In today’s briefing:
- Alpha Generation Through Share Buybacks in Korea: June & July 2023
- Asymchem Laboratories (6821.HK) Vs Pharmaron Beijing (3759.HK) – Deep Dive the Logic and the Outlook
- Santen Pharmaceutical (4536 JP): Aims to Ride Patent Cliff Through Focus on Improving Profitability
Alpha Generation Through Share Buybacks in Korea: June & July 2023
- In this insight, we discuss the alpha generation through companies that announced share buybacks in Korea in June and July 2023.
- We provide a list of 38 stocks in the Korean stock market that have announced share buyback programs in June and July 2023.
- The top four market cap stocks that have announced share repurchases include Celltrion Inc, Celltrion Healthcare, Hyundai Elevator, and SFA.
Asymchem Laboratories (6821.HK) Vs Pharmaron Beijing (3759.HK) – Deep Dive the Logic and the Outlook
- Understanding the essential differences in business characteristics of CRO and CDMO could help investors better understand the differences between Asymchem and Pharmaron in terms of investment logic, financial performance, and prospects.
- Since Pharmaron didn’t obtain COVID-19 big orders, it would maintain normal revenue growth in 2023. However, increasing labor costs and uncontrollable investment business would lead to unsatisfactory net profit performance.
- Asymchem’s performance would be disappointing in 2023. However, its growth momentum is expected to restore after it digest the impact of COVID-19 orders. Then, Asymchem’s valuation could surpass Pharmaron afterwards.
Santen Pharmaceutical (4536 JP): Aims to Ride Patent Cliff Through Focus on Improving Profitability
- Santen Pharmaceutical (4536 JP) expects generic competition for mainstay product in Japan in FY24, while overseas business should continue stable growth. The company guided for FY24 revenue of ¥273B (-2%).
- Due to the absence of impairment loss, Santen is expected to report operating profit of ¥32B in FY24 from an operating loss of ¥3B in FY23.
- Santen has unveiled new medium-term management plan, which calls for revenue of ¥280B, core operating profit of ¥56B, core ROE ratio of 13%, and core EPS growth rate of 10%+.
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