Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/oscar-health-inc" target="_blank" data-smartkarma-citation="entities:31499:1" rel="noopener">Oscar Health (OSCR US)</a>  completed its IPO in March and sold to investors ~36.4 million shares of Class A common stock at IPO price of $39.00 per share. Therefore, insurtech unicorn raised net proceeds of $1.3 billion and used a portion of funds to repay ~$153 million of borrowings under the Term Loan Facility. However, Oscar Health shares fell ~43% since IPO and could find the bottom near $22.00 per share. We believe that upcoming IPO of insurtech competitor Bright Health and strong financial results for 1Q CY21 may drive valuation of Oscar Health higher. Company plans to deliver revenue growth and expects direct and assumed policy premiums will be ~$3.1 billion at midpoint for CY21.

Oscar Health (OSCR US)  completed its IPO in March and sold to investors ~36.4 million shares of Class A common stock at IPO price of $39.00 per share. Therefore, insurtech unicorn raised net proceeds of $1.3 billion and used a portion of funds to repay ~$153 million of borrowings under the Term Loan Facility. However, Oscar Health shares fell ~43% since IPO and could find the bottom near $22.00 per share. We believe that upcoming IPO of insurtech competitor Bright Health and strong financial results for 1Q CY21 may drive valuation of Oscar Health higher. Company plans to deliver revenue growth and expects direct and assumed policy premiums will be ~$3.1 billion at midpoint for CY21.

Will Bright Health Upcoming IPO Drive Valuation of Oscar Health Higher?

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>The Republican replacement for ‘Obamacare’ has been announced and looks an incoherent mess – resurgent healthcare inflation will be a drag on discretionary spending.</li>
<li>The US yield curve is flattening, overall bank credit growth has been negative for two months and yesterday’s January consumer lending data was about half consensus expectations.</li>
<li>The global mining sector has been selling off as expected with iron ore/copper prices – I remain tactically short the FTSE 350 mining index.</li>
<li>Overall, the US…</li>
</ul>


The Republican replacement for ‘Obamacare’ has been announced and looks an incoherent mess – resurgent healthcare inflation will be a drag on discretionary spending.
The US yield curve is flattening, overall bank credit growth has been negative for two months and yesterday’s January consumer lending data was about half consensus expectations.
The global mining sector has been selling off as expected with iron ore/copper prices – I remain tactically short the FTSE 350 mining index.
Overall, the US…


US Healthcare Overhaul Stumbling, Singapore Cyclical Rally Looking Premature

Information Technology Consultant

Ishita Jain

In the omnipresence of machine learning, one of the most impacted segments is healthcare. Not only is AI in healthcare at the forefront of a transformation, it has attracted immense funding and attention in the past couple of years. With machines becoming intelligent, medical marvels will be like never before and plenty of medical opportunities will bloom. With the excitement afoot in the investor and research communities, this article highlights applications of machine learning that are worth observing.

In the omnipresence of machine learning, one of the most impacted segments is healthcare. Not only is AI in healthcare at the forefront of a transformation, it has attracted immense funding and attention in the past couple of years. With machines becoming intelligent, medical marvels will be like never before and plenty of medical opportunities will bloom. With the excitement afoot in the investor and research communities, this article highlights applications of machine learning that are worth observing.

AI & Machine Learning Disrupting The Healthcare Industry

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

While the US consumer health industry will remain a strong centre for investment, development and technology innovation in 2017 and is expected to reach US$77 billion by 2021, the election of Donald Trump has created uncertainty among the industry, government agencies and consumers, especially around regulations, local production incentives, and changes to the Affordable Care Act.

While the US consumer health industry will remain a strong centre for investment, development and technology innovation in 2017 and is expected to reach US$77 billion by 2021, the election of Donald Trump has created uncertainty among the industry, government agencies and consumers, especially around regulations, local production incentives, and changes to the Affordable Care Act.

