Smartkarma Daily Briefs

I tally 46 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals discussed this week on Smartkarma: Second Chance Properties (SCE SP)‘s VGO,Shinsung Tongsang (005390 KS)‘s Tender, Rex Minerals (RXM AU)‘s Scheme, and Canvest (1381 HK)‘s possible Offer.
Key updates took place on Altium Ltd (ALU AU), Pacific Smiles (PSQ AU), Asia Cement China (743 HK), Shanghai Henlius Biotech (2696 HK), and Kfc Holdings Japan (9873 JP).

MMG Limited (1208.HK) Rights Issue – 98.18% Taken Up

By Rikki Malik

While there may be still be some overhang once the rights shares start trading, this is a good entry point
Applications for 6.4 Billion excess rights shares received from 11 applications
Rights shares will start trading on Tuesday 16th of July

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Company Data and News
✓ Events & Webinars

Jul 14

Daily Brief South Korea: Sigong Tech, Sam Chun Dang Pharm and more

By Smartkarma Daily Briefs | Daily Briefs, South Korea

In today’s briefing:

I-Scream Media IPO Preview
Sam Chun Dang Pharm (000250 KS): Positive Momentum to Continue

I-Scream Media IPO Preview

By Douglas Kim

I-Scream Media is getting ready to complete its IPO on KOSDAQ exchange in August. The IPO price range is from 32,000 won to 40,200 won.
I-Scream Media is one of the the leading digital education platform companies in Korea. Its I-Scream S platform is used by more than 93% of elementary school classrooms in Korea.
Post IPO, Sigong Tech will have a 23.7% stake in I-Scream Media. Sigong Tech’s stake in I-Scream media (at high end of IPO value) is 157% of its market cap.

Sam Chun Dang Pharm (000250 KS): Positive Momentum to Continue

By Tina Banerjee

Sam Chun Dang Pharm (000250 KS) secured exclusive 10-year contract to supply Eylea biosimilar (SCD411) to nine European countries. The company will receive 55% of gross sales of the product.
Last month, the company placed 500K shares (~2% of issued capital) to Shinhan Investment Securities to raise KRW71.4B. Proceeds will be utilized to fund the company’s global clinical trial cost.
The company has started exporting generic glaucoma eye drop to the U.S. and expects to start exporting at least two more generic ophthalmic products in the U.S. this year.

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The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

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✓ Events & Webinars

Jul 14

Daily Brief United States: 10X Genomics, Gentex Corp, Blueprint Medicines, frontdoor Inc, Halozyme Therapeutics, Hilton Grand Vacations, Louisiana Pacific, Marathon Digital Holdings, Merit Medical Systems, nCino and more

By Smartkarma Daily Briefs | Daily Briefs, United States

In today’s briefing:

10x Genomics Inc.: Expansion into the Spatial Genomics Market & Other Major Drivers
Gentex Corporation: How They Are Capitalizing On The Diversification Opportunities & Expanding The Market! – Major Drivers
Blueprint Medicines: How Are They Executing Portfolio Diversification through Pipeline Development? – Major Drivers
frontdoor Inc.: Brand Revitalization & Marketing Strategy A Game Changer! – Major Drivers
Halozyme Therapeutics: Expansion of ENHANZE Platform Partnerships & Recent Strategic Collaborations Can Catapult Them Forward! – Major Drivers
Hilton Grand Vacations Inc.: Strategic Acquisitions & Synergy Realization Driving Our Optimism! – Major Drivers
Louisiana-Pacific Corporation: Will Their Efforts Towards Optimization of Production and Operational Efficiency Improve The Bottom-Line? – Major Drivers
Marathon Digital Holdings: Vertical Integration and Cost Efficiency As A Key Growth Catalyst? – Major Drivers
Merit Medical Systems Inc.: FDA Approval & Commercial Strategy for WRAPSODY & Other Major Drivers
nCino Inc.: Expansion into Consumer Lending Solutions Is A Key Growth Catalyst! – Major Drivers

10x Genomics Inc.: Expansion into the Spatial Genomics Market & Other Major Drivers

10x Genomics recently disclosed its financial results for the first quarter ended March 31, 2024, showcasing a revenue increase of 5% to $141 million.
The company’s earnings overview indicates a mixed performance with significant developments in its product offerings that could influence its future market positioning, financial health, and competitive edge.
Positively, 10x Genomics reported robust growth in its spatial biology segment, primarily fueled by its Visium franchise and the launch of Visium HD.

