Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

Accuracy | Clarity | Foresight

ACF was set up to improve the effectiveness of capital markets for smaller and mid-sized companies. The majority of jobs are created by smaller companies not global companies. If we can help improve companies use of capital markets more projects will be completed, more jobs created, more global GDP grown, which in turn helps create more resources for education, leading to equality and opportunity for those who are still oppressed by ignorance and poverty.

ACF Equity Research is an independent research house specialising in the highest specification independent equity research for corporate clients.

We deliver premium independent corporate sponsored equity research characterised by its accuracy, clarity and foresight based upon a fundamental valuation approach.

Our independent research is designed to educate our professional investor readers about your company, with an emphasis on clear and accurate explanations. Our mission is to improve company’s liquidity through credible equity research services, excellent international distribution and reliable access for investment managers.

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Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Equity Bottom-Up

<ul><li>Regenerative medicine remains an extremely exciting area of healthcare with vast investment potential.</li><li>In spite of the usual setbacks in valuation and strategy, the sub-sector has pivoted and the market remains innovative and attracts investment capital.</li><li>Rather than replace entire tissues, which is a complex activity, we believe the immediate future for stem cells is more likely to be in the successful stimulation of the bodies on repair mechanisms.</li></ul>

Regenerative medicine remains an extremely exciting area of healthcare with vast investment potential.In spite of the usual setbacks in valuation and strategy, the sub-sector has pivoted and the market remains innovative and attracts investment capital.Rather than replace entire tissues, which is a complex activity, we believe the immediate future for stem cells is more likely to be in the successful stimulation of the bodies on repair mechanisms.

Abbvie Inc - Regenerative Healthcare - Stem Cells & ALS Thematic 10062024

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quantumpharm-inc" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">QuantumPharm (QUP HK)</a> is looking to raise US$144m from its Hong Kong IPO.</li>
<li>QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.</li>
<li>In our previous notes, we looked at the firm’s past performance and PHIP updates. In this note, we share our thoughts on valuations. </li>
</ul>



QuantumPharm (QUP HK) is looking to raise US$144m from its Hong Kong IPO.
QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.
In our previous notes, we looked at the firm’s past performance and PHIP updates. In this note, we share our thoughts on valuations. 


QuantumPharm IPO - Most of the Potential Has Already Been Baked In

<ul>
<li>
<a href="https://www.smartkarma.com/entities/quantumpharm-inc" target="_blank" data-smartkarma-citation="entities:40369:1" rel="noopener">QuantumPharm (QUP HK)</a> (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.</li>
<li>QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.</li>
<li>In our previous note we looked at the company’s past performance. In this note, we discuss QuantumPharm's PHIP updates.</li>
</ul>



QuantumPharm (QUP HK) (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO.
QuantumPharm is a R&amp;D platform, utilizing quantum physics-based first-principles calculation, advanced AI, high-performance cloud computing, and scalable and standardized robotic automation to provide drug and material science R&amp;D solutions.
In our previous note we looked at the company’s past performance. In this note, we discuss QuantumPharm's PHIP updates.


QuantumPharm (Xtalpi) Pre-IPO - PHIP Updates - Strong Growth, Although Losses Continue to Pile Up

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

<ul>
<li>Disputable Phase III result of Akeso's (9926 HK) flagship pipeline Ivonescimab (AK112) caused Akeso's share price to drop 28% in three days, reaching the bottom of a year-long trading range;</li>
<li>The fundamental difference of opinions is around Ivonescimab's global prospects against (1) Merck's Keytruda, (2) J&amp;J's Rybrevant, (3) Kelun's SKB264 and domestic prospect against (4) Innovent's IBI305;</li>
<li>Some answers are clear while others are now. What can provide answers are (1) SKB264's Phase III data, and to a lesser degree (2) AK112's head-to-head trial against Keytruda.</li>
</ul>


Disputable Phase III result of Akeso's (9926 HK) flagship pipeline Ivonescimab (AK112) caused Akeso's share price to drop 28% in three days, reaching the bottom of a year-long trading range;
The fundamental difference of opinions is around Ivonescimab's global prospects against (1) Merck's Keytruda, (2) J&amp;J's Rybrevant, (3) Kelun's SKB264 and domestic prospect against (4) Innovent's IBI305;
Some answers are clear while others are now. What can provide answers are (1) SKB264's Phase III data, and to a lesser degree (2) AK112's head-to-head trial against Keytruda.


