Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Clinuvel Pharmaceuticals / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/clinuvel-pharmaceuticals-limited" target="_blank" data-smartkarma-citation="entities:17714:1" rel="noopener">Clinuvel Pharmaceuticals (CUV AU)</a> is recording consistent profitable revenue growth backed by Scenesse. 2023 will be marked by several clinical trial progress and data readouts from the company.</li>
<li>The first readouts of the DNA repair program on xeroderma pigmentosum patients treated with afamelanotide are expected to be available early in the new year.</li>
<li>Clinuvel has started FY23 on a strong note, with Q1 recording highest ever customer receipts. Current cash balance of A$138 million represents sufficient funding for nearly eight quarters.</li>
</ul>



Clinuvel Pharmaceuticals (CUV AU) is recording consistent profitable revenue growth backed by Scenesse. 2023 will be marked by several clinical trial progress and data readouts from the company.
The first readouts of the DNA repair program on xeroderma pigmentosum patients treated with afamelanotide are expected to be available early in the new year.
Clinuvel has started FY23 on a strong note, with Q1 recording highest ever customer receipts. Current cash balance of A$138 million represents sufficient funding for nearly eight quarters.


Clinuvel Pharmaceuticals (CUV AU): Strong Start of FY23; Pipeline Progress Enhances Conviction

Thematic (Sector/Industry)

<ul>
<li>In terms of geography, Japan is still our top pick, primarily due to attractive multiple, favorable Fx, and low leverage. Despite macroeconomic headwinds, Australia biotech is another area of interest.</li>
<li>Among our four top picks, Gland Pharma reported year-over-year decline across all parameters during Q2FY23 due to supply woes. Near-term outlook is uncertain.</li>
<li>Apollo Hospitals reported strong quarterly performance, with all operating parameters improving year-over-year. Olympus remained a prime beneficiary of weak yen, while Samsung Biologics’ robust order book entail visibility.</li>
</ul>


In terms of geography, Japan is still our top pick, primarily due to attractive multiple, favorable Fx, and low leverage. Despite macroeconomic headwinds, Australia biotech is another area of interest.
Among our four top picks, Gland Pharma reported year-over-year decline across all parameters during Q2FY23 due to supply woes. Near-term outlook is uncertain.
Apollo Hospitals reported strong quarterly performance, with all operating parameters improving year-over-year. Olympus remained a prime beneficiary of weak yen, while Samsung Biologics’ robust order book entail visibility.


APAC Healthcare Series (Part 4)- Japan Continues to Be in a Sweet Spot; Top Picks Quarterly Update

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

<p>Edison Investment Research is terminating coverage on Steakholder Foods (formerly known as MeaTech) (MITC), Mesoblast (MSB), Bluglass (BLG), InMed Pharmaceuticals (INM), Onxeo (ONXEO), Arcane Crypto (ARCANE) and Aberdeen Diversified Income and Growth Trust (ADIG). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.</p>

Edison Investment Research is terminating coverage on Steakholder Foods (formerly known as MeaTech) (MITC), Mesoblast (MSB), Bluglass (BLG), InMed Pharmaceuticals (INM), Onxeo (ONXEO), Arcane Crypto (ARCANE) and Aberdeen Diversified Income and Growth Trust (ADIG). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mesoblast-ltd" target="_blank" data-smartkarma-citation="entities:769:1" rel="noopener">Mesoblast Ltd (MSB AU)</a> shares have been put on trading halt on August 4 due to pending announcement on private placement. The company undertook last private placement in March 2021.</li>
<li>Net operating cash usage has been declining over the last six quarters. In Q4FY22, net cash usage for operating activities decreased 33% y/y to $13.9 million.</li>
<li>Last month, Mesoblast announced promising results from rexlemestrocel-L trial in chronic heart failure patients. Rexlemestrocel-L delivered an improvement in left ventricular ejection fraction at 12 months.</li>
</ul>



Mesoblast Ltd (MSB AU) shares have been put on trading halt on August 4 due to pending announcement on private placement. The company undertook last private placement in March 2021.
Net operating cash usage has been declining over the last six quarters. In Q4FY22, net cash usage for operating activities decreased 33% y/y to $13.9 million.
Last month, Mesoblast announced promising results from rexlemestrocel-L trial in chronic heart failure patients. Rexlemestrocel-L delivered an improvement in left ventricular ejection fraction at 12 months.


