In today’s briefing:
- TCM (570 HK): Likely Rush for The Exits As Deal Busts
- Weekly Deals Digest (20 Oct) – China TCM, GA Pack, Tokyo Metro, Rigaku, CR Beverage, Horizon Robotic
- 10x Genomics Inc.: How Are They Adapting to Market Conditions & Customer Needs? – Major Drivers
- Halozyme Therapeutics Inc.: New Launches
- Teladoc Health Inc.: Expansion into Insurance for BetterHelp & Other Major Drivers
TCM (570 HK): Likely Rush for The Exits As Deal Busts
- China Traditional Chinese Medicine (570 HK) (TCM) has been a frustrating deal, for a deal that shouldn’t be frustrating.
- As feared from its 16th October monthly update, the inability to secure investor group consents appears to have torpedoed the transaction. Will we eventually find out why this got stonewalled?
- This deal lapse changes the Hong Kong M&A landscape; if you can’t rely on SOE transactions to get up, what next? The immediate question now is downside support on Monday.
Weekly Deals Digest (20 Oct) – China TCM, GA Pack, Tokyo Metro, Rigaku, CR Beverage, Horizon Robotic
- A weekly summary of key developments across ECM and Event-Driven names tracked by us across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India and Chinese ADRs.
- ECM developments: Tokyo Metro (9023 JP), Rigaku Holdings (268A JP), Horizon Robotics (9660 HK), China Resources Beverage (2460 HK) and Hyundai Motor India (1342Z IN) IPOs.
- Event-Driven developments: China Traditional Chinese Medicine (570 HK), Greatview Aseptic Packaging (468 HK), Sun Art Retail (6808 HK), Fuji Soft Inc (9749 JP), Dyna Mac Holdings (DMHL SP).
10x Genomics Inc.: How Are They Adapting to Market Conditions & Customer Needs? – Major Drivers
- 10x Genomics, a leader in single-cell and spatial technologies, presented a mixed financial and operational report for Q2 2024, characterized by modest revenue growth alongside strategic advancements and evident pressures from the external economic environment.
- On the financial front, 10x Genomics reported a revenue increment of 4% year-over-year, reaching $153 million, driven particularly by robust demand for spatial consumables and a sequential increase in single-cell consumables.
- Notably, the company achieved a free cash flow positive status during the quarter.
Halozyme Therapeutics Inc.: New Launches
- Halozyme’s recent quarterly performance underscored a strong trajectory in its financial and operational fronts.
- The company, which specializes in the ENHANZE drug delivery technology, reported robust second-quarter earnings, with total revenue hitting $231 million, showing a growth that aligns with the company’s full-year expectations of 13% to 22%.
- Notably, royalty revenues increased by 12%, reaching $125 million.
Teladoc Health Inc.: Expansion into Insurance for BetterHelp & Other Major Drivers
- Teladoc Health’s second quarter 2024 financial results present a complex yet promising terrain as the virtual healthcare provider continues to navigate challenges while identifying avenues for growth and improvement.
- Despite reporting a net loss, Teladoc Health demonstrated strategic areas of strength, particularly in its Integrated Care business, which noted a revenue increase and solid EBITDA performance.
- Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.
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