In today’s briefing:
- Quiddity Leaderboard for Hang Seng Index Mar 23: Healthcare Names Could Dominate
- Alphamab Co Ltd Placement (9966.HK) – Has No Potential to Be a Biopharma; Just Remain as a Biotech
- M3: Slow Down in Pharma Marketing a Significant Downside Risk
- Lotus Pharmaceutical (1795 TT): 2022 Ends with Mid-Teen Revenue Growth; Further Steam Still Left
Quiddity Leaderboard for Hang Seng Index Mar 23: Healthcare Names Could Dominate
- In this insight, we take a look at the potential index changes for the Hang Seng Index (HSI INDEX) in March 2023.
- We believe Healthcare names could be given top priority when selecting additions for the upcoming rebalance.
- The final index changes along with indicative capping and index weights could be published in Mid/Late-February 2023 and implemented in early-March 2023.
Alphamab Co Ltd Placement (9966.HK) – Has No Potential to Be a Biopharma; Just Remain as a Biotech
- Unlike ADC, there’re still doubts on the outlook of whole bispecific antibody mechanism. Alphamab Oncology doesn’t actively promote related head-to-head trials, which makes people doubt the competitiveness of its products.
- Investors’ trust in Alphamab Oncology continues to decline, mainly because the Company often missed the guidance/milestones it announced before. This will greatly affect the credibility of Alphamab Oncology.
- The current valuation is expensive and has basically priced in all the positive factors. The Company is more suitable for short-term trading to capture the rebound rather than long-term holding.
M3: Slow Down in Pharma Marketing a Significant Downside Risk
- M3 Inc (2413 JP) reported 3QFY03/2023 earnings today. Revenue increased 12.6% YoY to JPY64.6bn (vs consensus JPY62.6bn) while OP decreased 3.0% YoY to JPY22.0bn (vs consensus JPY22.8bn).
- In line with our expectation, m3 has mentioned that it expects pharma marketing revenues to slow down with pharmaceutical companies cutting down their budgets.
- Though m3 has made a large no. of M&A deals to pursue growth, we have not seen extraordinary growth in overseas biz and think there is significant downside risk.
Lotus Pharmaceutical (1795 TT): 2022 Ends with Mid-Teen Revenue Growth; Further Steam Still Left
- Lotus Pharmaceutical (1795 TT) ended 2022 on a strong note. Full-year 2022 revenue grew 15.7% YoY to NT$14.6B. 2022 was the third consecutive year that Lotus achieved double-digit annual growth.
- The export markets outside of Asia grew 28% YoY, largely contributed by the launch of multiple myeloma drug lenalidomide in a number of markets around the world, including the U.S.
- In December, Lotus took over the Eli Lily’s Alimta business in Taiwan for $62M. Alimta is a first-line treatment for NSCLC with high brand loyalty.
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