Gentex Corporation: How They Are Capitalizing On The Diversification Opportunities & Expanding The Market! – Major Drivers

Gentex Corporation reported its financial results for the first quarter of 2024, revealing a mixed outlook tempered by challenges in the global auto industry yet bolstered by strategic advancements and product development.
Net sales saw a 7% increase to $590.2 million compared to the same period last year, a performance that came notwithstanding a 3% drop in light vehicle production in the company’s primary markets.
This discrepancy highlights Gentex’s ability to outperform the broader market, largely attributable to increased take rates of advanced features like Full Display Mirrors and growth in the auto-dimming mirror sector.

Blueprint Medicines: How Are They Executing Portfolio Diversification through Pipeline Development? – Major Drivers

Blueprint Medicines Corporation recently discussed its first-quarter financial results for 2024, emphasizing the robust launch of AYVAKIT in indolent systemic mastocytosis (ISM).
While outlining its continuing growth and strategic initiatives, the company highlighted strengths across various fronts but also acknowledged ongoing challenges and strategic investments.
Blueprint Medicines reported notable revenue growth driven primarily by AYVAKIT, its product for treating ISM.

frontdoor Inc.: Brand Revitalization & Marketing Strategy A Game Changer! – Major Drivers

Frontdoor, Inc. has reported a promising first quarter of 2024, revealing solid financial performance and operational improvements despite external market challenges.
The company recorded a 3% increase in revenue reaching $378 million.
This growth was accompanied by a substantial increase in gross margin, which rose by 510 basis points to 51%, and a 33% rise in adjusted EBITDA, setting a new record for the first quarter at $71 million.

Halozyme Therapeutics: Expansion of ENHANZE Platform Partnerships & Recent Strategic Collaborations Can Catapult Them Forward! – Major Drivers

Halozyme reported a solid first quarter of 2024, marking a steady continuation of growth that aligns well with the company’s expectations and projected guidance for the remainder of the year.
Key drivers of optimism included consistent royalty revenue growth, anticipated milestone payments, and robust projections for earnings before interest, taxes, depreciation, and amortization (EBITDA).
With these foundational elements, Halozyme is poised for a promising financial trajectory, reinforced by ongoing business developments and strategic partnerships.

Hilton Grand Vacations Inc.: Strategic Acquisitions & Synergy Realization Driving Our Optimism! – Major Drivers

Hilton Grand Vacations reported results for the first quarter of 2024 with several positive financial and operational highlights that reflect strengths in its strategy and company growth, along with some remaining challenges related to customer behavior and macroeconomic conditions.
Starting with the positive elements, Hilton Grand Vacations exhibited robust adjusted EBITDA figures, although specific numbers were not provided, it was evident the company’s margins remained solid.
Notably, reported contract sales for the quarter stood at $631 million, attributed partly to the recent Bluegreen acquisition which concluded in January.

Louisiana-Pacific Corporation: Will Their Efforts Towards Optimization of Production and Operational Efficiency Improve The Bottom-Line? – Major Drivers

Louisiana-Pacific Corporation showcased a robust performance in the first quarter of 2024, notably driven by strong outcomes from both the Siding and OSB (Oriented Strand Board) segments.
The company recorded sales of $724 million, marking a 24% increase year-over-year, while adjusted EBITDA surged to $182 million, up $116 million from the first quarter of 2023.
The growth in the Siding segment was particularly notable, with a 9% increase in revenue driven by a compound effect of increased net selling prices and higher volumes.

Marathon Digital Holdings: Vertical Integration and Cost Efficiency As A Key Growth Catalyst? – Major Drivers

Marathon Digital Holdings recently reported their first quarter 2024 results, revealing a substantial transformation and strategic reorientation of their business model.
The company has shifted from primarily an asset-light bitcoin mining operation into a diversified global entity focusing on digital asset computations with a strong emphasis on sustainability and inclusivity.
A significant highlight of the quarter was Marathon’s acquisition and integration of fully owned bitcoin mining sites, a critical step towards gaining direct operational control and optimizing cost efficiencies.

