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/vinda-international-holdings-limited" target="_blank" data-smartkarma-citation="entities:475:1" rel="noopener">Vinda International (3331 HK)</a> has announced a pre-conditional voluntary offer from Sukanto Tanoto at HK$23.50 per scheme share, a 7.8% premium to the undisturbed price (26 April). </li>
<li>The pre-condition relates to China SAMR and Japan Fair Trade Commission approval. The offer is conditional on the offeror and concert parties representing more than 50% of voting rights.</li>
<li>Irrevocables ensure the satisfaction of the minimum acceptance condition but also rule out a competing proposal. The timing of China SAMR approval is the key risk. </li>
</ul>



Vinda International (3331 HK) has announced a pre-conditional voluntary offer from Sukanto Tanoto at HK$23.50 per scheme share, a 7.8% premium to the undisturbed price (26 April). 
The pre-condition relates to China SAMR and Japan Fair Trade Commission approval. The offer is conditional on the offeror and concert parties representing more than 50% of voting rights.
Irrevocables ensure the satisfaction of the minimum acceptance condition but also rule out a competing proposal. The timing of China SAMR approval is the key risk. 


Vinda International (3331 HK): Pre-Conditional Voluntary Offer at HK$23.50

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$200m in its upcoming Hong Kong IPO. The bookrunner on the deal is Citic Securities.</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>Its solutions and services cater to the pharmaceutical and material science (including agritech, energy and new chemicals, and cosmetics) industries and beyond.</li>
</ul>



QuantumPharm (QUP HK) is looking to raise US$200m in its upcoming Hong Kong IPO. The bookrunner on the deal is Citic Securities.
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. 
Its solutions and services cater to the pharmaceutical and material science (including agritech, energy and new chemicals, and cosmetics) industries and beyond.


Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> reported six-fold jump in revenue to $73M in 2Q20, driven by strong uptake of the sole commercialized drug, Carvykti, which generated worldwide revenue of $117M.</li>
<li>Label expansion applications have been submitted to the FDA and EMA seeking approval of Carvykti for the earlier treatment of patients with relapsed or refractory multiple myeloma.</li>
<li>Legend Biotech has 11 pipeline programs covering hematologic malignancies and solid tumors. Recent financing activities have fueled the company’s cash balance to $1.5B, which should provide cash runway through 2025.</li>
</ul>



Legend Biotech Corp (LEGN US) reported six-fold jump in revenue to $73M in 2Q20, driven by strong uptake of the sole commercialized drug, Carvykti, which generated worldwide revenue of $117M.
Label expansion applications have been submitted to the FDA and EMA seeking approval of Carvykti for the earlier treatment of patients with relapsed or refractory multiple myeloma.
Legend Biotech has 11 pipeline programs covering hematologic malignancies and solid tumors. Recent financing activities have fueled the company’s cash balance to $1.5B, which should provide cash runway through 2025.


Legend Biotech (LEGN US): Strong Carvykti Sales in Q2; Indication Expansion Is on the Cards

Thematic (Sector/Industry)

<ul>
<li>On August 29, the Centers for Medicare &amp; Medicaid Services unveiled list of 10 drugs, which will come for the first round of price negotiations under the Inflation Reduction Act.</li>
<li>From June 2022 to May 2023, more than 8 million people covered by Medicare used these 10 drugs, which accounted for more than $50B spending in Medicare Part D.</li>
<li>The negotiated price will be effective on January 1, 2026. Most of the companies will not be significantly impacted by the drug price negotiation.</li>
</ul>


On August 29, the Centers for Medicare &amp; Medicaid Services unveiled list of 10 drugs, which will come for the first round of price negotiations under the Inflation Reduction Act.
From June 2022 to May 2023, more than 8 million people covered by Medicare used these 10 drugs, which accounted for more than $50B spending in Medicare Part D.
The negotiated price will be effective on January 1, 2026. Most of the companies will not be significantly impacted by the drug price negotiation.


