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>
<a href="https://www.smartkarma.com/entities/topcon-corp" target="_blank" data-smartkarma-citation="entities:738:1" rel="noopener">Topcon Corp (7732 JP)</a> shares rose 51% over two days, confirming a Bloomberg report that is conducting a privatisation auction. The process is in the second round of bids.</li>
<li>Exploring the privatisation process is unsurprising, as Topcon has materially underperformed the Nikkei 225 since its last medium-term management term plan was announced on 12 May 2023.</li>
<li>Despite the share price pop, Topcon trades at a discount to median peer multiples. At an offer of JPY3,000, Topcon would trade in line with median peer multiples.</li>
</ul>



Topcon Corp (7732 JP) shares rose 51% over two days, confirming a Bloomberg report that is conducting a privatisation auction. The process is in the second round of bids.
Exploring the privatisation process is unsurprising, as Topcon has materially underperformed the Nikkei 225 since its last medium-term management term plan was announced on 12 May 2023.
Despite the share price pop, Topcon trades at a discount to median peer multiples. At an offer of JPY3,000, Topcon would trade in line with median peer multiples.


Topcon (7732 JP): Privatisation Auction Underscores Underlying Value

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.</li><li>The short holiday week saw another controversial name picked for NIH head, PSTX was acquired by RHHBY, AMGN underwhelmed with obesity data, and Medicare proposed to cover LLY and NVO obesity drugs.</li><li>In addition, SRPT filled its pipeline with ARWR assets, BHVN’s poor SMA results benefited SRRK, and MRK expanded its PAH drug benefit.</li></ul>

We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.The short holiday week saw another controversial name picked for NIH head, PSTX was acquired by RHHBY, AMGN underwhelmed with obesity data, and Medicare proposed to cover LLY and NVO obesity drugs.In addition, SRPT filled its pipeline with ARWR assets, BHVN’s poor SMA results benefited SRRK, and MRK expanded its PAH drug benefit.

Biopharma Week in Review - December 2, 2024

<ul><li>We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.</li><li>Last week, the CDC and CMS picks aligned with President- elect Donald Trump’s agenda, while the FDA choice felt like a compromise.</li><li>NTLA had competitive biomarker data in ATTR-CM but was still behind ALNY and BBIO (approved late Friday). </li></ul>

We review last week’s biopharma news for meaningful clinical data, regulatory updates, research innovation, and M&amp;A.Last week, the CDC and CMS picks aligned with President- elect Donald Trump’s agenda, while the FDA choice felt like a compromise.NTLA had competitive biomarker data in ATTR-CM but was still behind ALNY and BBIO (approved late Friday). 

Biopharma Week in Review - November 25, 2024

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Sun Pharmaceutical Industries / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:98:1" rel="noopener">Sun Pharmaceutical Industries (SUNP IN)</a> Q2FY25 net profit jumped 28% YoY to INR30B on 11% YoY growth in revenue. U.S. and India formulation businesses grew 22% and 11%, YoY, respectively.</li>
<li>Due to deferral of clinical trials of some specialty products, the company has cut R&amp;D investment guidance by 200bps to 7–8% of revenue for FY25 from earlier 8–10%.</li>
<li>With Leqselvi launch becoming uncertain and few others still in late-stage trials, there is no immediate driver to accelerate specialty business momentum.</li>
</ul>



Sun Pharmaceutical Industries (SUNP IN) Q2FY25 net profit jumped 28% YoY to INR30B on 11% YoY growth in revenue. U.S. and India formulation businesses grew 22% and 11%, YoY, respectively.
Due to deferral of clinical trials of some specialty products, the company has cut R&amp;D investment guidance by 200bps to 7–8% of revenue for FY25 from earlier 8–10%.
With Leqselvi launch becoming uncertain and few others still in late-stage trials, there is no immediate driver to accelerate specialty business momentum.