Merit Medical Systems Inc.: FDA Approval & Commercial Strategy for WRAPSODY & Other Major Drivers

Merit Medical Systems experienced a robust first quarter in fiscal year 2024, exhibiting revenue growth of 8.7% year-over-year on a GAAP basis and 9.3% on a constant currency basis, resulting in total revenue of $323.5 million.
This performance exceeded the company’s initial projections, primarily driven by solid organic growth and contributions from acquired products.
Specifically, the Cardiovascular segment spearheaded this upward trend with a 9% increase, complemented by a 6% uptick in the Endoscopy segment.

nCino Inc.: Expansion into Consumer Lending Solutions Is A Key Growth Catalyst! – Major Drivers

nCino, an advanced cloud-based software for financial institutions, has reported its first quarter fiscal year 2025 financial results, showing a year-over-year increase in total revenues to $128.1 million, which signifies a 13% rise from the previous year.
Subscription revenues, forming 86% of total revenues, grew similarly by 13% to $110.4 million.
Growth across various sectors of the business, especially in the U.S. enterprise and community and regional markets, contributed to these improved financial metrics.

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Jul 14

Daily Brief India: Hyundai Motor India and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

Hyundai Motor India IPO: The Bull Case

Hyundai Motor India IPO: The Bull Case

Hyundai Motor India (1342Z IN), a subsidiary of Hyundai Motor (005385 KS), aims to raise up to US$3.0 billion at a valuation of US$17 billion.
HMIL is India’s second largest passenger vehicle manufacturer, as measured by domestic passenger vehicle sales. It serves as Hyundai’s production and export hub for emerging markets.
The bull case rests on a strong market position, premiumisation-led growth, top-quartile operating and FCF margin profile.

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Jul 14

Daily Brief Japan: Kokusai Electric , Timee Inc, TSE Tokyo Price Index TOPIX, Enjin and more

By Smartkarma Daily Briefs | Daily Briefs, Japan

In today’s briefing:

Last Week in Event SPACE: Toyota, Asia Cement, Hanwha Corp, Kokusai Electric, Keisei Electric
Weekly Deals Digest (14 Jul) – Timee, ASICS, Honda, Kokusai, Sanil, Canvest, Henlius, HKTV, Rex
Is It Difficult to Separate Business Relationships from Proxy Voting?
Enjin (7370 JP): Full-year FY05/24 flash update

Last Week in Event SPACE: Toyota, Asia Cement, Hanwha Corp, Kokusai Electric, Keisei Electric

The Toyota Group cross-holding ecosystem is in flux. They started with a small announcement by Aisin (7259 JP) but moves have come fast and furious.
Apparently minorities are grumbling to the SFC about the low-balled Offer for Asia Cement China (743 HK). And for good reason. The best course of action? Vote against the Scheme.
Hanwha Corporation (000880 KS) is trading at a steep NAV discount. And the controlling family is making a partial Offer to gain majority control.

Weekly Deals Digest (14 Jul) – Timee, ASICS, Honda, Kokusai, Sanil, Canvest, Henlius, HKTV, Rex

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: ASICS Corp (7936 JP), Honda Motor (7267 JP), Kokusai Electric (6525 JP) placements; Sanil Electric (062040 KS) and Timee Inc (215A JP) IPOs.
Event-Driven developments: Canvest Environmental Protection Group (1381 HK), Shanghai Henlius Biotech (2696 HK), Hong Kong Television Network (1137 HK), Rex Minerals (RXM AU), Second Chance Properties (SCE SP).

Is It Difficult to Separate Business Relationships from Proxy Voting?

By Aki Matsumoto

Competition little work because the portfolio company had advantage over competitors in business. This distorted competitive environment may have prevented the beneficiaries from receiving the benefits they should have received.
If the business was advanced by competitive advantage through the ownership of shares in the portfolio company, the beneficiaries may not have received the benefits that they should have received.
The question is whether the life insurers are exercising their voting rights properly for the benefit of the beneficiaries in the shares of client companies they hold.

Enjin (7370 JP): Full-year FY05/24 flash update

By Shared Research

FY05/24 revenue was JPY3.3bn, operating profit JPY1.0bn, recurring profit JPY1.1bn, and net income JPY749mn, all down YoY.
Enjin’s FY05/25 forecast: revenue JPY2.7bn, operating profit JPY548mn, recurring profit JPY548mn, and net income JPY380mn, all expected to decline YoY.
Enjin revised its medium-term business plan due to HR challenges and plans to release updated targets reflecting the current environment.

