Daily Briefs

SharkNinja’s third quarter of 2024 financial performance highlighted several strengths and strategic initiatives that point to its robust market position and growth trajectory, balanced by some areas of concern that underline potential risks.
Displaying a strong performance in adjusted net sales and adjusted EBITDA growth, SharkNinja reported substantial year-over-year increases, demonstrating resilience and strategic agility in a fluctuating economic environment.
The global teams’ efforts mirrored in a 35% rise in adjusted net sales and 26% growth in adjusted EBITDA, showcasing strong operational execution and market responsiveness.

Ride the Trend Higher; Significant End-Of-Year Rally Underway; Four Sector Upgrades, One Downgrade

By Joe Jasper

Our outlook remains bullish following the S&P 500’s multi-month base breakout above 5670, alongside constructive market dynamics which have significantly improved over the past week.
Last week’s 11/5/24 report titled “Buy the Pullback” discussed how we were buyers, expecting a strong end-of-year rally to start that day or the following day (day after the election)
The strong rally officially started on election day, and all that is left to do is ride the trend higher into year-end and the early part of 2025

Vontier Corporation: An Analysis Of Its Market Expansion & Strategic Contracts & Other Major Drivers

Vontier Corporation delivered a strong performance in the third quarter of 2024, with notable achievements in sales growth and operational improvements.
The company reported a 3% increase in core sales, exceeding the high end of their guidance range, indicative of robust momentum across their convenience retail and fueling end markets.
This success was bolstered by the increased adoption of their market-leading technologies, particularly in the Environmental & Fueling and Mobility Technologies segments.

The Wendy’s Company: Menu Innovation & Diversification As A Critical Growth Lever! – Major Drivers

The Wendy’s Company recently held its fiscal 2024 third quarter earnings call, which provided in-depth insights into the company’s performance and strategic initiatives.
The CEO, Kirk Tanner, and CFO, Gunther Plosch, discussed various aspects of the business operations, highlighting key areas of growth as well as challenges faced during the quarter.
During the third quarter, The Wendy’s Company reported a global system-wide sales growth of 1.8%, with a modest 0.2% growth in same-restaurant sales.

United States Steel Corporation: Its Merger with Nippon Steel & 4 Key Factors Impacting Its Performance In 2025 & Beyond! – Financial Forecasts

United States Steel Corporation (U.S. Steel) has reported its financial results for the fourth quarter and full year of 2023, showcasing another period of robust financial performance despite the challenging global economic environment.
The company ended the year with net earnings of $895 million, or $3.56 per diluted share, and adjusted net earnings for the fourth quarter were $167 million, or $0.67 per diluted share.
These results were bolstered by better performance across both the Mini Mill and Tubular segments, and favorable year-end inventory adjustments in the North American Flat-Rolled segment.

Peloton Interactive Inc.: Can Its Strategic Marketing & Customer Acquisition Up Their Game? – Major Drivers

Peloton’s earnings for the first quarter of fiscal 2025 demonstrate a balanced perspective of challenges and opportunities as the company maneuvers through a critical phase marked by leadership transitions and strategic realignment.
The announcement that Peter Stern will assume the role of CEO and President starting January 1, 2025, heralds a potentially transformative phase for Peloton.
Peter Stern brings substantial experience from previous roles at major corporations, likely setting a strong foundation for leadership and strategic direction.

Eastman Chemical Company: Will The Expansion & Flexibility in Production Capabilities Be A Critical Growth Accelerator? – Major Drivers

Eastman’s latest discussion primarily centered on navigating the prevalent market challenges and exploiting growth through innovation and strategic initiatives.
As the world continues to reel under economic pressures, including high inflation and interest rates, Eastman envisions a recovery trajectory reinforced by strategic product developments and market expansions.
Eastman indicates a mixed financial environment with several moving parts.

