In today’s briefing:
- An Update on Oriental Watch (398 HK)
- Dickson Concepts: Gleanings From the FY23 Annual Report
- Pre-IPO InSilico Medicine – AI Pharmaceutical Is Immature; Valuation Expansion Relies on Imagination
- Morning Views Asia: Anton Oilfield, Central China Securities
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An Update on Oriental Watch (398 HK)
- A Review on Final Results Oriental Watch recently announced its earnings for the fiscal year, and the results were quite impressive.
- On June 20, 2023, the company reported a revenue of HKD3.7 billion and a net profit of HKD295 million.
- These figures surpassed our initial estimates of HKD3.
Dickson Concepts: Gleanings From the FY23 Annual Report
- In my previous insight Dickson Concepts 113 HK: Straight From The Ben Graham Stable, >40% Discount to NCAV, I highlighted why one must explore the stock as a viable investment.
- NCAV (Net current asset value) in FY23 was 7.5 HKD/share ( Vs. current share price of 4.25 HKD/share), with net cash + ST/LT financial investments now at 9.7 HKD/share.
- Absolute DPS ( dividend per share) was 35 cents representing a yield of 8.2% ( payout ratio of 55%). The trailing PE is 6.6x FY23.
Pre-IPO InSilico Medicine – AI Pharmaceutical Is Immature; Valuation Expansion Relies on Imagination
- InSilico ’s business model is more of AI-CXO + AI-SaaS, but hasn’t reached the stage of AI-biotech, considering its current revenue streams, which may lead to InSilico ultimately changing its positioning.
- The significance of pipeline lies in the need for InSilico to verify the effectiveness of AI platforms/algorithms/technology through successful product launch. However, valuation of InSilico could be different from biotech.
- AI pharmaceutical industry is at its infancy, which is a far cry from current levels of investment and expectations in the sector.We advise investors to be rational about this field.
Morning Views Asia: Anton Oilfield, Central China Securities
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.