Category

Healthcare

Dec 26
0

Daily Brief Health Care: Software Service and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Software Service (3733 JP): High Order Book Indicates Continued Stellar Performance

Software Service (3733 JP): High Order Book Indicates Continued Stellar Performance

By Tina Banerjee

  • Software Service (3733 JP) reported in-line FY22 results, with revenue growing 9% to ¥27.6B, driven by 7–8% y/y growth in hardware and software businesses, which contributed ~70% of revenue.
  • The company ended FY22 with an order backlog of ¥8.7B, up 22% y/y, driven by a 26% y/y growth in hardware orders. In November, the company secured order worth ¥2.6B.
  • For FY23, Software Service has guided for revenue of ¥30.4 billion (+10% y/y), operating profit of ¥5.4 billion (+12% y/y), and ordinary profit of ¥5.5 billion (12% y/y).

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Dec 25
0

Daily Brief Health Care: Cardinal Health, Veeva Systems Inc Class A and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Cardinal Health Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
  • Cardinal Health Inc.: Initiation of Coverage – Positioning In An Oligopolistic Market & Key Drivers
  • Veeva Systems Inc.: Initiation of Coverage – Product Offerings & Key Drivers

Cardinal Health Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • Cardinal Health is one of the largest wholesalers within the healthcare domain in the U.S.
  • The company’s recent financial performance has been fairly decent, largely driven by its Pharma segment growth despite managing industry-wide inflationary headwinds.
  • Upstream and Specialty, the company’s third-party logistics business, has been continuing its strong growth new launches.

Cardinal Health Inc.: Initiation of Coverage – Positioning In An Oligopolistic Market & Key Drivers

By Baptista Research

  • This is our first report on Cardinal Health, one of the largest wholesalers within the healthcare domain in the U.S.
  • The company delivered a mixed result in the last quarter surpassing revenue expectations of Wall Street but missing out on earnings.
  • Cardinal delivered higher than its expectations in its Pharma segment despite managing industry-wide inflationary headwinds.

Veeva Systems Inc.: Initiation of Coverage – Product Offerings & Key Drivers

By Baptista Research

  • This is our first report on Veeva Systems, one of the well-known providers of cloud-based software solutions for the global life sciences industry.
  • The fact remains that bulk of the revenue of Veeva is on the application of Veeva Vault.
  • We initiate coverage on the stock of Veeva Systems with a ‘Hold’ rating.

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Dec 23
0

Daily Brief Health Care: Indegene Limited, Vertex Pharmaceuticals and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Indegene Pre-IPO Tearsheet
  • Vertex Pharmaceuticals (VRTX US): A High-Quality Deep Pocket Biotech Must-Have for Every Investor

Indegene Pre-IPO Tearsheet

By Clarence Chu

  • Indegene Limited (1864095D IN) is looking to raise around US$400m in its upcoming India IPO. The bookrunners on the deal are Citigroup, JP Morgan, Kotak, and Nomura.
  • Indegene is a digital commercialisation firm focused exclusively on the global life sciences industry.
  • Its solutions enable biopharmaceutical, emerging biotech and medical devices companies to develop, launch and drive sales for their products in a more efficient manner.

Vertex Pharmaceuticals (VRTX US): A High-Quality Deep Pocket Biotech Must-Have for Every Investor

By Tina Banerjee

  • Vertex Pharmaceuticals (VRTX US), the global leader in cystic fibrosis treatment, has a broad and deep clinical pipeline across multiple modalities. Each of its clinical programs represents a multibillion-dollar opportunity.  
  • MRNA drug candidate for treating the remaining 5,000 CF patients who cannot benefit from existing therapies, is set to enter clinic. Drug candidate for acute pain is in late-stage trial.
  • Regulatory submission for exa-cel for sickle cell disease and transfusion-dependent beta thalassemia in U.S., EU and UK are expected to be completed by 1Q23.

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Dec 22
0

Daily Brief Health Care: Bionote and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Bionote IPO Trading – Weakest Demand Even After Cutting Price and Size

Bionote IPO Trading – Weakest Demand Even After Cutting Price and Size

By Clarence Chu

  • Bionote (377740 KS) raised US$72.2m in its Korean IPO. The IPO had consisted of both a primary and secondary selldown.
  • Bionote is an integrated producer of diagnostics test products and biocontent products. 
  • In this note, we will talk about the demand for the deal and other trading dynamics.

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Dec 21
0

Daily Brief Health Care: ClouDr Group, Hanmi Science and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • ClouDr Group (9955.HK) – Positive Profit Alert for 2022, Thoughts on Business Model and the Concerns
  • Korea Biotech & Healthcare: A Pair Trade Between Hanmi Science and Hanmi Pharm

ClouDr Group (9955.HK) – Positive Profit Alert for 2022, Thoughts on Business Model and the Concerns

By Xinyao (Criss) Wang

  • ClouDr released positive profit alert for 2022. We think ClouDr is in a virtuous circle based on its solid business model. It’s a matter of time before ClouDr achieves breakeven. 
  • As the number of hospitals/pharmacies newly deploying SaaS modules increases, and the existing B-end users continue to receive new patients,ClouDr is able to absorb new C-end users at low cost.
  • When more powerful competitors come in and carve up B-end market, ClouDr’s long-term prospects may be uncertain, but its valuation shouldn’t be much lower than Ping An Good Doctor. 

Korea Biotech & Healthcare: A Pair Trade Between Hanmi Science and Hanmi Pharm

By Douglas Kim

  • In this insight, we discuss a pair trade between Hanmi Science (long) and Hanmi Pharm (short). There are three major reasons we like this pair trade.
  • First, the gap between these two stocks have widened too much in the past year. Second, Hanmi Science may pay higher cash dividends due to inheritance tax issue. 
  • Third, Hanmi Pharm’s valuations remain lofty and Hanmi Science’s valuation discount relative to its historical valuation has become more compelling. 