Gentex Corporation: Expansion into Global Automotive Markets As A Critical Growth Lever! – Major Drivers

Gentex Corporation reported an increase in net sales to $608.5 million for the third quarter of 2024, up from $575.8 million in the same period last year.
Despite a 5% decline in global light vehicle production, Gentex outperformed its primary markets by 12%.
The company experienced a gross margin of 33.5%, slightly up from 33.2% in the third quarter of the previous year, due to higher revenue levels and purchasing cost reductions, albeit slightly offset by unfavorable product mixes.

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Nov 14

Daily Brief India: NTPC Green Energy Ltd, Zomato, Blackbuck, Niva Bupa Health Insurance, Go Digit General Insurance and more

By Smartkarma Daily Briefs | Daily Briefs, India

In today’s briefing:

NTPC Green Energy IPO: Offer Details & Index Inclusion Timeline
INDIA: Index Changes Due to the 45 New Additions to the F&O Segment
Zinka Logistics Pre-IPO – Continued Financial Underperformance in a Highly Fragmented Market
Niva Bupa Health Insurance IPO Trading – Demand Lagged Recent Listings
Go Digit IPO Lockup – Promoters and Investors Could Look to Sell in the US$2.1bn Release

NTPC Green Energy IPO: Offer Details & Index Inclusion Timeline

NTPC Green Energy Ltd (2214556D IN) is looking to raise INR 100bn (US$1.19bn) in its IPO. That will value the company at INR 910bn (US$10.8bn) at the top end.
The anchor allocations will be completed early next week, and the stock is expected to start trading on 27 November.
The stock will not get Fast Entry to global indices with the earliest inclusion scheduled for June 2025. So, limited passive buying in the medium-term.

INDIA: Index Changes Due to the 45 New Additions to the F&O Segment

The National Stock Exchange (NSEIN IN) has announced a list of 45 stocks that will be added to the Futures & Options (F&O) segment of the market from 29 November.
There will be changes to the NIFTY Index, NSE Nifty Next 50 Index, S&P BSE SENSEX Index and the CNXIT Index over the next couple of rebalances.
There are some interesting situations out there, including a change to the universe for the NSE Nifty Next 50 Index (NIFTYJR INDEX) that could lead to more changes.

Zinka Logistics Pre-IPO – Continued Financial Underperformance in a Highly Fragmented Market

By Akshat Shah

Blackbuck (1355652D IN) is looking to raise around US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
In this note, we talk about the company’s historical performance.

Niva Bupa Health Insurance IPO Trading – Demand Lagged Recent Listings

By Clarence Chu

Niva Bupa Health Insurance (1226871D IN) raised around US$260m in its India IPO.
Niva Bupa Health Insurance (Niva Bupa) is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.

Go Digit IPO Lockup – Promoters and Investors Could Look to Sell in the US$2.1bn Release

Go Digit General Insurance raised US$315m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.
Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
In this note, we will talk about the lockup dynamics and possible placement.

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Nov 14

Most Read: Seven & I Holdings, Fast Retailing, Kansai Electric Power, Samsung Electronics, Hanwha Systems Co Ltd, S.F. Holding, SGX Rubber Future TSR20 and more

By Smartkarma Daily Briefs | Daily Briefs, Most Read

In today’s briefing:

Seven & I Holdings (3382 JP): The Rumoured MBO Price Underscores the Trapped Value
Nikkei 225 Index Rebalance Preview (Mar 2025): Ranking, Capping, Funding & Other Changes
Kansai Electric (9503 JP) – HUGE Equity Offering To Stuff Retail
Kansai Electric Placement – A US$3.5bn Raising Which Doesn’t Appear Well Flagged
KEPCO (9503 JP): Index Implications of US$3.5bn Primary + Secondary Offering
Situation Flagged: Sammy Stock Hits Level that Squeezes Family’s Loan Collateral Floor
KOSPI Size Indices: Global Index Selling Leads to Potential Downward Migration
SF Holdings A/H Listing – Thoughts on A/H Premium and past A/H Listings
Weather Favorable For Rubber In Thailand But Can Trouble Indonesia, Vietnam
Kansai Electric Power (9503 JP): A US$3.5 Billion Primary/Secondary Offering