Mesoblast (MSB AU): Trading Halt; Decreased Net Cash Usage in Q4; Positive Clinical Trial Results

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. </li>
<li>The constituency changes for ASX 300, ASX 200, ASX 100, ASX 50, and ASX 20 were announced today.</li>
<li>Below is a discussion of the official results and potential trading strategies to generate market-neutral returns in the run up to the Inclusion Event.</li>
</ul>


The S&amp;P/ASX Index family is a widely-tracked group of indices and sub-indices which represent the performance of ASX-listed companies. 
The constituency changes for ASX 300, ASX 200, ASX 100, ASX 50, and ASX 20 were announced today.
Below is a discussion of the official results and potential trading strategies to generate market-neutral returns in the run up to the Inclusion Event.


S&P/​​​ASX Indices: March 2022 Index Changes and Trading Strategy

Australia

Mesoblast Limited provides biomedical services. The Company develops drugs for cardiovascular diseases, oncology, hematology, and spine orthopedic disorders treatment. Mesoblast conducts its business worldwide.

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Mesoblast Ltd (MSB AU)

Clinuvel Pharmaceuticals (CUV AU): Strong Start of FY23; Pipeline Progress Enhances Conviction

Data readouts for Clinuvel’s DNA repair program on XP patients expected early next year is potentially groundbreaking as it will open an innovative...

Tina Banerjee

APAC Healthcare Series (Part 4)- Japan Continues to Be in a Sweet Spot; Top Picks Quarterly Update

Japan healthcare companies with high export revenue, continue to benefit from favorable Fx. Three of our top picks reported strong quarterly...

Tina Banerjee

Mesoblast - Termination of coverage

Edison Investment Research is terminating coverage on Steakholder Foods (formerly known as MeaTech) (MITC), Mesoblast (MSB), Bluglass (BLG), InMed...

Edison Investment Research

Mesoblast (MSB AU): Trading Halt; Decreased Net Cash Usage in Q4; Positive Clinical Trial Results

Mesoblast intends to undertake a private placement. Currently, funding is available for an estimated seven quarters. Its net operating cash usage...

Tina Banerjee

S&P/ASX Indices: March 2022 Index Changes and Trading Strategy

A look at the S&P ASX Index March 2022 index constituent changes and discussion on potential trading strategies to generated market-neutral returns.

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Clinuvel Pharmaceuticals (CUV AU): Strong Start of FY23; Pipeline Progress Enhances Conviction

Data readouts for Clinuvel’s DNA repair program on XP patients expected early next year is potentially groundbreaking as it will open an innovative...

Tina Banerjee

APAC Healthcare Series (Part 4)- Japan Continues to Be in a Sweet Spot; Top Picks Quarterly Update

Japan healthcare companies with high export revenue, continue to benefit from favorable Fx. Three of our top picks reported strong quarterly...

Tina Banerjee

Mesoblast - Termination of coverage

Edison Investment Research is terminating coverage on Steakholder Foods (formerly known as MeaTech) (MITC), Mesoblast (MSB), Bluglass (BLG), InMed...

Edison Investment Research

Mesoblast (MSB AU): Trading Halt; Decreased Net Cash Usage in Q4; Positive Clinical Trial Results

Mesoblast intends to undertake a private placement. Currently, funding is available for an estimated seven quarters. Its net operating cash usage...

Tina Banerjee

S&P/​​​ASX Indices: March 2022 Index Changes and Trading Strategy

A look at the S&P ASX Index March 2022 index constituent changes and discussion on potential trading strategies to generated market-neutral returns.

Janaghan Jeyakumar, CFA

S&P/ASX Indices: March 2022 Index Changes and Trading Strategy