Is Akeso's Sell-Off a Long Waited Opportunity or a Long Overdue Correction?

Global Healthcare Analyst

Tina Banerjee

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a> entered into a definitive agreement to acquire <a href="https://www.smartkarma.com/entities/shockwave-medical-inc" target="_blank" data-smartkarma-citation="entities:28730:1" rel="noopener">Shockwave Medical Inc (SWAV US)</a> for $335/share in cash or an enterprise value of $13.1B.</li>
<li>Offer price represents 4.7% premium over yesterday’s closing price or around 19% premium over the undisturbed price. The deal is expected to close by mid-2024.</li>
<li>With no product overlap and competition concern, the deal is expected to get regulatory approval. With reasonable deal valuation, shareholders approval is also expected.</li>
</ul>



Johnson &amp; Johnson (JNJ US) entered into a definitive agreement to acquire Shockwave Medical Inc (SWAV US) for $335/share in cash or an enterprise value of $13.1B.
Offer price represents 4.7% premium over yesterday’s closing price or around 19% premium over the undisturbed price. The deal is expected to close by mid-2024.
With no product overlap and competition concern, the deal is expected to get regulatory approval. With reasonable deal valuation, shareholders approval is also expected.


Shockwave Medical Inc (SWAV US): Johnson & Johnson (JNJ US)’s Acquisition Offer

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 US)

Abbvie Inc - Regenerative Healthcare - Stem Cells & ALS Thematic 10062024

Regenerative medicine remains an extremely exciting area of healthcare with vast investment potential. In spite of the usual setbacks in valuation...

ACF Equity Research

QuantumPharm IPO - Most of the Potential Has Already Been Baked In

QuantumPharm (QUP HK) is looking to raise US$144m from its Hong Kong IPO. In this note, we share our thoughts on valuations.

Clarence Chu

QuantumPharm (Xtalpi) Pre-IPO - PHIP Updates - Strong Growth, Although Losses Continue to Pile Up

QuantumPharm (QUP HK) (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO. In this note, we discuss QuantumPharm's PHIP updates.

Clarence Chu

Is Akeso's Sell-Off a Long Waited Opportunity or a Long Overdue Correction?

Akeso's share price drops 28% due to disputable Phase III results of Ivonescimab, but what is expected and how does it fall short? What are the...

Blue Lotus Research Institute

Shockwave Medical Inc (SWAV US): Johnson & Johnson (JNJ US)’s Acquisition Offer

J&J to acquire Shockwave Medical for $335 per share. With no product overlap, the deal is expected to receive regulatory and shareholder...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Abbvie Inc - Regenerative Healthcare - Stem Cells & ALS Thematic 10062024

Regenerative medicine remains an extremely exciting area of healthcare with vast investment potential. In spite of the usual setbacks in valuation...

ACF Equity Research

QuantumPharm IPO - Most of the Potential Has Already Been Baked In

QuantumPharm (QUP HK) is looking to raise US$144m from its Hong Kong IPO. In this note, we share our thoughts on valuations.

Clarence Chu

QuantumPharm (Xtalpi) Pre-IPO - PHIP Updates - Strong Growth, Although Losses Continue to Pile Up

QuantumPharm (QUP HK) (Xtalpi) is looking to raise US$200m in its upcoming Hong Kong IPO. In this note, we discuss QuantumPharm's PHIP updates.

Clarence Chu

Is Akeso's Sell-Off a Long Waited Opportunity or a Long Overdue Correction?

​Akeso's share price drops 28% due to disputable Phase III results of Ivonescimab, but what is expected and how does it fall short? What are the...

Blue Lotus Research Institute

Shockwave Medical Inc (SWAV US): Johnson & Johnson (JNJ US)’s Acquisition Offer

​J&J to acquire Shockwave Medical for $335 per share. With no product overlap, the deal is expected to receive regulatory and shareholder...

Tina Banerjee

Akeso's share price drops 28% due to disputable Phase III results of Ivonescimab, but what is expected and how does it fall short? What are the...

J&J to acquire Shockwave Medical for $335 per share. With no product overlap, the deal is expected to receive regulatory and shareholder...