Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Thematic (Sector/Industry)

<ul>
<li>The IVF industry is booming, driven by couples having children later in life as well as infertility problems.</li>
<li>There should be plenty of opportunities for IVF clinic operators, including for Jinxin Fertility which may benefit if the Chinese government introduces subsidies for IVF procedures. But the acquisitive nature of many IVF-related companies has caused their returns on equity and earnings per share growth to be weak.</li>
<li>One stock that trades at a low multiple with fat profit margins is Organon, though be aware of its ongoing patent cliffs, which may be the reason it was spun off in the first place.</li>
</ul>


The IVF industry is booming, driven by couples having children later in life as well as infertility problems.
There should be plenty of opportunities for IVF clinic operators, including for Jinxin Fertility which may benefit if the Chinese government introduces subsidies for IVF procedures. But the acquisitive nature of many IVF-related companies has caused their returns on equity and earnings per share growth to be weak.
One stock that trades at a low multiple with fat profit margins is Organon, though be aware of its ongoing patent cliffs, which may be the reason it was spun off in the first place.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are 3 changes for the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX</a>, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> and <a href="https://www.smartkarma.com/entities/palantir-technologies-inc" target="_blank" data-smartkarma-citation="entities:27728:1" rel="noopener">Palantir Technologies (PLTR US)</a> were finally added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> and there is huge size to trade in the stocks.</li>
<li>There will also be big buying in <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> following a float increase driven by <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> selling last quarter.</li>
</ul>


There are 3 changes for the S&amp;P 500 INDEX, 8 changes for the S&amp;P Midcap400 Index and 15 changes for the S&amp;P SmallCap600 Index at the September rebalance.

Dell Technologies (DELL US) and Palantir Technologies (PLTR US) were finally added to the S&amp;P 500 INDEX (SPX INDEX) and there is huge size to trade in the stocks.
There will also be big buying in Apple (AAPL US) following a float increase driven by Berkshire Hathaway Inc Cl A (BRK/A US) selling last quarter.


S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/progyny-inc" target="_blank" data-smartkarma-citation="entities:28718:1" rel="noopener">Progyny Inc (PGNY US)</a> announced strong Q2 results, with both revenue and EPS surpassing consensus as well as company guidance. Revenue and adjusted EBITDA margin reached to highest ever levels.</li>
<li>The company has raised lower end of its 2022 revenue and adjusted EBITDA guidance second time in this year. Progyny is seeing continued strong employer demand for fertility solutions.</li>
<li>Despite inflation and a potential softening in the economy, Progyny is seeing strong customer demand and is upbeat about new client acquisition for its upcoming selling season.</li>
</ul>



Progyny Inc (PGNY US) announced strong Q2 results, with both revenue and EPS surpassing consensus as well as company guidance. Revenue and adjusted EBITDA margin reached to highest ever levels.
The company has raised lower end of its 2022 revenue and adjusted EBITDA guidance second time in this year. Progyny is seeing continued strong employer demand for fertility solutions.
Despite inflation and a potential softening in the economy, Progyny is seeing strong customer demand and is upbeat about new client acquisition for its upcoming selling season.


Progyny (PGNY US): Q2 Results Ahead of Expectations; 2022 Guidance Raised Second Time This Year

<ul>
<li>
<a href="https://www.smartkarma.com/entities/progyny-inc" target="_blank" data-smartkarma-citation="entities:28718:1" rel="noopener">Progyny Inc (PGNY US)</a> shares are bouncing off their lows following strong Q4 results and  guidance reiteration. Continued stellar growth amid large and underpenetrated TAM call for strong upside potential. </li>
<li>After impacted by Omicron in December, business activity has rapidly recovered to normal levels this year. Management has guided for 50% y/y revenue growth for 2022.</li>
<li>For 2022, Progyny added 85 new clients, with 1.2 million covered lives, which will be its long-term growth driver. The company is well-positioned for 70% revenue CAGR during 2021–2024.</li>
</ul>



Progyny Inc (PGNY US) shares are bouncing off their lows following strong Q4 results and  guidance reiteration. Continued stellar growth amid large and underpenetrated TAM call for strong upside potential. 
After impacted by Omicron in December, business activity has rapidly recovered to normal levels this year. Management has guided for 50% y/y revenue growth for 2022.
For 2022, Progyny added 85 new clients, with 1.2 million covered lives, which will be its long-term growth driver. The company is well-positioned for 70% revenue CAGR during 2021–2024.


Progyny (PGNY US): Stellar Q4 Results; 2022 Guidance Reiterated on the Back of Business Recovery

<ul>
<li>
<a href="https://www.smartkarma.com/entities/progyny-inc" target="_blank" data-smartkarma-citation="entities:28718:1" rel="noopener">Progyny Inc (PGNY US)</a> shares touched new high after the company issued 2022 revenue growth guidance of 50%. The company has added record high number of new clients and new covered lives.</li>
<li>The company reported Q3 revenue of $122.3 million (+24% y/y), in-line with guidance of $120–130 million. EPS grew 240% y/y to $0.17, 183% ahead of consensus of $0.06. Progyny expects 2021 revenue growth of 47–49% y/y.</li>
<li>Investors can add to positions as Progyny is expected to be on a high growth trajectory as the company is still just 2% penetrated in its addressable market of 8,000 self-insured employers in the U.S., leaving enough growth opportunity.</li>
</ul>



Progyny Inc (PGNY US) shares touched new high after the company issued 2022 revenue growth guidance of 50%. The company has added record high number of new clients and new covered lives.
The company reported Q3 revenue of $122.3 million (+24% y/y), in-line with guidance of $120–130 million. EPS grew 240% y/y to $0.17, 183% ahead of consensus of $0.06. Progyny expects 2021 revenue growth of 47–49% y/y.
Investors can add to positions as Progyny is expected to be on a high growth trajectory as the company is still just 2% penetrated in its addressable market of 8,000 self-insured employers in the U.S., leaving enough growth opportunity.


Progyny (PGNY US): Initial 2022 Guidance Issued After Record Number of New Clients Added

United States

Progyny, Inc. operates as a fertility benefits management company in the US with its headquarters in New York City. The Company offers patients a benefits solution with education and guidance from a Patient Care Advocate and access to a network of fertility specialists. Progyny also aims to reduce healthcare costs for employers through their operations.

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Progyny Inc (PGNY US)

IVF: Secular Growth for Decades to Come.

The IVF industry is booming, driven by couples having children later in life as well as infertility problems. There should be plenty of...

Asian Century Stocks

S&P500/400/600 Index Rebalance: Dell, Palantir Make It (Finally!); Apple Upweight

There are 3 changes for the SnP500, 8 for the SnP400 and 15 for the SnP600 Index. Dell and Palantir have finally been added. There is huge size to...

Brian Freitas

Progyny (PGNY US): Q2 Results Ahead of Expectations; 2022 Guidance Raised Second Time This Year

Progyny reported highest ever quarterly revenue and adjusted EBITDA margin in Q2. Management raised 2022 guidance. Progyny is upbeat about its...

Tina Banerjee

Progyny (PGNY US): Stellar Q4 Results; 2022 Guidance Reiterated on the Back of Business Recovery

Despite Omicron-related business disruption, Progyny reported strong Q4 results. Driven by business recovery, management reiterated 2022 guidance....

Tina Banerjee

Progyny (PGNY US): Initial 2022 Guidance Issued After Record Number of New Clients Added

This insight has analyzed Progyny's Q3 2021 results and 2022 initial guidance. The company is still at a very early stage of addressing its...

Tina Banerjee

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