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Jul 14

Daily Brief China: Chenqi Technology Limited, Remegen , Tianqi Lithium and more

By Smartkarma Daily Briefs | China, Daily Briefs

In today’s briefing:

Ride-Hailing Operator Chenqi Drops on Hong Kong Debut
China Healthcare Weekly (July.14) – CXO’s Disputed Business Model, Remegen Shares Plunged, Kelun Bio
Tianqi Warns of $670 Million-Plus Loss Over Lithium Price Plunge

Ride-Hailing Operator Chenqi Drops on Hong Kong Debut

Chenqi Technology Ltd., operator of the ride-sharing platform OnTime, closed its first trading day in Hong Kong 3.14% below the offering price, after raising $124 million in its initial public offering.
Chenqi’s shares closed at HK$33.9 ($4.3) each, recovering from a 14% drop during its debut on the Hong Kong Stock Exchange. The company’s market cap stood at HK$6.92 billion.
Chenqi, also known as Ruqi Mobility, offered more than 30 million shares at HK$35 each in its IPO, raising a net HK$969 million.

China Healthcare Weekly (July.14) – CXO’s Disputed Business Model, Remegen Shares Plunged, Kelun Bio

By Xinyao (Criss) Wang

One “unique” feature of China’s CXOs is that they like investment more than drug R&D business, but the investment-driven model will result in “interest-to-conflict”, which actually “crosses the line”.
RemeGen’s shares plummet last week. In current situation of investors’ lack of confidence/trust in RemeGen, stock price may not have hit bottom yet, so no need to rush to bottom-fish.
For Kelun Bio, if SKB264 fails to deliver good data, valuation would face the risk of pullback. After the lock-up expiry, there could be opportunity to buy at lower price.

Tianqi Warns of $670 Million-Plus Loss Over Lithium Price Plunge

Chinese lithium giant Tianqi Lithium Corp. (002466.SZ -1.01%) is forecasting a net loss exceeding $670 million for the first half of the year as plummeting lithium prices hurt the bottom line of producers of this essential battery raw material.
Tianqi said Tuesday that it anticipates a significant net loss of between 4.9 billion yuan and 5.5 billion yuan ($674 million and $756 million) for the six-month period.
This includes a projected net loss of between 983 million yuan and 1.6 billion yuan for the second quarter, which is narrower than the 4 billion-yuan loss reported in the first quarte

💡 Before it’s here, it’s on Smartkarma

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Jul 14

Daily Brief Energy/Materials: MMG, Tianqi Lithium, Alamos Gold , Balchem Corp, Louisiana Pacific, Silgan Holdings and more

By Smartkarma Daily Briefs | Daily Briefs, Energy & Materials Sector

In today’s briefing:

MMG Limited (1208.HK) Rights Issue – 98.18% Taken Up
Tianqi Warns of $670 Million-Plus Loss Over Lithium Price Plunge
Alamos Gold Inc.: Expansion and Optimization of Magino Mill As A Key Growth Lever! – Major Drivers
Balchem Corporation: What Are The Challenges Faced In Animal Nutrition & Health? – Major Drivers
Louisiana-Pacific Corporation: Will Their Efforts Towards Optimization of Production and Operational Efficiency Improve The Bottom-Line? – Major Drivers
Silgan Holdings Inc.: Expansion in Global Dispensing Business & Their Biggest Competitive Advantages! – Major Drivers

MMG Limited (1208.HK) Rights Issue – 98.18% Taken Up

By Rikki Malik

While there may be still be some overhang once the rights shares start trading, this is a good entry point
Applications for 6.4 Billion excess rights shares received from 11 applications
Rights shares will start trading on Tuesday 16th of July

Tianqi Warns of $670 Million-Plus Loss Over Lithium Price Plunge

Chinese lithium giant Tianqi Lithium Corp. (002466.SZ -1.01%) is forecasting a net loss exceeding $670 million for the first half of the year as plummeting lithium prices hurt the bottom line of producers of this essential battery raw material.
Tianqi said Tuesday that it anticipates a significant net loss of between 4.9 billion yuan and 5.5 billion yuan ($674 million and $756 million) for the six-month period.
This includes a projected net loss of between 983 million yuan and 1.6 billion yuan for the second quarter, which is narrower than the 4 billion-yuan loss reported in the first quarte

Alamos Gold Inc.: Expansion and Optimization of Magino Mill As A Key Growth Lever! – Major Drivers

Alamos Gold Inc. reported a robust first quarter of 2024, showcasing a mixture of operational excellence and strategic acquisitions that positioned the company for significant growth and enhanced value creation.
The quarter was highlighted by a strong operational performance with a total production of 135,700 ounces of gold, surpassing the company’s quarterly guidance.
This was primarily driven by record production from the La Yaqui Grande mine.

