In today’s briefing:
- The Big 3 U.S. Banks Delivered Solid Earnings on NII, Benign Credit Quality
- China Healthcare Weekly (Oct.13) – Deteriorating Financing Environment, ADC>BsAb>CGT, Fosun Pharma
- Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging
- Hanall Biopharma (009420 KS): Pipeline Progress and New Deal Depict Brighter Outlook
The Big 3 U.S. Banks Delivered Solid Earnings on NII, Benign Credit Quality
- The U.S. Big 3 banks delivered strong 3Q23 earnings on the back of record net interest income, despite a lower balance in commercial loans and residential mortgages.
- Credit quality is mostly steady, with credit card charge-offs normalized. The main pain point is in CRE, especially for WFC.
- The proposed Basel III end game, if materialized, could have a huge impact on JPM and Citigroup in particular.
China Healthcare Weekly (Oct.13) – Deteriorating Financing Environment, ADC>BsAb>CGT, Fosun Pharma
- Due to IPO policy adjustment on SSE STAR Market, investment/financing for innovative drugs should continue to deteriorate.But the positive side is the innovative drug industry is emerging from the bottom.
- For the three hot fields in pharmaceutical industry (BsAb, ADC, CGT), we analyze their position and pecking order, which should be ADC > BsAb > CGT at the current stage.
- To better understand the investment logic of Fosun Pharmaceutical, it is necessary to fully understand the ecosystem/operational model of Fosun Group. Fosun Pharma’s role is just a “chess piece”.
Braze: Potential For A More Profitable SaaS Company By FY25, But Macro Is Still Challenging
- Braze, a leading customer engagement cloud-based platform provider, outperformed its key competitors, Adobe and Salesforce, on a year-to-date basis.
- Braze shares massively outperformed, with shares up ~67% over the year versus a ~28% gain on the NASDAQ. However, the stock is still below the IPO price of $65/share.
- Reported y/y revenue growth has decelerated from 58% in FY22 to 49% in FY23, and management has guided ~27% y/y revenue growth in FY24.
Hanall Biopharma (009420 KS): Pipeline Progress and New Deal Depict Brighter Outlook
- Hanall Biopharma (009420 KS)‘s licensed partner Harbour BioMed announced that the China’s NMPA has officially accepted the Biologics License Application for batoclimab for the treatment of generalized myasthenia gravis.
- Immunovant announced positive initial result from the single-ascending dose portion of the Phase 1 trial of IMVT-1402. Initial data from the multiple-ascending dose cohorts are expected in October/ November 2023.
- Hanall and Daewoong have initiated phase 1 clinical trial of HL192 for the treatment of Parkinson’s disease, and dosed the first subject. The initial results are expected in 2H24.
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