Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> reported strong 1Q24 result, with increasing revenue and declining operating expenses. Revenue increased 86% YoY, gross margin (88%) improved, and operating expenses declined 3% YoY.</li>
<li>The company achieved operating profit (NT$18M) for the first time in 1Q24. Net profit reached NT$330M in 1Q24, versus net profit of NT$315M for 1H23.</li>
<li>Approval of Besremi in additional countries, especially China, data readouts from late-stage ET trials, and accelerating  revenue as well as improving profitability remain the near-term catalysts.</li>
</ul>



Pharmaessentia Corp (6446 TT) reported strong 1Q24 result, with increasing revenue and declining operating expenses. Revenue increased 86% YoY, gross margin (88%) improved, and operating expenses declined 3% YoY.
The company achieved operating profit (NT$18M) for the first time in 1Q24. Net profit reached NT$330M in 1Q24, versus net profit of NT$315M for 1H23.
Approval of Besremi in additional countries, especially China, data readouts from late-stage ET trials, and accelerating  revenue as well as improving profitability remain the near-term catalysts.


Pharmaessentia Corp (6446 TT): Starts 2024 on Strong Note; Reports First Operating Profit in 1Q24

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 19th which has an aggregated holding worth USD965.9bn.</li>
<li>We estimate that foreign flows to be outflows of USD3,489mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jul 19th which has an aggregated holding worth USD965.9bn.
We estimate that foreign flows to be outflows of USD3,489mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech.


TWSE Foreign Holding Weekly (Jul 19th): Wiwynn, TSMC, Quanta Computer, Mediatek, Gigabyte Tech

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> starts 2024 on a strong note, with revenue for first two months rising 103% YoY to NT$1.1B. The company is expected to become profitable this year.</li>
<li>China approval of Besremi, which is expected this year, can be a major near-term catalyst. Indication expansion of Besremi in the U.S. is anticipated in next year.</li>
<li>Pharmaessentia’s revenue is forecast to grow at an average rate of 55% per annum over the next two years. The company’s pipeline is progressing, thereby enhancing visibility beyond Besremi.</li>
</ul>



Pharmaessentia Corp (6446 TT) starts 2024 on a strong note, with revenue for first two months rising 103% YoY to NT$1.1B. The company is expected to become profitable this year.
China approval of Besremi, which is expected this year, can be a major near-term catalyst. Indication expansion of Besremi in the U.S. is anticipated in next year.
Pharmaessentia’s revenue is forecast to grow at an average rate of 55% per annum over the next two years. The company’s pipeline is progressing, thereby enhancing visibility beyond Besremi.


Pharmaessentia Corp (6446 TT): Readying for Next Growth Phase with Besremi’s Continued Traction

<ul>
<li>We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 7th which has an aggregated holding worth USD4,400.2bn.</li>
<li>We estimate that foreign flows to be outflows of USD12,832mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Realtek Semi, Asmedia Tech, Global Unichip, Yang Ming Marine, Tripod Tech, TSMC, Ctbc Financial, Hon Hai, Asustek Computer, Umc.</li>
</ul>


We analyzed the changes in foreign holdings of TWSE Stocks as of Jun 7th which has an aggregated holding worth USD4,400.2bn.
We estimate that foreign flows to be outflows of USD12,832mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Realtek Semi, Asmedia Tech, Global Unichip, Yang Ming Marine, Tripod Tech, TSMC, Ctbc Financial, Hon Hai, Asustek Computer, Umc.


TWSE Foreign Holding Weekly (Jun 7th): Realtek Semi, Asmedia Tech, Global Unichip, Yang Ming Marine

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 index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 7th June 2024.</li>
<li>While the T50 and T100 index changes were perfectly in line with our expectations there were some surprises among the TDIV index changes.</li>
<li>In this insight, we take a look at Quiddity's final flow expectations for the June 2024 index rebal event and potential trade ideas based on the flow dynamics.</li>
</ul>


The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 7th June 2024.
While the T50 and T100 index changes were perfectly in line with our expectations there were some surprises among the TDIV index changes.
In this insight, we take a look at Quiddity's final flow expectations for the June 2024 index rebal event and potential trade ideas based on the flow dynamics.


Quiddity TDIV/50/100 Jun 24 Rebal: 15/18 Hits; Updated Flow Expectations and Trade Ideas

Taiwan

TaiMed Biologics Inc. is a biotechnology company with focuses on the prevention and treatment of viral infectious diseases. The Company collaborates with other companies and government to conduct trials of AIDs treatment.