Seven & I Holdings (3382 JP): The Rumoured MBO Price Underscores the Trapped Value

By Arun George

In response to media reports, Seven & I Holdings (3382 JP) confirmed receiving a non-binding proposal from Junro Ito (founder’s son) and Ito-Kogyo. No terms were disclosed.
Bloomberg suggests an MBO deal worth up to JPY9 trillion (US$58 billion), which implies an offer of JPY3,467.89, a 39.3% premium to the last close price.
The “white knight” MBO undermines Alimentation Couche-Tard (ATD CN)’s offer and is a proxy for the restructuring plan’s value. Couche-Tard will likely walk if a binding MBO proposal emerges.

Nikkei 225 Index Rebalance Preview (Mar 2025): Ranking, Capping, Funding & Other Changes

The review period for the Nikkei 225 Index March rebalance ends in January. There could be one outright change and one or two others driven by sector balance.
Depending on the changes, passive trackers will need to buy between 8.2-20.5x ADV (8.75%-24.5% of real float) and sell between 9-38x ADV on the deletions.
Fast Retailing‘s PAF could see a double reduction to keep the stock weight capped at 10%. There will be huge passive selling leading to funding inflows for other index constituents.

Kansai Electric (9503 JP) – HUGE Equity Offering To Stuff Retail

By Travis Lundy

The past few years, large equity offerings have either been IPOs or secondary offerings (without dilution). Today we get a big dilutive secondary offering from Kansai Electric Power (9503 JP).
This is ~223mm shares or roughly ¥530bn against a current market cap of ¥2.1+trln. A 25% increase in share count. It is quite dilutive, but the stock is not rich.
Because dilutive, not overly-well-flagged, and mostly retail, this could get hammered. The div is not high enough to make it attractive, so one has to appreciate high earnings yield.

Kansai Electric Placement – A US$3.5bn Raising Which Doesn’t Appear Well Flagged

Kansai Electric Power (9503 JP) plans to raise up to US$3.5bn (including over-allocation) to partly fund its investment plans.
This will be a large deal for the stock to digest and doesn’t appear to have been particularly well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.

KEPCO (9503 JP): Index Implications of US$3.5bn Primary + Secondary Offering

Kansai Electric Power (9503 JP) is looking to raise up to US$3.5bn via a primary offering and a sale of Treasury shares. Pricing date is between 26-29 November.
Kansai Electric Power (9503 JP) is among the better performing stocks from the Electric Utilities industry and trades at higher valuations compared to its peers.
There will be a fair bit of passive buying with around 29% of the offering being bought at the time of settlement of the shares.

Situation Flagged: Sammy Stock Hits Level that Squeezes Family’s Loan Collateral Floor

By Sanghyun Park

Most loans with collateral floors are at or below thresholds, and all three court deposits are near or under a 30% drop from their initial valuation.
No solid intel on share sales yet, and it’s unlikely they’ll sell Samsung Electronics after a 30% dip. They may focus on their stakes in Samsung Life or Samsung SDS.
There’s talk Samsung might boost prices to help the family avoid the collateral floor issue, but with DRAM demand down, a major shareholder return seems unlikely for now.

KOSPI Size Indices: Global Index Selling Leads to Potential Downward Migration

The review period for the March rebalance of the KOSPI Size Indices commences on 1 December and will end on 28 February.
We see 5 migrations from MidCap to LargeCap, 1 new addition to LargeCap, 8 stocks moving from SmallCap to MidCap and 1 new addition to MidCap.
The migrations from MidCap to LargeCap have outperformed the other migration categories. Four potential LargeCap to MidCap migrations will be deleted from a global index later this month.

