 Changes Likely

United Kingdom

Hikma Pharmaceuticals PLC is a multinational pharmaceutical group focused on developing, manufacturing, and marketing a range of both branded and non-branded generic and in-licensed pharmaceutical products.  The Company's operations are conducted in the United States, the Middle East, and North Africa region, as well as Europe.

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Hikma Pharmaceuticals (HIK LN)

Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger

The spread reflects concerns about the credibility of Pyridam’s funding (which requires OJK approval) due to the stark disparities in market cap....

Arun George

SK Biopharmaceuticals (326030 KS): Solid Growth in Xcopri US Sales in 2Q23; Operating Loss Narrowed

In 2Q23, Xcopri U.S. sales grew 57% YoY and 18% QoQ to KRW63B, with operating loss narrowing. SK Biopharmaceuticals entered a licensing agreement...

Tina Banerjee

Quiddity Leaderboard F100/250 Sep 23: Several Changes Including Potential Surprises

Newly listed Cab Payments Holdings (CABP LN) and newly eligible Breedon Aggregates (BREE LN) and Ceres Power Holdings (CWR LN) could be added to...

Janaghan Jeyakumar, CFA

10-Yr Treasury Yield and DXY at Key Inflection Points; $ACWI Testing $93; Energy/HC/Tech/CD Buys

Test of Key Supports: $93 on $ACWI, $47.50 on $ACWX, $70 on $EFA, 4200 on EURO $STOXX 50. As long as 10-Yr Treasury Yield $TNX and $DXY remain...

Vermilion Research

Quiddity Leaderboard for F100/250 Sep 2023: One F100 Change and Two F250 Changes Likely

Hikma Pharmaceuticals and Johnson Matthey could be F100 ADD and DEL respectively. Alfa Financial Software and 888 holdings could be F250 ADDs while...

Janaghan Jeyakumar, CFA

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Probiotec (PBP AU): Scheme Vote on 29 May as Doubts on Pyridam’s Funding Linger

The spread reflects concerns about the credibility of Pyridam’s funding (which requires OJK approval) due to the stark disparities in market cap....

Arun George

SK Biopharmaceuticals (326030 KS): Solid Growth in Xcopri US Sales in 2Q23; Operating Loss Narrowed

​In 2Q23, Xcopri U.S. sales grew 57% YoY and 18% QoQ to KRW63B, with operating loss narrowing. SK Biopharmaceuticals entered a licensing agreement...

Tina Banerjee

Quiddity Leaderboard F100/​​​250 Sep 23: Several Changes Including Potential Surprises

Newly listed Cab Payments Holdings (CABP LN) and newly eligible Breedon Aggregates (BREE LN) and Ceres Power Holdings (CWR LN) could be added to...

Janaghan Jeyakumar, CFA

10-Yr Treasury Yield and DXY at Key Inflection Points; $ACWI Testing $93; Energy/HC/Tech/CD Buys

Test of Key Supports: $93 on $ACWI, $47.50 on $ACWX, $70 on $EFA, 4200 on EURO $STOXX 50. As long as 10-Yr Treasury Yield $TNX and $DXY remain...

Vermilion Research

Quiddity Leaderboard for F100/​​250 Sep 2023: One F100 Change and Two F250 Changes Likely

Hikma Pharmaceuticals and Johnson Matthey could be F100 ADD and DEL respectively. Alfa Financial Software and 888 holdings could be F250 ADDs while...

Janaghan Jeyakumar, CFA

In 2Q23, Xcopri U.S. sales grew 57% YoY and 18% QoQ to KRW63B, with operating loss narrowing. SK Biopharmaceuticals entered a licensing agreement...

Quiddity Leaderboard F100/250 Sep 23: Several Changes Including Potential Surprises

Quiddity Leaderboard for F100/250 Sep 2023: One F100 Change and Two F250 Changes Likely