Sun Pharmaceutical (SUNP IN): Q2 Result Beats Estimate; Specialty Business to Face Growth Challenge

<ul>
<li>CSPC Pharmaceutical entered into an exclusive license agreement with AstraZeneca for the global development, manufacture, and commercialization bad cholesterol lowering drug candidate YS2302018.</li>
<li>Ono Pharmaceutical entered into a license agreement with LigaChem Biosciences for LCB97, a pre-clinical stage antibody-drug conjugate (ADC) aimed at being a first-in-class drug in the field of solid tumors.</li>
<li>The U.S. International Trade Commission (ITC) has issued final ruling in favor of Hugel. This should accelerate Hugel’s business expansion in the U.S.</li>
</ul>


CSPC Pharmaceutical entered into an exclusive license agreement with AstraZeneca for the global development, manufacture, and commercialization bad cholesterol lowering drug candidate YS2302018.
Ono Pharmaceutical entered into a license agreement with LigaChem Biosciences for LCB97, a pre-clinical stage antibody-drug conjugate (ADC) aimed at being a first-in-class drug in the field of solid tumors.
The U.S. International Trade Commission (ITC) has issued final ruling in favor of Hugel. This should accelerate Hugel’s business expansion in the U.S.


APAC Healthcare Weekly (Oct 13)- CSPC Pharma, Hugel, Astellas, Ono Pharma, and Hanmi Pharm

United States

Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets. The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

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Johnson & Johnson (JNJ UN)

Topcon (7732 JP): Privatisation Auction Underscores Underlying Value

Despite the share price pop, Topcon trades at a discount to median peer multiples. At an offer of JPY3,000, Topcon would trade in line with median...

Arun George

Biopharma Week in Review - December 2, 2024

The short holiday week saw another controversial name picked for NIH head, PSTX was acquired by RHHBY, AMGN underwhelmed with obesity data

Water Tower Research

Biopharma Week in Review - November 25, 2024

Last week, the CDC and CMS picks aligned with President- elect Donald Trump’s agenda, while the FDA choice felt like a compromise.

Water Tower Research

Sun Pharmaceutical (SUNP IN): Q2 Result Beats Estimate; Specialty Business to Face Growth Challenge

Sun Pharma Q2FY25 net profit was up 28% YoY on 11% revenue growth. FY25 R&D investment guidance cut due to deferred clinical trials. Specialty...

Tina Banerjee

APAC Healthcare Weekly (Oct 13)- CSPC Pharma, Hugel, Astellas, Ono Pharma, and Hanmi Pharm

Nobel Peace prize comes in the backdrop of a series of conflicts in the Middle East, Ukraine, and Sudan. However, far away from the conflict zones,...

Tina Banerjee

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Topcon (7732 JP): Privatisation Auction Underscores Underlying Value

Despite the share price pop, Topcon trades at a discount to median peer multiples. At an offer of JPY3,000, Topcon would trade in line with median...

Arun George

Biopharma Week in Review - December 2, 2024

The short holiday week saw another controversial name picked for NIH head, PSTX was acquired by RHHBY, AMGN underwhelmed with obesity data

Water Tower Research

Biopharma Week in Review - November 25, 2024

Last week, the CDC and CMS picks aligned with President- elect Donald Trump’s agenda, while the FDA choice felt like a compromise.

Water Tower Research

Sun Pharmaceutical (SUNP IN): Q2 Result Beats Estimate; Specialty Business to Face Growth Challenge

​Sun Pharma Q2FY25 net profit was up 28% YoY on 11% revenue growth. FY25 R&D investment guidance cut due to deferred clinical trials. Specialty...

Tina Banerjee

APAC Healthcare Weekly (Oct 13)- CSPC Pharma, Hugel, Astellas, Ono Pharma, and Hanmi Pharm

Nobel Peace prize comes in the backdrop of a series of conflicts in the Middle East, Ukraine, and Sudan. However, far away from the conflict zones,...

Tina Banerjee

Sun Pharma Q2FY25 net profit was up 28% YoY on 11% revenue growth. FY25 R&D investment guidance cut due to deferred clinical trials. Specialty...