SF Holdings A/H Listing – Thoughts on A/H Premium and past A/H Listings

S.F. Holding (002352 CH) (SFH), China’s largest express delivery company, is now said to be looking to raise around US$1-1.5bn in its H-share listing in Hong Kong.
SFH is the largest integrated express logistics service provider in China and the fourth largest in the world. It has been listed on the Shenzhen Stock Exchange since 2017.
We have covered the company and deal background in our previous notes. In this note, we talk about the past A/H listing and possible premium.

Weather Favorable For Rubber In Thailand But Can Trouble Indonesia, Vietnam

By Vinod Nedumudy

Thailand likely to receive less rains in the coming one-month period
Indonesia, Vietnam, Cambodia likely to have above normal rains
WMO predicts 60% chances of La Nina developing

Kansai Electric Power (9503 JP): A US$3.5 Billion Primary/Secondary Offering

By Arun George

Kansai Electric Power (9503 JP) has announced primary and secondary offerings of up to 223.1 million shares (including overallotment) and a third-party allotment of 29.1 million shares.
JPY239.9 billion of proceeds will be used to improve energy efficiency and decarbonisation, while other funds will be used for data centres, renewable energy and overseas investments.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 26 and 29 November (likely 26 November).

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Nov 14

Daily Brief Industrials: Hyundai Engineering & Construction, SharkNinja , Azoom, COPRO-HOLDINGS Co Ltd, Fastenal Co, Hydrofarm Holdings Group Inc, CBAK Energy Technology , Ichiken Co Ltd, Punch Industry, Rix Corp and more

By Smartkarma Daily Briefs | Daily Briefs, Industrials

In today’s briefing:

Trump Trade: Korean Construction Vs Military Stocks Amid Potential End of War in Ukraine?
SharkNinja Inc.: Its Efforts Towards Product Innovation & Diversification & Major Drivers
Azoom (3496 JP): Full-year FY09/24 flash update
COPRO-HOLDINGS Co Ltd (7059 JP): 1H FY03/25 flash update
Fastenal: A Nuts & Bolts Success Story – [Business Breakdowns, EP.191]
Hydrofarm Holdings Group, Inc – Strong Cost Controls Preserve Positive Adjusted EBITDA…
CBAT: Navigating choppy waters in the battery market. Adjusting our model and target to reflect these challenges.
Ichiken Co Ltd (1847 JP): 1H FY03/25 flash update
Punch Industry (6165 JP): 1H FY03/25 flash update
Rix Corp (7525 JP): 1H FY03/25 flash update

Trump Trade: Korean Construction Vs Military Stocks Amid Potential End of War in Ukraine?

By Douglas Kim

Although it is UNCERTAIN when the wars in Ukraine and the Middle East will end, if these wars indeed come to an end, this could POSITIVELY IMPACT Korean construction sector.
The end of the wars in Ukraine and the Middle East is likely to NEGATIVELY IMPACT the Korean military/defense sector.
The major Korean construction companies have low valuation multiples. On the other hand, the major Korean military/defense companies have high valuation multiples.

SharkNinja Inc.: Its Efforts Towards Product Innovation & Diversification & Major Drivers

SharkNinja’s third quarter of 2024 financial performance highlighted several strengths and strategic initiatives that point to its robust market position and growth trajectory, balanced by some areas of concern that underline potential risks.
Displaying a strong performance in adjusted net sales and adjusted EBITDA growth, SharkNinja reported substantial year-over-year increases, demonstrating resilience and strategic agility in a fluctuating economic environment.
The global teams’ efforts mirrored in a 35% rise in adjusted net sales and 26% growth in adjusted EBITDA, showcasing strong operational execution and market responsiveness.

Azoom (3496 JP): Full-year FY09/24 flash update

Sales increased by 27.4% YoY, with the Idle Asset Utilization segment driving growth, achieving JPY10.0bn in sales.
The company forecasts FY09/25 sales of JPY12.5bn, operating profit of JPY2.5bn, and net income of JPY1.6bn.
Visualization segment reported full-year sales of JPY214mn, focusing on technical skill improvement and expanding the sales team.