10 Drugs To Come Under First Round of Medicare Price Negotiations in US to Curb Inflation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kenvue-inc" target="_blank" data-smartkarma-citation="entities:36755:1" rel="noopener">Kenvue (KVUE US)</a> reported 5% YoY revenue growth to $4B in 2Q23, driven by continued demand of self-care portfolio, mainly consisting of cough, cold, and allergy, and pain care products.</li>
<li>The company has guided for 4.5–5.5% revenue growth and EPS of $1.26–1.31 for 2023. Kenvue has declared a cash dividend of $0.20 for 3Q23.  </li>
<li>J&amp;J is offering its shareholders the option to exchange shares for Kenvue's at a 7% discount. The exchange offer is scheduled to close on August 18, 2023.</li>
</ul>



Kenvue (KVUE US) reported 5% YoY revenue growth to $4B in 2Q23, driven by continued demand of self-care portfolio, mainly consisting of cough, cold, and allergy, and pain care products.
The company has guided for 4.5–5.5% revenue growth and EPS of $1.26–1.31 for 2023. Kenvue has declared a cash dividend of $0.20 for 3Q23.  
J&amp;J is offering its shareholders the option to exchange shares for Kenvue's at a 7% discount. The exchange offer is scheduled to close on August 18, 2023.


Kenvue (KVUE US): Q2 Result Beats Estimates; Initiated 2023 Guidance; J&J Launches Exchange 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)

Vinda International (3331 HK): Pre-Conditional Voluntary Offer at HK$23.50

Irrevocables ensure the satisfaction of the minimum acceptance condition but also rule out a competing proposal. The timing of China SAMR approval...

Arun George

QuantumPharm (XtalPi) Pre-IPO Tearsheet

QuantumPharm (QUP HK) is looking to raise US$200m in its upcoming Hong Kong IPO. The bookrunner on the deal is Citic Securities.

Clarence Chu

Legend Biotech (LEGN US): Strong Carvykti Sales in Q2; Indication Expansion Is on the Cards

Legend Biotech saw ~6x increase in 2Q23 revenue thanks to the continuous uptake of Carvykti. Carvykti has near-term label expansion potential as...

Tina Banerjee

10 Drugs To Come Under First Round of Medicare Price Negotiations in US to Curb Inflation

CMS announces first round of price negotiations for 10 drugs under Inflation Reduction Act, affecting millions of Medicare users and $50B in...

Tina Banerjee

Kenvue (KVUE US): Q2 Result Beats Estimates; Initiated 2023 Guidance; J&J Launches Exchange Offer

Kenvue beat Q2 sales and EPS estimates and guided for 4.5-5.5% sales growth for 2023. J&J is launching exchange offer for its holders to get ...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Vinda International (3331 HK): Pre-Conditional Voluntary Offer at HK$23.50

Irrevocables ensure the satisfaction of the minimum acceptance condition but also rule out a competing proposal. The timing of China SAMR approval...

Arun George

QuantumPharm (XtalPi) Pre-IPO Tearsheet

QuantumPharm (QUP HK) is looking to raise US$200m in its upcoming Hong Kong IPO. The bookrunner on the deal is Citic Securities.

Clarence Chu

Legend Biotech (LEGN US): Strong Carvykti Sales in Q2; Indication Expansion Is on the Cards

​Legend Biotech saw ~6x increase in 2Q23 revenue thanks to the continuous uptake of Carvykti. Carvykti has near-term label expansion potential as...

Tina Banerjee

10 Drugs To Come Under First Round of Medicare Price Negotiations in US to Curb Inflation

​CMS announces first round of price negotiations for 10 drugs under Inflation Reduction Act, affecting millions of Medicare users and $50B in...

Tina Banerjee

Kenvue (KVUE US): Q2 Result Beats Estimates; Initiated 2023 Guidance; J&J Launches Exchange Offer

Kenvue beat Q2 sales and EPS estimates and guided for 4.5-5.5% sales growth for 2023. J&J is launching exchange offer for its holders to get ...

Tina Banerjee

Legend Biotech saw ~6x increase in 2Q23 revenue thanks to the continuous uptake of Carvykti. Carvykti has near-term label expansion potential as...

CMS announces first round of price negotiations for 10 drugs under Inflation Reduction Act, affecting millions of Medicare users and $50B in...