In today’s briefing:
- Shanghai Pharmaceuticals (2607 HK/601607 CH): Strong Start of 2023; Outlook Continues to Be Positive
- (Mostly) Asia-Pac Weekly Risk Arb Wrap: Golden Eagle, Challenger Tech, Yashili, Yitai Coal, MPI
- EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Debt Ceiling Relief
- ECM Weekly (4th June 2023) – JD Ind, Alibaba, Growatt, Olam Agri, Coal India, Adani, Patanjali
Shanghai Pharmaceuticals (2607 HK/601607 CH): Strong Start of 2023; Outlook Continues to Be Positive
- Shanghai Pharmaceuticals Holding (2607 HK) reported 16% YoY revenue growth to RMB66B in 1Q23, driven by 17% YoY growth in pharmaceutical service segment, which contributed 88% of revenue.
- During the quarter, the company recorded net profit of RMB1.5B, up 21% YoY. Net margin expanded 9bps to 2.29%, driven by margin expansion in pharmaceutical manufacturing segment.
- Consolidating position in pharma distribution business, surging pharmaceutical manufacturing business, late-stage innovative drug pipeline, and accelerating internationalization strategy enhance conviction on SPH’s ability to maintain double-digit growth through 2025.
(Mostly) Asia-Pac Weekly Risk Arb Wrap: Golden Eagle, Challenger Tech, Yashili, Yitai Coal, MPI
- There are 38 – mostly firm, mostly Asia-Pac – transactions currently being discussed and analysed on Smartkarma. Inside is a timetable of upcoming key events for each deal.
- Two new deals were discussed on Smartkarma this week: Golden Eagle Retail (3308 HK)‘s Scheme; and Challenger Technologies (CHLG SP)‘s voluntary unconditional cash offer
- Key updates took place for Yashili International Holdings (1230 HK), Inner Mongolia Yitai Coal B (900948 CH), and Metro Pacific Investments Co (MPI PM).
EQD | Volatility Update: Weekly Review of Vol Changes and Best Trades- Debt Ceiling Relief
- Weekly summary of vol changes and moves across Global Markets
- Analysing ATM volatility and skew changes over the last 5 days
- We suggest a few trades to take advantage of the implied vol surfaces
ECM Weekly (4th June 2023) – JD Ind, Alibaba, Growatt, Olam Agri, Coal India, Adani, Patanjali
- Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
- In the IPO space, Indonesia appears to be the only market where sizeable deals are being done as Growatt and Olam Agri laucnhes got pushed back.
- On the placement front, there were only a few smaller deals that were lauched, apart from the selldown in Coal India Ltd (COAL IN).
💡 Before it’s here, it’s on Smartkarma
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