In today’s briefing:
- Siloam International Hospitals (SILO IJ) – Sustainable Base Case Revival
- Wynn: Market Has Not Caught on yet to Speed of Macau Recovery Making Current Entry Point Attractive
- China Healthcare Weekly (Oct.27) – TCM Formula Granules VBP, Medical Statistics to Watch, Livzon
- SK Bioscience (302440 KS): Significantly Improved 3Q Result Benefitted From One-Time Payment
Siloam International Hospitals (SILO IJ) – Sustainable Base Case Revival
- Siloam International Hospitals booked strong set of 3Q2023 with continuing evidence of the recovery in its core base-case business together with the effectiveness of its cost and efficiency initiatives.
- The company saw a strong recovery across outpatient visits and inpatient admissions, with evidence of greater treatment complexity along with higher intensity with less time spent in hospital.
- Siloam International Hospitals continues to focus on digitising its processes to improve both patient experience and its internal processes. Valuations remain attractive versus listed peers.
Wynn: Market Has Not Caught on yet to Speed of Macau Recovery Making Current Entry Point Attractive
- Investors appear to be divided in outlook on Wynn. Some concern about post covid Las Vegas boom losing steam vs. exploding Macau recovery beyond most early forecasts.
- Wynn’s Macau properties are particularly aimed at the all important premium mass segment which is already showing itself in dramatic casino win games at Wynn propeties.
- The company still benefits from the vision of founder Steve Wynn in the properties developed before his controversial resignation in 2018.
China Healthcare Weekly (Oct.27) – TCM Formula Granules VBP, Medical Statistics to Watch, Livzon
- The results of the first VBP of TCM formula granules in China were announced. 200 varieties of TCM formula granules have been included, with an average price reduction of 50.77%.
- According to the recently released Statistical Bulletin on the Development of Health Care in 2022, we have listed some key points worth investors’ attention.
- Livzon’s 23Q3 performance was below expectations, which was more related to external factors such as anti-corruption campaign, VBP. However, Chairman’s share buyback proposal indicates possibility of a future reversal.
SK Bioscience (302440 KS): Significantly Improved 3Q Result Benefitted From One-Time Payment
- In 3Q23, revenue jumped 2.5x YoY and 12.1x QoQ to KRW231.8 billion, mainly due to the inflow related to Novavax vaccine contract settlement and resumption of flu vaccine production.
- Despite significantly improved Q3 result, SK Bioscience is expected to end 2023 on a weak note, due to the absence of contract manufacturing revenue from Novavax.
- SK Bioscience has applied for EUA for the updated Novavax COVID-19 vaccine in Korea. Once approved, the company targets to distribute the vaccine during 2023–2024 winter seasons in Korea.
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