Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul>
<li>It is time to throw off the old valuation models. Fujifilm is no longer a dusty old camera maker</li>
<li>The healthcare business is already the biggest earnings driver and with aggressive capex.... </li>
<li>Fujifilm will become the biggest biopharma contract manufacturing company in the world. <strong>Valuations don't reflect that</strong>. </li>
</ul>


It is time to throw off the old valuation models. Fujifilm is no longer a dusty old camera maker
The healthcare business is already the biggest earnings driver and with aggressive capex.... 
Fujifilm will become the biggest biopharma contract manufacturing company in the world. Valuations don't reflect that. 


Fujifilm (4901) | Bio Pharma Giant Is a Double

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

<p>Crude oil prices display bullish short-term reversals, resulting in bullish price and RS reversals for global Energy stocks -- add exposure. From a macro perspective, despite some mild price deterioration recently on major indexes around the globe, our outlook remains unchanged and we remain neutral yet constructive overall. Market dynamics remain largely constructive and we continue to see attractive opportunities in many countries/regions such as Japan, China (Shanghai Composite), Europe, India, and Canada, to name a few.</p>

Crude oil prices display bullish short-term reversals, resulting in bullish price and RS reversals for global Energy stocks -- add exposure. From a macro perspective, despite some mild price deterioration recently on major indexes around the globe, our outlook remains unchanged and we remain neutral yet constructive overall. Market dynamics remain largely constructive and we continue to see attractive opportunities in many countries/regions such as Japan, China (Shanghai Composite), Europe, India, and Canada, to name a few.

Global Energy Sector Improving -- Buying Reliance Industries Ltd, Several Others

<p>The Hang Seng, EURO STOXX 50, MSCI ACWI ex-US, and MSCI EAFE display bearish short-term inflections. Additionally, 10-year yields in the US and Germany are breaking down below key support. These deteriorating market dynamics raise concerns of a deeper pullback, however other indicators remain largely positive. As a result, we continue to see a mixed, but overall constructive market. Actionable themes highlighted in today's report include Health Care and Real Estate.</p>

The Hang Seng, EURO STOXX 50, MSCI ACWI ex-US, and MSCI EAFE display bearish short-term inflections. Additionally, 10-year yields in the US and Germany are breaking down below key support. These deteriorating market dynamics raise concerns of a deeper pullback, however other indicators remain largely positive. As a result, we continue to see a mixed, but overall constructive market. Actionable themes highlighted in today's report include Health Care and Real Estate.

Global Equity Strategy: Mixed Market Environment Continues As Yields Break Down

<p>The weight of the evidence continues to support our mixed, but overall constructive outlook. Below we outline the basis for our outlook, and we also highlight opportunities within Real Estate and Health Care.</p>

The weight of the evidence continues to support our mixed, but overall constructive outlook. Below we outline the basis for our outlook, and we also highlight opportunities within Real Estate and Health Care.

Global Equity Strategy: Opportunities In Real Estate and Health Care

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<div class="content-highlight"><div>Over a 6-12 months view, we believe that SK Bioscience's market cap value could be about 11.5 trillion won or 149,000 won per share. At a market cap of 11.5 trillion won for SK Bioscience, this would suggest a P/S multiple of 11.5x (30% discount to the average P/S multiple of its comps in 2022) assuming annual revenue of 1 trillion won for the company. </div></div><p><strong>Our base case value of 149,000 won per share would represent 129% higher than the high end IPO price of 65,000 won</strong>. Given such a high upside versus the IPO price, we have a <strong>POSITIVE</strong> view of this IPO.</p><p>Remember, the key investment merits of SK Bioscience is that it is a company which has been picked by AstraZeneca and NovaVax to produce COVID-19 vaccines and there is a good chance that other major global biopharm companies may select SK Bioscience for additional COVID-19 vaccines production.</p>

Over a 6-12 months view, we believe that SK Bioscience's market cap value could be about 11.5 trillion won or 149,000 won per share. At a market cap of 11.5 trillion won for SK Bioscience, this would suggest a P/S multiple of 11.5x (30% discount to the average P/S multiple of its comps in 2022) assuming annual revenue of 1 trillion won for the company. Our base case value of 149,000 won per share would represent 129% higher than the high end IPO price of 65,000 won. Given such a high upside versus the IPO price, we have a POSITIVE view of this IPO.Remember, the key investment merits of SK Bioscience is that it is a company which has been picked by AstraZeneca and NovaVax to produce COVID-19 vaccines and there is a good chance that other major global biopharm companies may select SK Bioscience for additional COVID-19 vaccines production.

Switzerland

Lonza is a global partner to the pharmaceutical, biotech and nutrition markets. The company works with healthcare customers to develop, manufacture and commercialize medical treatments and technologies to treat patients against a range of diseases. Founded in the Swiss Alps, Lonza now operates across Europe, North America, South America, Asia and Oceania.

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Lonza Group (LONN SE)

Fujifilm (4901) | Bio Pharma Giant Is a Double

We are bullish on Fujifilm for two reasons: (1) the company’s earnings structure is now dominated by healthcare, and (2) the market is mis-pricing...

Mark Chadwick

Global Energy Sector Improving -- Buying Reliance Industries Ltd, Several Others

Crude oil prices display bullish short-term reversals, resulting in bullish price and RS reversals for global Energy stocks -- add exposure.

Vermilion Research

Global Equity Strategy: Mixed Market Environment Continues As Yields Break Down

The Hang Seng, EURO STOXX 50, MSCI ACWI ex-US, and MSCI EAFE display bearish short-term inflections and 10-year yields in the US and Germany are...

Vermilion Research

Global Equity Strategy: Opportunities In Real Estate and Health Care

The weight of the evidence continues to support our mixed, but overall constructive outlook. We outline the basis for our outlook and also...

Vermilion Research

SK Bioscience IPO - Valuation Analysis

We believe that SK Bioscience's market cap value could be about 11.5 trillion won or 149,000 won per share which would represent 129% higher than...

Douglas Kim

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