In today’s briefing:
- China Healthcare Weekly (Aug.18) – TCM Formula Granules VBP, Global Financing Rebound, CR Sanjiu
- Mayne Pharma (MYX AU): Sale of Retail Generic Portfolio Shifts Focus on US Women’s Health and Derma
- [Bilibili(BILI US, SELL, TP US$12.3) Review]: E-Commerce Ads Aren’t Sufficient to Hide Other Issues
China Healthcare Weekly (Aug.18) – TCM Formula Granules VBP, Global Financing Rebound, CR Sanjiu
- For a considerable period of time, the industry has been speculating about when the large-scale VBP of TCM formula granules will officially begin. Now, here it comes.
- Primary market and other financing except IPO in European and US biopharma industry shows a significant signal of recovery. However, IPOs remain stagnant.
- We analyzed key points about China Resources Sanjiu. Sanjiu is expected to have better performance in 2023 than 2022, but we advise investors to allow a sufficient margin of safety.
Mayne Pharma (MYX AU): Sale of Retail Generic Portfolio Shifts Focus on US Women’s Health and Derma
- Mayne Pharma (MYX AU) divested its retail generic portfolio. The divestment is part of the transformation strategy which refocused the company on the U.S. women’s healthcare and dermatology markets.
- Mayne Pharma will announce FY23 result on August 25. With business restructuring and cost management, the company is expected to cut net loss significantly and turn EBITDA positive from FY24.
- Mayne Pharma announced a share buyback for up to 10% of issued capital, which will be funded through cash reserves. As of April 30, Mayne Pharma held A$239M in cash.
[Bilibili(BILI US, SELL, TP US$12.3) Review]: E-Commerce Ads Aren’t Sufficient to Hide Other Issues
- BILI reported 2Q23 top-line in-line and non-GAAP net profit 7% better than consensus. However, gaming revenue was weak, causing BILI to revise down its full-year revenue guidance.
- We believe e-commerce ads could become a new near-term driving force, but the rapid growth of game-related ads might fade post-Q3.
- Also, the significant consolidation of ACG games could affect BILI’s future game performance. We maintain our US$ 12.3 TP and SELL rating.
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