Balchem Corporation: What Are The Challenges Faced In Animal Nutrition & Health? – Major Drivers

Balchem Corporation’s first quarter of 2024 displayed commendable performance with a blend of robust financial metrics and strategic corporate initiatives.
Revenues increased by 3.1% to $240 million, indicative of heightened product demand and expanded market reach.
This was accompanied by an impressive 11.4% growth in gross margin dollars, with a significant margin expansion to 34%.

Louisiana-Pacific Corporation: Will Their Efforts Towards Optimization of Production and Operational Efficiency Improve The Bottom-Line? – Major Drivers

Louisiana-Pacific Corporation showcased a robust performance in the first quarter of 2024, notably driven by strong outcomes from both the Siding and OSB (Oriented Strand Board) segments.
The company recorded sales of $724 million, marking a 24% increase year-over-year, while adjusted EBITDA surged to $182 million, up $116 million from the first quarter of 2023.
The growth in the Siding segment was particularly notable, with a 9% increase in revenue driven by a compound effect of increased net selling prices and higher volumes.

Silgan Holdings Inc.: Expansion in Global Dispensing Business & Their Biggest Competitive Advantages! – Major Drivers

Silgan Holdings reported their financial performance with results that lean into both the strengths and challenges faced by the company in its first quarter of 2024.
The report demonstrated a mixture of developments across its key business segments highlighting how market dynamics and operational efficiencies intersect.
Positively, Silgan reported strong operational execution and cost performance, which helped in achieving adjusted earnings per share at the high end of expected ranges.

💡 Before it’s here, it’s on Smartkarma

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✓ Events & Webinars

Jul 14

Daily Brief TMT/Internet: Kokusai Electric , Altium Ltd, Timee Inc, Chenqi Technology Limited, Endava PLC, Marathon Digital Holdings, nCino and more

By Smartkarma Daily Briefs | Daily Briefs, TMT/Internet

In today’s briefing:

Last Week in Event SPACE: Toyota, Asia Cement, Hanwha Corp, Kokusai Electric, Keisei Electric
(Mostly) Asia-Pac M&A: Second Chance Properties, Shinsung Tongsang, Rex Minerals, Canvest, Altium
Weekly Deals Digest (14 Jul) – Timee, ASICS, Honda, Kokusai, Sanil, Canvest, Henlius, HKTV, Rex
Ride-Hailing Operator Chenqi Drops on Hong Kong Debut
Endava plc: Focus on Core Modernization For Better AI Integration
Marathon Digital Holdings: Vertical Integration and Cost Efficiency As A Key Growth Catalyst? – Major Drivers
nCino Inc.: Expansion into Consumer Lending Solutions Is A Key Growth Catalyst! – Major Drivers

Last Week in Event SPACE: Toyota, Asia Cement, Hanwha Corp, Kokusai Electric, Keisei Electric

The Toyota Group cross-holding ecosystem is in flux. They started with a small announcement by Aisin (7259 JP) but moves have come fast and furious.
Apparently minorities are grumbling to the SFC about the low-balled Offer for Asia Cement China (743 HK). And for good reason. The best course of action? Vote against the Scheme.
Hanwha Corporation (000880 KS) is trading at a steep NAV discount. And the controlling family is making a partial Offer to gain majority control.

(Mostly) Asia-Pac M&A: Second Chance Properties, Shinsung Tongsang, Rex Minerals, Canvest, Altium

I tally 46 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
Four new deals discussed this week on Smartkarma: Second Chance Properties (SCE SP)‘s VGO,Shinsung Tongsang (005390 KS)‘s Tender, Rex Minerals (RXM AU)‘s Scheme, and Canvest (1381 HK)‘s possible Offer.
Key updates took place on Altium Ltd (ALU AU), Pacific Smiles (PSQ AU), Asia Cement China (743 HK), Shanghai Henlius Biotech (2696 HK), and Kfc Holdings Japan (9873 JP).

