In today’s briefing:
- China Healthcare Weekly (Jan.5) – WuXi XDC, GLP-1s New Game Rule, Innovent, Cansino, A-Share Outlook
- Last Week in Event SPACE: HS Holdings, Celltrion Pharm, NISA, PICC/PICC P&C
China Healthcare Weekly (Jan.5) – WuXi XDC, GLP-1s New Game Rule, Innovent, Cansino, A-Share Outlook
- WuXi XDC remains our top pick in China healthcare. We’re optimistic about its share price performance. Cansino is stronger than imagined, and we recommend investors to be patient with it.
- The future competitive landscape of GLP-1s would present very different situation from traditional drugs. Innovent’s Mazdutide could be a “dark horse” if the head-to-head trial against Semaglutide is successful.
- For GLP-1s, it will be difficult to shake the first-mover position of the first two giants (Semaglutide and Tirzepatide) unless latecomers are able to show higher marginal benefits.
Last Week in Event SPACE: HS Holdings, Celltrion Pharm, NISA, PICC/PICC P&C
- Stay long in HS Holdings (8699 JP).But beware. It is possible that there is a slightly uncomfortable outcome.
- Celltrion Pharm (068760 KS) is up 37% since the Celltrion Inc (068270 KS)/Celltrion Healthcare (091990 KS) merger completed; and Inc is up 22%. That’s A LOT of expectation baked in.
- NEW NISA details are cute, but governance and corporate buybacks matter more. If better education induces a swing from cash/deposits to risky assets, much of that will happen outside NISA.
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