COPRO-HOLDINGS Co Ltd (7059 JP): 1H FY03/25 flash update

Revenue increased to JPY14.2bn (+27.7% YoY), with operating profit at JPY1.2bn (+67.9% YoY) and recurring profit at JPY1.3bn (+55.1% YoY).
Net income attributable to owners of the parent reached JPY798mn, marking a 56.4% year-over-year increase.
Technician numbers grew by 967 (+27.5% YoY) to 4,482, driven by enhanced in-house recruitment capabilities.

Fastenal: A Nuts & Bolts Success Story – [Business Breakdowns, EP.191]

By Business Breakdowns

Fastenal started as a small retailer in Minnesota and has evolved into a mission critical supply chain partner for industrial customers
The company today has nearly USD8 billion in sales and a market capitalization of nearly USD50 billion
The company’s founder Bob Kierlin has played a significant role in the company’s success

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Hydrofarm Holdings Group, Inc – Strong Cost Controls Preserve Positive Adjusted EBITDA…

By Water Tower Research

Hydrofarm is a non-plant touching, NASDAQ-listed leading manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture (CEA).
The company’s products consist primarily of consumable products, such as nutrients and grow media, and durable products, such as grow lights, climate control solutions, rolling racks/benches, and various other equipment and supplies.
Hydrofarm reported 3Q24 results, with revenue of $44.0 million, lower than our estimate of $46.5 million.

CBAT: Navigating choppy waters in the battery market. Adjusting our model and target to reflect these challenges.

CBAK Energy Technology’s core battery business continues to perform admirably in the face of a broader industry downturn.
There are several positive catalysts on the horizon for CBAK which are partially offset by the current industry challenges and the continued weakness of the HiTrans raw material business.
Both of the company’s battery facilities are now operating profitably and the company is poised to materially increase capacity in 2025.

Ichiken Co Ltd (1847 JP): 1H FY03/25 flash update

Ichiken’s FY03/25 forecast: Revenue JPY98.0bn, operating profit JPY4.8bn, recurring profit JPY4.7bn, net income JPY3.2bn.
Medium-term targets FY2023-FY2025: Revenue JPY93bn, OPM 5.0%, ROE 8.0%, dividend payout ratio 30%, total investment JPY10bn.
Long-term targets FY2030: Revenue JPY100bn, OPM 5.0%, ROE 8.0%, equity ratio 50%, total investment JPY30bn.

Punch Industry (6165 JP): 1H FY03/25 flash update

Revenue increased to JPY20.0bn (+4.5% YoY), with growth in China (+15.8% YoY) and declines in Japan and Southeast Asia.
Operating profit rose to JPY692mn (+32.8% YoY), while recurring profit decreased to JPY606mn (-25.0% YoY).
Full-year revenue forecast revised to JPY40.8bn, with downward revisions for operating, recurring profit, and net income projections.

Rix Corp (7525 JP): 1H FY03/25 flash update

In 1H FY03/25, revenue increased 9.9% YoY to JPY26.0bn, while operating profit decreased 3.5% YoY.
FY03/25 earnings forecast: revenue JPY52.0bn (+4.5% YoY), operating profit JPY3.5bn (-2.7% YoY), dividend JPY120.0/share.
Segment profits declined in Machine Tools, Rubber & Tire, and Electronics & Semiconductor; increased in Steel, Automotive, Environment.