Weekly Deals Digest (14 Jul) – Timee, ASICS, Honda, Kokusai, Sanil, Canvest, Henlius, HKTV, Rex

A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
ECM developments: ASICS Corp (7936 JP), Honda Motor (7267 JP), Kokusai Electric (6525 JP) placements; Sanil Electric (062040 KS) and Timee Inc (215A JP) IPOs.
Event-Driven developments: Canvest Environmental Protection Group (1381 HK), Shanghai Henlius Biotech (2696 HK), Hong Kong Television Network (1137 HK), Rex Minerals (RXM AU), Second Chance Properties (SCE SP).

Ride-Hailing Operator Chenqi Drops on Hong Kong Debut

Chenqi Technology Ltd., operator of the ride-sharing platform OnTime, closed its first trading day in Hong Kong 3.14% below the offering price, after raising $124 million in its initial public offering.
Chenqi’s shares closed at HK$33.9 ($4.3) each, recovering from a 14% drop during its debut on the Hong Kong Stock Exchange. The company’s market cap stood at HK$6.92 billion.
Chenqi, also known as Ruqi Mobility, offered more than 30 million shares at HK$35 each in its IPO, raising a net HK$969 million.

Endava plc: Focus on Core Modernization For Better AI Integration

Endava’s recent fiscal performance and strategic initiatives highlight a dynamic period for the company as it navigates a challenging economic landscape marked by cautious client spending and macroeconomic uncertainties.
The third-quarter results for the fiscal year 2024 saw a revenue figure of GBP 174.4 million, which represents an 11.8% decrease in constant currency terms year-over-year from GBP 203.5 million.
This performance was within the expected guidance range but underscored the challenges faced by the technology services sector broadly.

Marathon Digital Holdings: Vertical Integration and Cost Efficiency As A Key Growth Catalyst? – Major Drivers

Marathon Digital Holdings recently reported their first quarter 2024 results, revealing a substantial transformation and strategic reorientation of their business model.
The company has shifted from primarily an asset-light bitcoin mining operation into a diversified global entity focusing on digital asset computations with a strong emphasis on sustainability and inclusivity.
A significant highlight of the quarter was Marathon’s acquisition and integration of fully owned bitcoin mining sites, a critical step towards gaining direct operational control and optimizing cost efficiencies.

nCino Inc.: Expansion into Consumer Lending Solutions Is A Key Growth Catalyst! – Major Drivers

nCino, an advanced cloud-based software for financial institutions, has reported its first quarter fiscal year 2025 financial results, showing a year-over-year increase in total revenues to $128.1 million, which signifies a 13% rise from the previous year.
Subscription revenues, forming 86% of total revenues, grew similarly by 13% to $110.4 million.
Growth across various sectors of the business, especially in the U.S. enterprise and community and regional markets, contributed to these improved financial metrics.

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Jul 14

Daily Brief Health Care: 10X Genomics, Remegen , Sam Chun Dang Pharm, Halozyme Therapeutics, Merit Medical Systems, Perrigo, QuidelOrtho , Blueprint Medicines, Enjin and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

10x Genomics Inc.: Expansion into the Spatial Genomics Market & Other Major Drivers
China Healthcare Weekly (July.14) – CXO’s Disputed Business Model, Remegen Shares Plunged, Kelun Bio
Sam Chun Dang Pharm (000250 KS): Positive Momentum to Continue
Halozyme Therapeutics: Expansion of ENHANZE Platform Partnerships & Recent Strategic Collaborations Can Catapult Them Forward! – Major Drivers
Merit Medical Systems Inc.: FDA Approval & Commercial Strategy for WRAPSODY & Other Major Drivers
Perrigo Company plc: A Dive Into Its Business Strategy & 5 Factors For Our ‘Buy’ Rating! – Financial Forecasts
QuidelOrtho Corporation: How Are They Carrying Out The Expansion in Global Markets? – Major Drivers
Blueprint Medicines: How Are They Executing Portfolio Diversification through Pipeline Development? – Major Drivers
Enjin (7370 JP): Full-year FY05/24 flash update

10x Genomics Inc.: Expansion into the Spatial Genomics Market & Other Major Drivers

10x Genomics recently disclosed its financial results for the first quarter ended March 31, 2024, showcasing a revenue increase of 5% to $141 million.
The company’s earnings overview indicates a mixed performance with significant developments in its product offerings that could influence its future market positioning, financial health, and competitive edge.
Positively, 10x Genomics reported robust growth in its spatial biology segment, primarily fueled by its Visium franchise and the launch of Visium HD.

