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Cross Asset Strategy

<ul>
<li>
In Depth: Behind the massive sell-off in Chinese wealth management products.
</li>
<li>
Pfizer CEO dismisses reports of a Paxlovid generic for China.
</li>
<li>
Local governments set to borrow $146 billion in first quarter.
</li>
</ul>



In Depth: Behind the massive sell-off in Chinese wealth management products.


Pfizer CEO dismisses reports of a Paxlovid generic for China.


Local governments set to borrow $146 billion in first quarter.



CX Daily: Behind the Massive Sell-Off in Chinese Wealth Management Products

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bnc-korea-co-ltd" target="_blank" data-smartkarma-citation="entities:34785:1" rel="noopener">BNC Korea (256840 KS)</a> has been found guilty for the violation of the Pharmaceutical Affairs Act. Consequently, production of its Bienox injection has temporarily been halted till May 30, 2023.</li>
<li>The company’s in-licensed COVID-19 drug candidate could not secure emergency use approval from the FDA, which has asked for further clinical trial demonstrating efficacy and safety.</li>
<li>BNC Korea is not a bottom fishing idea, due to lack of any strong growth engine in near-term. Despite attractive valuation, we still like to avoid the stock.     </li>
</ul>



BNC Korea (256840 KS) has been found guilty for the violation of the Pharmaceutical Affairs Act. Consequently, production of its Bienox injection has temporarily been halted till May 30, 2023.
The company’s in-licensed COVID-19 drug candidate could not secure emergency use approval from the FDA, which has asked for further clinical trial demonstrating efficacy and safety.
BNC Korea is not a bottom fishing idea, due to lack of any strong growth engine in near-term. Despite attractive valuation, we still like to avoid the stock.     


BNC Korea (256840 KS): Base Business Faces Regulatory Headwind; Delay in COVID Drugs Approval

<ul><li>China-Middle East /: Historic Middle East summits cap Xi’s year-end diplomatic push</li><li>Covid-19 /: China ends quarantine requirement for inbound travelers despite surge in Covid-19 cases</li><li>Fraud /: Fuyuan Beauty Salon’s chairman gets 16-year sentence for fundraising fraud</li></ul>

China-Middle East /: Historic Middle East summits cap Xi’s year-end diplomatic pushCovid-19 /: China ends quarantine requirement for inbound travelers despite surge in Covid-19 casesFraud /: Fuyuan Beauty Salon’s chairman gets 16-year sentence for fundraising fraud

CX Daily: Historic Middle East Summits Cap Xi’s Year-End Diplomatic Push

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<li>
<a href="https://www.smartkarma.com/entities/ono-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8979:1" rel="noopener">Ono Pharmaceutical (4528 JP)</a> is an innovation driven pharmaceutical company, with major focus on oncology. Opdivo, Forxiga, and Orencia are the top three products, together contributing ~75% of product revenue.</li>
<li>While the competition intensified, use of Opdivo for malignant tumors was expanded to first-line treatment for NSCLC, esophageal cancer, and gastric cancer, resulting in FY22 sales of ¥112.4B (+14% y/y).</li>
<li>Ono’s second largest drug Forxiga is also on a double-digit growth path. The company has been expanding its pipeline beyond Opdivo by reinforcement of in-house research and in-licensing activities.</li>
</ul>



Ono Pharmaceutical (4528 JP) is an innovation driven pharmaceutical company, with major focus on oncology. Opdivo, Forxiga, and Orencia are the top three products, together contributing ~75% of product revenue.
While the competition intensified, use of Opdivo for malignant tumors was expanded to first-line treatment for NSCLC, esophageal cancer, and gastric cancer, resulting in FY22 sales of ¥112.4B (+14% y/y).
Ono’s second largest drug Forxiga is also on a double-digit growth path. The company has been expanding its pipeline beyond Opdivo by reinforcement of in-house research and in-licensing activities.


Ono Pharmaceutical (4528 JP): Key Drugs On High Growth Trajectory; Pipeline Expands Beyond Opdivo

Celltrion Healthcare   / Equity Bottom-Up

<ul>
<li>Here we present a pair trade idea on Korea biotech companies. Investors can accumulate <a href="https://www.smartkarma.com/entities/celltrion-healthcare" target="_blank" data-smartkarma-citation="entities:23641:1" rel="noopener">Celltrion Healthcare (091990 KS)</a> and short <a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a>.</li>
<li>Celltrion Healthcare has a vast portfolio of biosimilars, which have dominant market positioning. The company is expanding geographical presence. US launch of Humira biosimilar is the major upcoming catalyst.</li>
<li>SK Bioscience is a late entrant in the overcrowded COVID-19 vaccine market. The company has temporarily halted production of its COVID-19 vaccine due to falling demand.</li>
</ul>


Here we present a pair trade idea on Korea biotech companies. Investors can accumulate Celltrion Healthcare (091990 KS) and short SK Bioscience (302440 KS).
Celltrion Healthcare has a vast portfolio of biosimilars, which have dominant market positioning. The company is expanding geographical presence. US launch of Humira biosimilar is the major upcoming catalyst.
SK Bioscience is a late entrant in the overcrowded COVID-19 vaccine market. The company has temporarily halted production of its COVID-19 vaccine due to falling demand.


Korea Biotech: A Pair Trade Between Celltrion Healthcare (091990 KS) And SK Bioscience (302440 KS)

United States

Pfizer Inc. operates as a pharmaceutical company. The Company offers medicines, vaccines, medical devices, and consumer healthcare products for oncology, inflammation, cardiovascular, and other therapeutic areas. Pfizer serves customers worldwide.

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Pfizer (PFE UN)

CX Daily: Behind the Massive Sell-Off in Chinese Wealth Management Products

In Depth: Behind the massive sell-off in Chinese wealth management products. Pfizer CEO dismisses reports of a Paxlovid generic for China.

Caixin Global

BNC Korea (256840 KS): Base Business Faces Regulatory Headwind; Delay in COVID Drugs Approval

BNC Korea is barred from producing and exporting botulinum toxin for 6 months. Its in-licensed oral COVID drug could not secure FDA approval....

Tina Banerjee

CX Daily: Historic Middle East Summits Cap Xi’s Year-End Diplomatic Push

Historic Middle East summits cap Xi’s year-end diplomatic push. China ends quarantine requirement for inbound travelers. Fuyuan Beauty Salon’s...

Caixin Global

Ono Pharmaceutical (4528 JP): Key Drugs On High Growth Trajectory; Pipeline Expands Beyond Opdivo

Driven by indication expansion, Ono expects Opdivo sales to reach ¥155B in FY23, up 38% y/y. The company is developing clinical pipeline beyond...

Tina Banerjee

Korea Biotech: A Pair Trade Between Celltrion Healthcare (091990 KS) And SK Bioscience (302440 KS)

While strong biosimilar product positioning and new launch will drive the growth of Celltrion Healthcare (long), SK Bioscience (short) will...

Tina Banerjee

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