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Nov 14

Daily Brief Utilities: Kansai Electric Power, NTPC Green Energy Ltd and more

By Smartkarma Daily Briefs | Daily Briefs, Utilities Sector

In today’s briefing:

Kansai Electric Placement – A US$3.5bn Raising Which Doesn’t Appear Well Flagged
Kansai Electric (9503 JP) – HUGE Equity Offering To Stuff Retail
KEPCO (9503 JP): Index Implications of US$3.5bn Primary + Secondary Offering
Kansai Electric Power (9503 JP): A US$3.5 Billion Primary/Secondary Offering
NTPC Green Energy IPO: Offer Details & Index Inclusion Timeline

Kansai Electric Placement – A US$3.5bn Raising Which Doesn’t Appear Well Flagged

Kansai Electric Power (9503 JP) plans to raise up to US$3.5bn (including over-allocation) to partly fund its investment plans.
This will be a large deal for the stock to digest and doesn’t appear to have been particularly well flagged.
In this note, we will talk about the placement and run the deal through our ECM framework.

Kansai Electric (9503 JP) – HUGE Equity Offering To Stuff Retail

By Travis Lundy

The past few years, large equity offerings have either been IPOs or secondary offerings (without dilution). Today we get a big dilutive secondary offering from Kansai Electric Power (9503 JP).
This is ~223mm shares or roughly ¥530bn against a current market cap of ¥2.1+trln. A 25% increase in share count. It is quite dilutive, but the stock is not rich.
Because dilutive, not overly-well-flagged, and mostly retail, this could get hammered. The div is not high enough to make it attractive, so one has to appreciate high earnings yield.

KEPCO (9503 JP): Index Implications of US$3.5bn Primary + Secondary Offering

Kansai Electric Power (9503 JP) is looking to raise up to US$3.5bn via a primary offering and a sale of Treasury shares. Pricing date is between 26-29 November.
Kansai Electric Power (9503 JP) is among the better performing stocks from the Electric Utilities industry and trades at higher valuations compared to its peers.
There will be a fair bit of passive buying with around 29% of the offering being bought at the time of settlement of the shares.

Kansai Electric Power (9503 JP): A US$3.5 Billion Primary/Secondary Offering

By Arun George

Kansai Electric Power (9503 JP) has announced primary and secondary offerings of up to 223.1 million shares (including overallotment) and a third-party allotment of 29.1 million shares.
JPY239.9 billion of proceeds will be used to improve energy efficiency and decarbonisation, while other funds will be used for data centres, renewable energy and overseas investments.
Looking at recent large Japanese placements is instructive for understanding the potential offer price. The pricing date will fall between 26 and 29 November (likely 26 November).

NTPC Green Energy IPO: Offer Details & Index Inclusion Timeline

NTPC Green Energy Ltd (2214556D IN) is looking to raise INR 100bn (US$1.19bn) in its IPO. That will value the company at INR 910bn (US$10.8bn) at the top end.
The anchor allocations will be completed early next week, and the stock is expected to start trading on 27 November.
The stock will not get Fast Entry to global indices with the earliest inclusion scheduled for June 2025. So, limited passive buying in the medium-term.

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Nov 14

Daily Brief Health Care: Genscript Biotech, BeiGene , Bumrungrad Hospital Pub Co, Longeveron , Mira Pharmaceuticals , NeuroBo Pharmaceuticals , Shofu Inc, Ainos , Windtree Therapeutics and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech
BeiGene (6160.HK/BGNE.US) 24Q3 – Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth
Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result
LGVN: Positive Test Results Highlight Quarterly Results
MIRA: Solid Balance Sheet for Promising Company
MIRA: Solid Balance Sheet for Promising Company
NRBO: Topline Results for Phase 2a Trial of DA-1241 in MASH Expected in December 2024
Shofu (7979 JP) – Consistent Execution with a Positive Medium- Term Outlook
Ainos, Inc.: IRB Approval for Veldona Sjogren’s Trial
WINT: Patient Enrollment in SEISMiC C Trial Starts, Patent Position Expands

