In today’s briefing:
- Innovent Biologics Placement – Has Ample Cash but the Discount Is Enticing
- Classys (214150 KS): Beautiful Growth Story Continues; No Sign of Slowing Down
- Aspira Women’s Health, Inc. – Announces New Chief Scientific Officer
- Shenzhen Mindray Bio-Medical Electronics (300760.CH) – Some Points Worth the Attention
Innovent Biologics Placement – Has Ample Cash but the Discount Is Enticing
- Innovent Biologics Inc (1801 HK) (IB) aims to raise around US$313m for R&D and marketing.
- The company has undertaken a number of deals in the past, with the overall results being mixed.
- In this note, we will talk about the deal dynamics and run the deal through our ECM framework.
Classys (214150 KS): Beautiful Growth Story Continues; No Sign of Slowing Down
- Classys (214150 KS) reported solid performance in 2Q23, with revenue and operating profit growing 40% and 52%, YoY, respectively, mainly driven by consumables sales in both domestic and overseas markets.
- Despite increase in advertising and R&D expenses, operating profit margin expanded 370 basis points to 50.4%. Net profit increased 34% YoY to KRW18.6 billion.
- With 1H23 revenue of KRW84.9 billion, Classys is on track to meet 2023 revenue guidance of KRW170 billion, representing year-over-year increase of 20%.
Aspira Women’s Health, Inc. – Announces New Chief Scientific Officer
- Aspira Women’s Health announced it has named Jody Berry, Ph.D as its new Chief Scientific Officer.
- Dr. Ryan Phan, who stepped down from the position, remains as an advisor through the end of the year to help with the transition and provide scientific and operational advice related to ongoing product development programs.
- Dr. Berry is a recognized international expert in immunoassay development, antibody technology, and infectious diseases.
Shenzhen Mindray Bio-Medical Electronics (300760.CH) – Some Points Worth the Attention
- Mindray’s 23H1 results were in line with expectations. The high growth in Q2 has given us more confidence in the “complementarity of performance” between different business lines of the company.
- Mindray is right to acquire DiaSys,but Mindray should disclose the impact of M&A on financial statements.When investors understand how to “quantify” M&As, positive news would be reflected in stock price.
- The anti-corruption campaign and foreign capital outflows have weighed on Mindray’s share prices. Based on our analysis, the decline offers a good buying opportunity and share price will rebound afterwards.
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