In today’s briefing:
- CPMC (906 HK): Not A Shadow Of Doubt (!) As Pre-Cons Fulfilled
- China Healthcare Weekly (Dec.15) – 10th VBP Results, WuXi Shares Surge, Newjf Will Be Successful
- MV Global Rare Earth/Strategic Metals Index Rebalance: One Add, One Delete & Other Changes
- Cheniere Energy Inc.: These Are The 5 Biggest Challenges In Its Path! – Major Drivers
- Pembina’s Cedar LNG Bet: The Untapped Goldmine Fueling Its Future Profit Boom! – Major Drivers
CPMC (906 HK): Not A Shadow Of Doubt (!) As Pre-Cons Fulfilled
- My conversation with the FA earlier this week largely put to rest a number of concerns, specifically on regulatory approvals, surrounding the Offer for CPMC Holdings (906 HK).
- As announced on the 13th December, the last pre-condition, SAFE, has been satisfied. All pre-cons have been fulfilled. The Offer Doc will be dispatched on or before the 20th December
- This could turn unconditional before year-end, depending on whether Zhang Wei promptly tenders. Expect the share price to trade tight (er) to terms Monday morning.
China Healthcare Weekly (Dec.15) – 10th VBP Results, WuXi Shares Surge, Newjf Will Be Successful
- The 10th national VBP released results. The average price reduction was about 70%. CSPC, Kelun, Fosun Pharma, Sino Biopharmaceutical are the “main force” and their performance would be affected.
- WuXi Shares surge due to the absence of BIOSECURE Act from the proposed amendments to US NDAA. However, the rally could be short-term as the Bill may return next year.
- Pre-Conditions of Newjf have been smooth so far. We think investors can directly consider Newjf’s Offer. Based on the current situation, we are optimistic that Newjf will finally be successful.
MV Global Rare Earth/Strategic Metals Index Rebalance: One Add, One Delete & Other Changes
- Vulcan Energy Resources (VUL AU) will be added to the VanEck Rare Earth/Strategic Me (REMX US) while Tianqi Lithium (9696 HK) will be deleted from the index.
- Constituent changes, float changes and capping changes result in an estimated one-way turnover of 2.5% and in a round-trip trade of US$37m.
- The largest inflows will be in Vulcan Energy Resources (VUL AU), Lynas Corp Ltd (LYC AU), Ganfeng Lithium (1772 HK) and Tronox Holdings (TROX US).
Cheniere Energy Inc.: These Are The 5 Biggest Challenges In Its Path! – Major Drivers
- Cheniere Energy reported its third-quarter 2024 financial results, reflecting solid business performance and opportunities as well as challenges within the liquefied natural gas (LNG) market.
- The company highlighted key accomplishments, including robust financial metrics, increased guidance for the year, and advancements in their long-term projects.
- Cheniere generated approximately $1.5 billion in consolidated adjusted EBITDA, with distributable cash flow at around $820 million and net income at approximately $900 million for the third quarter.
Pembina’s Cedar LNG Bet: The Untapped Goldmine Fueling Its Future Profit Boom! – Major Drivers
- Pembina Pipeline Corporation’s third-quarter 2024 financial performance demonstrates a strong positioning within the midstream sector, bolstered by strategic acquisitions and expanding operations.
- Adjusted EBITDA stood at approximately $1.019 billion, reflecting consistency with the previous year despite market headwinds.
- Additionally, the company’s adjusted cash flow from operations totaled $724 million, or $1.25 per share.
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