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Dec 20
0

Daily Brief Health Care: Beauty Farm Medical and Health Industry, Shandong Boan Biotechnology and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Beauty Farm Medical and Health Industry (BFM HK) IPO: Pandemic Blemishes Near-Term Growth Prospect
  • Pre-IPO Shandong Boan Biotechnology – Conservative About the Outlook

Beauty Farm Medical and Health Industry (BFM HK) IPO: Pandemic Blemishes Near-Term Growth Prospect

By Tina Banerjee

  • Beauty Farm Medical and Health Industry (BFM HK) is the largest provider of traditional beauty services and the fourth largest non-surgical aesthetic medical service provider in China.
  • The company seeks to raise $300 million from an IPO in Hong Kong market. Morgan Stanley, Haitong International, and Huatai International are the joint sponsors for the proposed IPO.
  • COVID-19 has hurt recent financial performance of the company and forced it to shut many of the stores in multiple locations. Further, stretched valuation make the IPO unappealing to investors.

Pre-IPO Shandong Boan Biotechnology – Conservative About the Outlook

By Xinyao (Criss) Wang

  • Without the advantages in product efficacy, production capacity, clinical progress and speed of approval, Boan’s products have lost their pricing power in both China and overseas markets.
  • Due to the lack of differentiation and frontier enough target layout, the product commercialization potential is bound to be more easily questioned, with limited value in the long term.
  • Even if Boan could go public successfully, investors may not be able to achieve the expected returns because of the unfriendly market sentiment and a lack of liquidity in HKEX. 

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Dec 19
0

Daily Brief Health Care: Acotec Scientific Holdings and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Weekly Deals Digest (18 Dec) – Acotec, Yashili, Toshiba, Toyo, Genesis, Norwest, O2Micro, VinFast

Weekly Deals Digest (18 Dec) – Acotec, Yashili, Toshiba, Toyo, Genesis, Norwest, O2Micro, VinFast

By Arun George

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Dec 18
0

Daily Brief Health Care: Celltrion Inc, Astrazeneca Plc Spons Adr, Illumina Inc and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Celltrion Siblings Announced Dividends: Trading Based on Past Patterns
  • AstraZeneca ADR: Initiation of Coverage – Recent Approvals & Other Drivers
  • Illumina Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
  • Illumina Inc.: Initiation of Coverage – New Launches & Other Drivers

Celltrion Siblings Announced Dividends: Trading Based on Past Patterns

By Sanghyun Park

  • The three Celltrion companies are showing the same pattern of boosting share prices towards the yearend T-1 ex-date. This isn’t unique to Celltrion, but the intensity is high for them.
  • Celltrion’s yearend dividend effect has an inverse correlation with the market’s overall performance. Fortunately, this year’s market-wide performance was the worst in the past five years.
  • For this year, the dividend yield isn’t bad either, swing on Dec 17 to T-1 ex-date or day trade on T-1 ex-date should provide juicy returns based on past patterns.

AstraZeneca ADR: Initiation of Coverage – Recent Approvals & Other Drivers

By Baptista Research

  • This is our first report on global pharma major, AstraZeneca.
  • The company delivered an outstanding set of results, with revenues of nearly $11 billion surpassing Wall Street expectations.
  • Overall, AstraZeneca is well-positioned to gain significant revenue in the coming quarters.

Illumina Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report

By Baptista Research

  • Illumina is a major provider of sequencing and array-based solutions for genetic and genomic analysis.
  • Driven by genetic disease testing and oncology testing, there has been a constant increase in clinical sequencing consumable shipments for the company.
  • The company has recently announced an innovative research test for identifying AMR (Antimicrobial Resistance) and genitourinary pathogen infection.

Illumina Inc.: Initiation of Coverage – New Launches & Other Drivers

By Baptista Research

  • This is our first report on Illumina, a well-known provider of sequencing and array-based solutions for genetic and genomic analysis.
  • In the quarter, Illumina saw fantastic customer response to the recently launched NovaSeq X Series.
  • Driven by genetic disease testing and oncology testing, there was an increase in clinical sequencing consumable shipments.

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Dec 17
0

Daily Brief Health Care: Celltrion Inc and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Celltrion Group Companies – Sharp Increase in Dividends

Celltrion Group Companies – Sharp Increase in Dividends

By Douglas Kim

  • Celltrion Inc, Celltrion Healthcare, and Celltrion Pharm all announced much higher dividend payments for this year as compared to last year. 
  • Based on the new dividend payments, the dividend yields are as follows: (Celltrion Inc – 4.2%, Celltrion Healthcare – 4.2%, and Celltrion Pharm – 5%). 
  • Merger of three companies is likely to have long-term positive impact on the their share prices. Although exact timing is uncertain, 2023 could be the year of this merger. 

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Dec 16
0

Daily Brief Health Care: Zydus Lifesciences Ltd and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • Zydus Lifesciences (ZYDUSLIF IN): New Launches Aid US Business; India Business Continued to Progress

Zydus Lifesciences (ZYDUSLIF IN): New Launches Aid US Business; India Business Continued to Progress

By Tina Banerjee

  • In Q2FY23, Zydus Lifesciences Ltd (ZYDUSLIF IN) recorded 16% y/y and 10% q/q growth in the U.S. formulation business, mainly driven by new launches including gRevlimid.
  • India formulation business continued to progress well, with market share gain in key therapies including cardiovascular, gynecology, respiratory, and gastro intestinal on a y/y basis.
  • Zydus remains confident to achieve 20% plus EBITDA margin for the current fiscal, backed by growth visibility across key businesses, coupled with various cost optimization initiatives.

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