China Healthcare Weekly (July.14) – CXO’s Disputed Business Model, Remegen Shares Plunged, Kelun Bio

By Xinyao (Criss) Wang

One “unique” feature of China’s CXOs is that they like investment more than drug R&D business, but the investment-driven model will result in “interest-to-conflict”, which actually “crosses the line”.
RemeGen’s shares plummet last week. In current situation of investors’ lack of confidence/trust in RemeGen, stock price may not have hit bottom yet, so no need to rush to bottom-fish.
For Kelun Bio, if SKB264 fails to deliver good data, valuation would face the risk of pullback. After the lock-up expiry, there could be opportunity to buy at lower price.

Sam Chun Dang Pharm (000250 KS): Positive Momentum to Continue

By Tina Banerjee

Sam Chun Dang Pharm (000250 KS) secured exclusive 10-year contract to supply Eylea biosimilar (SCD411) to nine European countries. The company will receive 55% of gross sales of the product.
Last month, the company placed 500K shares (~2% of issued capital) to Shinhan Investment Securities to raise KRW71.4B. Proceeds will be utilized to fund the company’s global clinical trial cost.
The company has started exporting generic glaucoma eye drop to the U.S. and expects to start exporting at least two more generic ophthalmic products in the U.S. this year.

Halozyme Therapeutics: Expansion of ENHANZE Platform Partnerships & Recent Strategic Collaborations Can Catapult Them Forward! – Major Drivers

Halozyme reported a solid first quarter of 2024, marking a steady continuation of growth that aligns well with the company’s expectations and projected guidance for the remainder of the year.
Key drivers of optimism included consistent royalty revenue growth, anticipated milestone payments, and robust projections for earnings before interest, taxes, depreciation, and amortization (EBITDA).
With these foundational elements, Halozyme is poised for a promising financial trajectory, reinforced by ongoing business developments and strategic partnerships.

Merit Medical Systems Inc.: FDA Approval & Commercial Strategy for WRAPSODY & Other Major Drivers

Merit Medical Systems experienced a robust first quarter in fiscal year 2024, exhibiting revenue growth of 8.7% year-over-year on a GAAP basis and 9.3% on a constant currency basis, resulting in total revenue of $323.5 million.
This performance exceeded the company’s initial projections, primarily driven by solid organic growth and contributions from acquired products.
Specifically, the Cardiovascular segment spearheaded this upward trend with a 9% increase, complemented by a 6% uptick in the Endoscopy segment.

Perrigo Company plc: A Dive Into Its Business Strategy & 5 Factors For Our ‘Buy’ Rating! – Financial Forecasts

Perrigo’s first quarter 2024 financial results reflect a business in recovery and transition, marked by strategic initiatives aimed at long-term growth despite immediate challenges.
The company reported a net sales decrease of 8%, primarily driven by its infant formula business and SKU prioritization actions.
Organic net sales declined by 7%, with infant formula alone accounting for a 4.3 percentage point drop.

QuidelOrtho Corporation: How Are They Carrying Out The Expansion in Global Markets? – Major Drivers

QuidelOrtho presented its First Quarter 2024 Financial Results, reflecting both strengths and challenges in its operations.
The company reported total revenue of $711 million, a decline from $846 million in the comparable prior year period, primarily due to reduced COVID-19 related revenues.
Despite this, excluded COVID-19 revenues showed a growth of 6% in constant currency across all regions, showcasing solid growth particularly in the EMEA and China regions.

Blueprint Medicines: How Are They Executing Portfolio Diversification through Pipeline Development? – Major Drivers

Blueprint Medicines Corporation recently discussed its first-quarter financial results for 2024, emphasizing the robust launch of AYVAKIT in indolent systemic mastocytosis (ISM).
While outlining its continuing growth and strategic initiatives, the company highlighted strengths across various fronts but also acknowledged ongoing challenges and strategic investments.
Blueprint Medicines reported notable revenue growth driven primarily by AYVAKIT, its product for treating ISM.

Enjin (7370 JP): Full-year FY05/24 flash update

By Shared Research

FY05/24 revenue was JPY3.3bn, operating profit JPY1.0bn, recurring profit JPY1.1bn, and net income JPY749mn, all down YoY.
Enjin’s FY05/25 forecast: revenue JPY2.7bn, operating profit JPY548mn, recurring profit JPY548mn, and net income JPY380mn, all expected to decline YoY.
Enjin revised its medium-term business plan due to HR challenges and plans to release updated targets reflecting the current environment.

