In today’s briefing:
- SK Innovation – Why It Hasn’t Worked
- China Healthcare Weekly (Oct.6) – Weight Loss Drug CXO, Policy-Guided Capital Flows, 3D Medicines
SK Innovation – Why It Hasn’t Worked
- Has SK Innovation raised enough money for its longer term ambitions?
- What is the stock pricing in that is not apparent on the balance sheet?
- It seems really given their capex outlet, dilutive cap raising is the only solution
China Healthcare Weekly (Oct.6) – Weight Loss Drug CXO, Policy-Guided Capital Flows, 3D Medicines
- Weight loss drug business has indeed significantly alleviated concerns about overcapacity issue in those leading CDMOs, but they do not have such a strong driving force on CROs.
- The last straw that hits an industry is often not due to the disappearance of demographic dividends/declining demand/poor financial performance of companies, etc., but rather to policy-guided capital flows.
- 3D Medicines (1244 HK) can be said a typical negative example in biopharmaceutical industry, and it is easy to be “manipulated”. We recommend investors stay away from such high-risk company.
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