HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

Asymchem Laboratories Tianjin / Equity Bottom-Up

<ul>
<li>Understanding the essential differences in business characteristics of CRO and CDMO could help investors better understand the differences between Asymchem and Pharmaron in terms of investment logic, financial performance, and prospects.</li>
<li>Since Pharmaron didn’t obtain COVID-19 big orders, it would maintain normal revenue growth in 2023. However, increasing labor costs and uncontrollable investment business would lead to unsatisfactory net profit performance.</li>
<li>Asymchem’s performance would be disappointing in 2023. However, its growth momentum is expected to restore after it digest the impact of COVID-19 orders. Then, Asymchem’s valuation could surpass Pharmaron afterwards. </li>
</ul>


Understanding the essential differences in business characteristics of CRO and CDMO could help investors better understand the differences between Asymchem and Pharmaron in terms of investment logic, financial performance, and prospects.
Since Pharmaron didn’t obtain COVID-19 big orders, it would maintain normal revenue growth in 2023. However, increasing labor costs and uncontrollable investment business would lead to unsatisfactory net profit performance.
Asymchem’s performance would be disappointing in 2023. However, its growth momentum is expected to restore after it digest the impact of COVID-19 orders. Then, Asymchem’s valuation could surpass Pharmaron afterwards. 


Asymchem Laboratories (6821.HK) Vs Pharmaron Beijing (3759.HK) - Deep Dive the Logic and the Outlook

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 18 changes for the SSE180 Index that will be implemented at the close of trading on 9 June.</li>
<li>The impact on the stocks is small but this is not a widely tracked index, so there could still be opportunities for some high risk/reward basket trades.</li>
<li>With Northbound Stock Connect eligibility no longer drawing on the SSE180 Index constituents, the index could lose relevance over time.</li>
</ul>


There are 18 changes for the SSE180 Index that will be implemented at the close of trading on 9 June.
The impact on the stocks is small but this is not a widely tracked index, so there could still be opportunities for some high risk/reward basket trades.
With Northbound Stock Connect eligibility no longer drawing on the SSE180 Index constituents, the index could lose relevance over time.


SSE180 Index Rebalance: Small Impact but Not Widely Tracked

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: China’s tightening of online insurance sales starts to bite</li><li>Chinese regions offer rewards for tip-offs on trafficked women and children</li><li>Deutsche Bank joins global peers with link to Beijing Stock Exchange</li></ul>

In Depth: China’s tightening of online insurance sales starts to biteChinese regions offer rewards for tip-offs on trafficked women and childrenDeutsche Bank joins global peers with link to Beijing Stock Exchange

CX Daily: China’s Tightening of Online Insurance Sales Starts to Bite

Porton Pharma Solutions / Equity Bottom-Up

<ul>
<li>Porton made a successful turnaround and the CGT business layout is also in the right direction. The US$217 million new order would improve the certainties of its 2022 performance.</li>
<li>The concerns on potential deterioration of international relations and the broken logic in CXO sector also apply to <a href="https://www.smartkarma.com/entities/porton-pharma-solutions-ltd" target="_blank" data-smartkarma-citation="entities:14201:1" rel="noopener">Porton Pharma Solutions (300363 CH)</a>, which should be aware of by investors.</li>
<li>So, there is a long way to go for Porton to truly get into the first tier. It may not be a good buying point currently considering the high valuation.</li>
</ul>


Porton made a successful turnaround and the CGT business layout is also in the right direction. The US$217 million new order would improve the certainties of its 2022 performance.
The concerns on potential deterioration of international relations and the broken logic in CXO sector also apply to Porton Pharma Solutions (300363 CH), which should be aware of by investors.
So, there is a long way to go for Porton to truly get into the first tier. It may not be a good buying point currently considering the high valuation.


Porton Pharma Solutions (300363.CH) - Not Easy to Get into the First Tier

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Asymchem Laboratories Tianjin / Equity Capital Markets

<ul>
<li>Asymchem Laboratories (AL) aims to raise around US$1-1.5bn in its H-share listing in Hong Kong.</li>
<li>AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. </li>
<li>In this note, we will talk about the recent updates, undertake a peer comparison and look at the likely valuations.</li>
</ul>


Asymchem Laboratories (AL) aims to raise around US$1-1.5bn in its H-share listing in Hong Kong.
AL is a provider of outsourced pharmaceutical development and manufacturing solutions and services. 
In this note, we will talk about the recent updates, undertake a peer comparison and look at the likely valuations.


Asymchem Labs A/H Listing - PHIP Updates and a Look at Valuations

China

Zhejiang Jiuzhou Pharmaceutical Co., Ltd. develops, produces and sells active pharmaceutical ingredients and pharmaceutical intermediates. The Company's key products include central nervous system drugs, nonsteroidal anti-inflammatory drugs, anti-infective drugs and hypoglycemic drugs.

Zhejiang Jiuzhou Pharmaceutica (603456 CH)

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52-week Range	0.00 - 0.00
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Zhejiang Jiuzhou Pharmaceutica (603456 CH)

Asymchem Laboratories (6821.HK) Vs Pharmaron Beijing (3759.HK) - Deep Dive the Logic and the Outlook

The different business nature of CRO and CDMO leads to different investment logic/outlook for Pharmaron and Asymchem. So, the current performance...

Xinyao (Criss) Wang

SSE180 Index Rebalance: Small Impact but Not Widely Tracked

There are 18 changes for the SSE180 Index in June. The index is not widely tracked and there could be opportunities for long/short basket trades...

Brian Freitas

CX Daily: China’s Tightening of Online Insurance Sales Starts to Bite

In Depth: China’s tightening of online insurance sales starts to bite. Chinese regions offer rewards for tip-offs on trafficked women and children

Caixin Global

Porton Pharma Solutions (300363.CH) - Not Easy to Get into the First Tier

This insight analyzed Porton about its past development, how it successfully made turnarounds, the future outlook, and concerns on deterioration of...

Xinyao (Criss) Wang

Asymchem Labs A/H Listing - PHIP Updates and a Look at Valuations

Asymchem Laboratories (AL) aims to raise around US$1-1.5bn in its H-share listing in Hong Kong. In this note, we talk about recent updates, peer...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)