SunMax Biotechnology Co Ltd. is a medical device company dedicated to the development, manufacturing and commercialization of bio-surgical products. The Company specializes in the production of medical grade porcine collagen that is used in medical applications and biochemistry research.

Medigen Vaccine Biologics Corporation operates as a vaccination company. The Company develops flu vaccine, enterovirus vaccine, and other related products. Medigen Vaccine Biologics markets its products throughout worldwide.

PharmaEngine, Inc. operates as a biopharmaceutical company. The Company focuses on the development of new drugs for the treatment of cancer and Asian prevalent diseases.

Adimmune Corp. is a human vaccine manufacturer. The company focuses on vaccines, diagnostics, and biological products. Adimmune manufactures vaccines such as the JEV, Tuberculin PPD, Tetanus toxoid, and influenza.

OBI Pharma Inc manufactures anti-infective and immunotherapy drugs and develops cancer and infectious disease therapies.

Mycenax Biotech Inc. develops and manufactures biopharmaceutical products derived from mammalian cell culture and microbial fermentation.

TaiGen Biopharmaceuticals Holdings Limited is a research-based pharmaceutical company engaging in the development of novel therapeutics for infectious diseases, cancer research and diabetes-related complications.

Medigen Biotechnology Corp. researches and develops anti-cancer biopharmaceuticals.

Golden Biotechnology Corporation specializes in the development of bio-medicines based on its research in the fields of modern biotechnology and molecular medicine.

Biocon Ltd., is an integrated biotechnology enterprise with a presence in biopharmaceuticals, enzymes, custom research and clinical research. The Company's pharmaceutical products include statins, immunosuppressants and anti-diabetic drugs. Biocon also manufactures specialty enzymes and new enzyme applications besides providing clinical and custom research services.

Blueprint Medicines Corporation develops and distributes biomedical treatments. The Company researches and produces medicines and treatments for cancer targeting the molecular differences. Blueprint Medicines focuses selective drugs for genomically defined cancer patients.

Beijing Tiantan Biological Products Corporation Limited researches, develops, and commercializes biological products.  The Company provides treatment for hepatitis and offers a line of vaccine products including hepatitis vaccines and rubella vaccines.

Beijing Tiantan Biological Products (600161 CH)

Ionis Pharmaceuticals, Inc. operates as a biotechnology company. The Company researches in RNA-targeted drug discovery and development that focuses on drugs for patients who have unmet medical needs. Ionis Pharmaceuticals serves customers in the United States.

Repligen Corporation is a bioprocessing company focused on the development, production, and commercialization of innovative products used in the process of manufacturing biologic drugs. The Company's customers include life sciences companies, global biopharmaceutical companies, and contract manufacturers worldwide.

Cytokinetics, Incorporated is a clinical-stage biopharmaceutical company.  The Company is focused on the discovery and development of novel small molecule therapeutics that modulate muscle function for the potential treatment of serious diseases and medical conditions.

IVERIC bio, Inc. operates as a biopharmaceutical company. The Company develops treatments for patients with orphan inherited retinal diseases with significant unmet medical needs. IVERIC bio serves customers in the United States.

Exelixis, Inc. is a development-stage biotechnology company dedicated to the discovery and development of small-molecule therapeutics for the treatment of cancer and other serious diseases.  The Company is building a portfolio of compounds it believes could become pharmaceutical products.  Exelixis has strategic alliances with pharmaceutical and biotechnology companies.

Halozyme Therapeutics, Inc. is a biopharmaceutical company developing products for the diabetes, cancer, dermatology and drug delivery markets. The Company's platform technology is based on recombinant human hyaluronidase plus additional enzymes. Halozyme applies its technology to its proprietary programs and to partnerships with pharmaceutical companies.

Grifols S.A. develops, manufactures, and markets plasma derivatives, IV Therapy, enteral nutrition, diagnostic systems, and medical materials.

PharmaEssentia Corporation develops and distributes therapeutic products for treatment in human disease. The Company develops drugs to treat hepatitis, chronic myeloid leukemia (CML), essential thrombocythemia (ET), myeloid fibrosis (MF), polycythemia vera (PV), hepatitis and cancer.

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Pharmaessentia Corp (6446 TT)