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Jul 14

Daily Brief Consumer: Hyundai Motor India , Sigong Tech, Gentex Corp, TSE Tokyo Price Index TOPIX, Hilton Grand Vacations, frontdoor Inc, Nexstar Broadcasting Group, Inc and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

Hyundai Motor India IPO: The Bull Case
I-Scream Media IPO Preview
Gentex Corporation: How They Are Capitalizing On The Diversification Opportunities & Expanding The Market! – Major Drivers
Is It Difficult to Separate Business Relationships from Proxy Voting?
Hilton Grand Vacations Inc.: Strategic Acquisitions & Synergy Realization Driving Our Optimism! – Major Drivers
frontdoor Inc.: Brand Revitalization & Marketing Strategy A Game Changer! – Major Drivers
Nexstar Media Group Inc.: What Is Their Case Of Adaptation To Industry Changes & Consumer Behavior? – Major Drivers

Hyundai Motor India IPO: The Bull Case

Hyundai Motor India (1342Z IN), a subsidiary of Hyundai Motor (005385 KS), aims to raise up to US$3.0 billion at a valuation of US$17 billion.
HMIL is India’s second largest passenger vehicle manufacturer, as measured by domestic passenger vehicle sales. It serves as Hyundai’s production and export hub for emerging markets.
The bull case rests on a strong market position, premiumisation-led growth, top-quartile operating and FCF margin profile.

I-Scream Media IPO Preview

By Douglas Kim

I-Scream Media is getting ready to complete its IPO on KOSDAQ exchange in August. The IPO price range is from 32,000 won to 40,200 won.
I-Scream Media is one of the the leading digital education platform companies in Korea. Its I-Scream S platform is used by more than 93% of elementary school classrooms in Korea.
Post IPO, Sigong Tech will have a 23.7% stake in I-Scream Media. Sigong Tech’s stake in I-Scream media (at high end of IPO value) is 157% of its market cap.

Gentex Corporation: How They Are Capitalizing On The Diversification Opportunities & Expanding The Market! – Major Drivers

Gentex Corporation reported its financial results for the first quarter of 2024, revealing a mixed outlook tempered by challenges in the global auto industry yet bolstered by strategic advancements and product development.
Net sales saw a 7% increase to $590.2 million compared to the same period last year, a performance that came notwithstanding a 3% drop in light vehicle production in the company’s primary markets.
This discrepancy highlights Gentex’s ability to outperform the broader market, largely attributable to increased take rates of advanced features like Full Display Mirrors and growth in the auto-dimming mirror sector.

Is It Difficult to Separate Business Relationships from Proxy Voting?

By Aki Matsumoto

Competition little work because the portfolio company had advantage over competitors in business. This distorted competitive environment may have prevented the beneficiaries from receiving the benefits they should have received.
If the business was advanced by competitive advantage through the ownership of shares in the portfolio company, the beneficiaries may not have received the benefits that they should have received.
The question is whether the life insurers are exercising their voting rights properly for the benefit of the beneficiaries in the shares of client companies they hold.

Hilton Grand Vacations Inc.: Strategic Acquisitions & Synergy Realization Driving Our Optimism! – Major Drivers

Hilton Grand Vacations reported results for the first quarter of 2024 with several positive financial and operational highlights that reflect strengths in its strategy and company growth, along with some remaining challenges related to customer behavior and macroeconomic conditions.
Starting with the positive elements, Hilton Grand Vacations exhibited robust adjusted EBITDA figures, although specific numbers were not provided, it was evident the company’s margins remained solid.
Notably, reported contract sales for the quarter stood at $631 million, attributed partly to the recent Bluegreen acquisition which concluded in January.

frontdoor Inc.: Brand Revitalization & Marketing Strategy A Game Changer! – Major Drivers

Frontdoor, Inc. has reported a promising first quarter of 2024, revealing solid financial performance and operational improvements despite external market challenges.
The company recorded a 3% increase in revenue reaching $378 million.
This growth was accompanied by a substantial increase in gross margin, which rose by 510 basis points to 51%, and a 33% rise in adjusted EBITDA, setting a new record for the first quarter at $71 million.

Nexstar Media Group Inc.: What Is Their Case Of Adaptation To Industry Changes & Consumer Behavior? – Major Drivers