Trump Health Effect: What Is Next for the Consumer Health Industry Under Trump's Leadership?

Asia Healthcare Analyst, Pathology Associates Limited

Dion Stéfan Büchner M.D., FCAP

Asia Healthcare Analyst

Pathology Associates Limited

AML represents one of the largest hematologic cancer populations with one of the worst survival rates. Global prevalence is expected to increase at 2015-20 CAGR of ~12% to 434,214 in 2020.The current standard of care for newly diagnosed patients is a combination of daunorubicin and cytarabine, commonly known as 7+3. However, durable remissions occur only in a minority of adult patients. Hence r/r AML remains a disease of high unmet need, especially for “elderly” patients. Treatment landscape…

AML represents one of the largest hematologic cancer populations with one of the worst survival rates. Global prevalence is expected to increase at 2015-20 CAGR of ~12% to 434,214 in 2020.The current standard of care for newly diagnosed patients is a combination of daunorubicin and cytarabine, commonly known as 7+3. However, durable remissions occur only in a minority of adult patients. Hence r/r AML remains a disease of high unmet need, especially for “elderly” patients. Treatment landscape…

Relapsed/Refractory Acute Myeloid Leukemia (R/R AML)

United States

Molina Healthcare Inc. is a managed care organization.  The Company arranges for the delivery of health care services to persons eligible for Medicaid and other programs for low-income families and individuals.  Molina Healthcare has health plans in California, Washington, Utah, and Michigan, as well as primary care clinics located in Northern and Southern California.

Cardinal Health, Inc. provides complementary products and services to healthcare providers and manufacturers.  The Company's services include pharmaceutical distribution, health-care product manufacturing, distribution and consulting services, drug delivery systems development, pharmaceutical packaging, automated dispensing systems manufacturing, and retail pharmacy franchising.

Humana Inc. is a managed health care company with medical members located in the United States and Puerto Rico.  The Company offers coordinated health care through health maintenance organizations, preferred provider organizations, point-of-service plans, and administrative services products.  Humana offers its products to employer groups, government-sponsored plans, and individuals.

Cencora, Inc. operates as a pharmaceutical company. The Company offers end-to-end pharmaceutical commercialization solutions, over-the-counter healthcare products, home healthcare supplies and equipment, and related services to healthcare providers. Cencora distributes its products internationally.

Laboratory Corporation of America Holdings is a clinical laboratory company that offers clinical laboratory tests used by the medical profession in routine testing, patient diagnosis, and in the monitoring and treatment of disease. The Company develops specialty testing operations, such as oncology testing, HIV genotyping and phenotyping, diagnostic genetics and clinical trials.

Laboratory Corporation of America Holdings (LH US)

Laboratory Corporation of America Holdings

Centene Corporation is a multi-line managed care organization that provides Medicaid and Medicaid-related programs.  The Company has health plans in several states. The Company also provides specialty services, including behavioral health, nurse triage, and treatment compliance.

McKesson Corporation distributes pharmaceuticals, medical-surgical supplies, and health and beauty care products throughout North America. The Company also develops, implements, and supports software that facilitates the integration of data throughout the health enterprise.  In addition, McKesson offers analytic, care management, and patient solutions for payers.

Universal Health Services, Inc. is a healthcare management company. The Company operates acute care hospitals, behavioral health centers, and surgery centers. Universal provides services such as general surgery, internal medicine, radiology, and pediatric services throughout the United States and Puerto Rico.

Quest Diagnostics Incorporated provides diagnostic testing, information, and services.  The Company operates a national network of full-service laboratories, rapid response laboratories, and patient service centers.  Quest Diagnostics provides esoteric testing, routine medical testing, drugs of abuse testing, and non-hospital-based anatomicpathology testing.

Ensign Group, Inc. operates facilities offering nursing and rehabilitative care services in multiple states. The Company provides a broad spectrum of nursing and assisted living services, physical, occupational and speech therapies, and other rehabilitative and healthcare services, for both long-term residents and short-stay rehabilitation patients.