StubWorld: Hanwha Corp; Genscript Biotech/Legend Biotech

By David Blennerhassett

Hanwha Corporation (000880 KS) is “expensive” on my monitor. But that doesn’t paint the whole picture. And what’s up with Genscript Biotech (1548 HK)‘s deconsolidation of Legend Biotech (LEGN US)?
Preceding my comments on Hanwha and Genscript Biotech/Legend Biotech are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

BeiGene (6160.HK/BGNE.US) 24Q3 – Things Are on Track Despite BRUKINSA’s Disappointing QoQ Growth

By Xinyao (Criss) Wang

BRUKINSA QoQ growth slowed down to single digit in 24Q3, thus dragging down the overall product revenue growth.However, such QoQ growth and market share growth were still higher than Imbruvica/Calquence.
BRUKINSA’s full-year revenue is expected to reach US$2.5 billion. Due to lower 24Q3 product revenue growth, we adjusted our 2024 forecast – Full year revenue would reach about US$3.7 billion.
BeiGene’s performance in 24Q1-Q3 is still on track. Peak sales of BRUKINSA + tislelizumab is about US$5.5 billion. Reasonable market value range for BeiGene is US$18.5-27.5 billion.

Bumrungrad Hospital (BH TB): Lower Revenue From International Patients Weighed on 3Q24 Result

By Tina Banerjee

Bumrungrad Hospital Pub Co (BH TB) reported 5% YoY revenue decline in 3Q24, due to negative geo-political impact (international patient revenue decline) and lower revenue intensity (lesser contribution from inpatient).
In 3Q24, Bumrungrad’s international patient revenue declined 7% YoY. Revenue decline was mainly due to downturns in Kuwait (-67% YoY), UAE (-37%), Cambodia (-15%), and Myanmar (-4%).
We are anticipating a sequentially weak 4Q24. Since reporting 3Q24 result, Bumrungrad shares have corrected ~20%. We are not seeing any immediate recovery.

LGVN: Positive Test Results Highlight Quarterly Results

Longeveron is focusing on using its primary treatment, Lomecel-B, to fight a rare pediatric heart birth defect that devastates families but continues to receive good FDA news regarding its treatment for Alzheimer’s Disease.
The company announced improved revenue and reduced costs in its 3Q results.
Additionally, the company confirmed it has enough cash on hand to last through 2025.

MIRA: Solid Balance Sheet for Promising Company

MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

MIRA: Solid Balance Sheet for Promising Company

MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report

NRBO: Topline Results for Phase 2a Trial of DA-1241 in MASH Expected in December 2024

On November 7, 2024, NeuroBo Pharmaceuticals, Inc. (NRBO) announced financial results for the third quarter of 2024 and provided a business update.
The next clinical milestone will be the release of topline data from the Phase 2a trial of DA-1241 in MASH.
The trial is exploring the efficacy of DA-1241 both as a monotherapy and in combination with sitagliptin.

Shofu (7979 JP) – Consistent Execution with a Positive Medium- Term Outlook

By Astris Advisory Japan

Overseas markets driving growth – Shofu demonstrated continued positive developments in overseas markets, driving Q1-2 FY3/25 sales growth of 14.8% YoY.
Growing demand and market share gains for its Chemical products continue with sales growth here at 28.1% YoY and making up 32.9% of total sales (29.5% in Q1-2 FY3/24).
The company is experiencing some cost pressures from manufacturing, but profitability remains at elevated levels, and we believe there is scope for further margin expansion through both sales volume growth and mix enhancement.

Ainos, Inc.: IRB Approval for Veldona Sjogren’s Trial

By Water Tower Research

Clinical site IRB approval for Veldona Sjogren’s trial. Ainos received Institutional Review Board (IRB) approval from the Shuang Ho Hospital (Taipei Medical University) to conduct the Veldona clinical study in primary Sjogren’s syndrome.
TFDA approval is expected next quarter, with the site initiation visit to start around April 2025.
Ainos expects study completion in December 2026.

WINT: Patient Enrollment in SEISMiC C Trial Starts, Patent Position Expands