Global Healthcare Analyst

Tina Banerjee

Equity Capital Markets

OrbusNeich Medical Group Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/orbusneich-medical-group-holdings-limited" target="_blank" data-smartkarma-citation="entities:34918:1" rel="noopener">OrbusNeich Medical Group (NEICHZ HK)</a> is among the top six players in PCI balloon markets in terms of sales volume in multiple countries including China, Japan, the U.S., and Europe.</li>
<li>OrbusNeich earns ~60% of revenue from Europe, Japan, and the U.S. The company’s high exposure to international markets safeguards it from the low prices commanded by China’s centralized procurement system.</li>
<li>With diversified product portfolio, robust inhouse production facilities, established global sales network, rich pipeline enabling continuous launching of new products, and growing market demand, OrbusNeich is well-positioned for strong growth.</li>
</ul>



OrbusNeich Medical Group (NEICHZ HK) is among the top six players in PCI balloon markets in terms of sales volume in multiple countries including China, Japan, the U.S., and Europe.
OrbusNeich earns ~60% of revenue from Europe, Japan, and the U.S. The company’s high exposure to international markets safeguards it from the low prices commanded by China’s centralized procurement system.
With diversified product portfolio, robust inhouse production facilities, established global sales network, rich pipeline enabling continuous launching of new products, and growing market demand, OrbusNeich is well-positioned for strong growth.


Pre-IPO OrbusNeich Medical Group: Large Global Exposure Protects from Negative Price Effect in China

Thematic (Sector/Industry)

<ul>
<li>Despite the macroeconomic headwinds, Q3 results from the large medtech companies showed some encouraging signs including healthy procedure volume growth depicting recovery in the medtech sector globally.</li>
<li>Amidst fear of recession, most of these companies reported healthy system placement and no order cancellation. Diabetes, with a large underpenetrated addressable population, remains one of the most resilient segments.</li>
<li>Financial performances of APAC medtech companies are expected to be driven by healthy global procedure volume growth and Fx, partially offset by macroeconomic headwinds including inflation and supply constraints.</li>
</ul>


Despite the macroeconomic headwinds, Q3 results from the large medtech companies showed some encouraging signs including healthy procedure volume growth depicting recovery in the medtech sector globally.
Amidst fear of recession, most of these companies reported healthy system placement and no order cancellation. Diabetes, with a large underpenetrated addressable population, remains one of the most resilient segments.
Financial performances of APAC medtech companies are expected to be driven by healthy global procedure volume growth and Fx, partially offset by macroeconomic headwinds including inflation and supply constraints.


Global Medtech Trends: Readouts from Early Birds of Q3 Earnings Season- Positives and Negatives

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/terumo-corp" target="_blank" data-smartkarma-citation="entities:6708:1" rel="noopener">Terumo Corp (4543 JP)</a> earns 56% revenue from cardiac and vascular segment, which is the fastest growing segment of the company. The segment is seeing continued recovery from COVID impact.</li>
<li>For FY23, Terumo guided for cardiac and vascular segment revenue of ¥445.5B (+12% y/y) and adjusted operating profit of ¥113.4B (+22% y/y), leading to operating margin of 25.5% (+200bps y/y).</li>
<li>Over the next five years, Terumo aims for high single-digit revenue growth from the segment, through new product launches and expanding adoption of existing products across disease areas.</li>
</ul>



Terumo Corp (4543 JP) earns 56% revenue from cardiac and vascular segment, which is the fastest growing segment of the company. The segment is seeing continued recovery from COVID impact.
For FY23, Terumo guided for cardiac and vascular segment revenue of ¥445.5B (+12% y/y) and adjusted operating profit of ¥113.4B (+22% y/y), leading to operating margin of 25.5% (+200bps y/y).
Over the next five years, Terumo aims for high single-digit revenue growth from the segment, through new product launches and expanding adoption of existing products across disease areas.


Terumo Corp (4543 JP): A COVID Recovery Play; Cardiac & Vascular Business to Drive Multi-Year Growth

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Nikkei 225 Annual Review is in September based on end-July data. Jumping the gun, I propose 3 additions and 3 deletions with granular data and details offered per sector.</li>
<li>I see ¥600bn to buy and a funding trade of 99% of that. There are 15+ names with more than 1 day of ADV to sell (funding only).</li>
<li>The impact on Real World Float is non-negligible. One name in particular is deserving of attention. </li>
</ul>


The Nikkei 225 Annual Review is in September based on end-July data. Jumping the gun, I propose 3 additions and 3 deletions with granular data and details offered per sector.
I see ¥600bn to buy and a funding trade of 99% of that. There are 15+ names with more than 1 day of ADV to sell (funding only).
The impact on Real World Float is non-negligible. One name in particular is deserving of attention. 


Nikkei 225 Sep Annual Review Predictions - 3 In, 3 Out

NTT (Nippon Telegraph & Telephone) / Event-Driven

<ul>
<li>The last of the three-leg rebalance for TOPIX and JPNK400 index weights takes place Wednesday 29 June at the close. This one is a bit larger than expected in April.</li>
<li>There were a large number of cancellations of shares by TSE Prime members in May which ups the predicted value to be traded. </li>
<li>Interestingly, because lots of names have seen share cancellations and FFW drops, the average passive ownership of TSE Float (not other providers' float) has gone up significantly through this process. </li>
</ul>


The last of the three-leg rebalance for TOPIX and JPNK400 index weights takes place Wednesday 29 June at the close. This one is a bit larger than expected in April.
There were a large number of cancellations of shares by TSE Prime members in May which ups the predicted value to be traded. 
Interestingly, because lots of names have seen share cancellations and FFW drops, the average passive ownership of TSE Float (not other providers' float) has gone up significantly through this process. 


Last Leg of TOPIX and JPNK400 FFW Rebal - ¥780bn One-Way Flow Wednesday

Japan

Terumo Corporation is a manufacturer and supplier of pharmaceuticals and medical tools and equipment. The Company's products include health foods, transfusion and infusion equipment, disposable medical supply, clinical testing systems, artificial organs, and electronic thermometers. Terumo markets the products through its subsidiaries and sales offices in the US, Europe, and Asia.

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Terumo (4543 JT)

Pre-IPO OrbusNeich Medical Group: Large Global Exposure Protects from Negative Price Effect in China

OrbusNeich is expected to price its IPO on Dec 16 and debut on HK market before Christmas. The company intends to use IPO proceeds to develop and...

Tina Banerjee

Global Medtech Trends: Readouts from Early Birds of Q3 Earnings Season- Positives and Negatives

Q3 results of large U.S. medtech companies recorded procedure volume growth. However, macroeconomic headwinds are expected to prevail. Similar...

Tina Banerjee

Terumo Corp (4543 JP): A COVID Recovery Play; Cardiac & Vascular Business to Drive Multi-Year Growth

Driven by continued recovery from the impact of COVID and new product launches, Terumo is well-positioned for consistent revenue growth. Cardiac...

Tina Banerjee

Nikkei 225 Sep Annual Review Predictions - 3 In, 3 Out

The September Nikkei 225 Rebal announcement is ~ 6 weeks away. Assuming the current plans go through, I see three adds, three deletes. The adds are...

Travis Lundy

Last Leg of TOPIX and JPNK400 FFW Rebal - ¥780bn One-Way Flow Wednesday

There are 2+ days until the last stage of the TSE FFW Rebalance is done. This time sees more changes because of increased share cancellation in...

Travis Lundy

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