Fresenius SE & Co KGaA is a global health care group with products and services for dialysis, the hospital and the medical care of patients at home. The Company sells dialysis, infusion, transfusion, and diagnostics equipment and systems, blood separators, plasma, hemofilters, nutritional liquids, and solid and liquid pharmaceuticals.

Shanghai Pharmaceuticals Holding Co., Ltd. manufactures, retails, and wholesales a variety of pharmaceuticals including biopharmaceuticals, chemical and Chinese traditional medicines, and healthcare products. The Company also invests in new medicine development and provides related services.

Shanghai Pharmaceuticals Holding (2607 HK)

Bangkok Dusit Medical Services Public Company Limited operates Bangkok General Hospital. The Hospital specializes in cardiovascular, lung, neurological, eye and genitourinary cancer, as well as physical therapy and medical imaging.

Apollo Hospitals Enterprise Limited owns and operates hospitals in India.  The Company also runs a 24-hour pharmacy network via over 120 outlets across India. Apollo Hospitals also runs clinics and offer managed care and family health plans. The Company has a variety of locations in Chennai, Hyderabad, Delhi, Dubai, Vizag, Bilaspur and Chengannur.

Aier Eye Hospital Group Co., Ltd provides ophthalmological services.  The Company's services include ophthalmological diagnosis and treatments.

Sonic Healthcare Limited is a medical diagnostics company with operations in Australia, New Zealand, and Europe.  The Company provides a comprehensive range of pathology and diagnostic imaging services to medical practitioners, hospitals and their patients along with providing administrative services and facilities to medical practitioners.

Fresenius Medical Care AG & Co. KGaA offers kidney dialysis services and manufactures and distributes equipment and products used in the treatment of dialysis patients. The Company also offers clinical laboratory testing and diagnostic testing services and provides home infusion, respiratory therapy, ultrasound, and echo-cardiography. Fresenius operates worldwide.

Celltrion Healthcare Co.,Ltd develops and manufactures pharmaceutical biologics and chemically synthesized drugs. The Company specializes in the development of drugs for breast cancer, arthritis, leukemia, psoriasis, human rabies prevention, and influenza. Celltrion Healthcare markets its products to customers internationally.

Sinopharm Group Co Ltd is a pharmacy distribution company. The Company also owns several pharmacy enterprise groups in different industries such as logistics, retail stores, pharmaceutical manufacturing, and chemical testing.

The Cigna Group operates as an insurance company. The Company offers life, accident, disability, supplemental, medicare, and dental insurance products and services. The Cigna Group serves individuals, families, and businesses worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Cigna Group (CI US)

Will Bright Health Upcoming IPO Drive Valuation of Oscar Health Higher?

Oscar Health reduced quota share in 1Q CY21 and we expect GAAP revenue may grow 100%+ y/o/y this year with growing business segments MA, Small...

Andrei Zakharov

US Healthcare Overhaul Stumbling, Singapore Cyclical Rally Looking Premature

The Republican replacement for ‘Obamacare’ has been announced and looks an incoherent mess – resurgent healthcare inflation will be a drag on...

Sean Maher

AI & Machine Learning Disrupting The Healthcare Industry

In the omnipresence of machine learning, one of the most impacted segments is healthcare. Not only is AI in healthcare at the forefront of a...

Ishita Jain

Trump Health Effect: What Is Next for the Consumer Health Industry Under Trump's Leadership?

While the US consumer health industry will remain a strong centre for investment, development and technology innovation in 2017 and is expected to...

Euromonitor International Ltd.

Relapsed/Refractory Acute Myeloid Leukemia (R/R AML)

AML represents one of the largest hematologic cancer populations with one of the worst survival rates. Global prevalence is expected to increase at...

Dion Stéfan Büchner M.D., FCAP

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)