In today’s briefing:
- Osstem Implant: Founder Choi Changes CB Sale Terms to MBK-Unison & KCGI Agrees to Sell Its Shares
- Thomson Medical (TMG SP)/Tmc Life Sciences (TMCL MK): Strong H1 Result Driven By Continued Recovery
- Shanghai Pharmaceuticals (2607 HK/601607 CH): Portfolio Expansion & China Reopening to Drive Growth
Osstem Implant: Founder Choi Changes CB Sale Terms to MBK-Unison & KCGI Agrees to Sell Its Shares
- Due to the enormous controversy regarding Chairman Choi Gyu-Ok’s children exchange CB call options for BWs, the Choi family has decided to change and simplify this transaction structure.
- Previously, MBK-Unison decided to acquire the call option on CB that Chairman Choi gave to his children. Under revised contract, MBK-Unison agreed to acquire the convertible bond itself.
- We believe MBK-Unison consortium is getting a relative bargain in this deal and the valuation of Osstem Implant remain attractive (EV/EBITDA of 6.4x and P/E of 11.7x in 2024).
Thomson Medical (TMG SP)/Tmc Life Sciences (TMCL MK): Strong H1 Result Driven By Continued Recovery
- For H1FY23 Thomson Medical Group Limited (TMG SP)‘s revenue increased 27% to S$184M. The growth was mainly attributed to the increase in overall patient loads and higher average bill sizes.
- Despite increase in operating expenses, Thomson Medical reported a 46% YoY increase in operating profit to S$45.2M, leading to 340 basis point improvement in operating profit margin to 24.6%.
- Thomson Medical expects its existing and new business lines to grow and is therefore cautiously optimistic of its business prospects in the current financial year.
Shanghai Pharmaceuticals (2607 HK/601607 CH): Portfolio Expansion & China Reopening to Drive Growth
- Shanghai Pharmaceuticals Holding (2607 HK) received approval to produce anticoagulant bivalirudin injection, which is mainly used in PTCA and for patients undergoing PCI.
- In December 2022, SPH received approval for salbutamol sulphate, indicated for the treatment of respiratory diseases including chronic bronchospasm and severe acute asthma attacks unresponsive to traditional treatment.
- SPH signed an exclusive license agreement with Shionogi for import and distribution of Ensitrelvir Fumaric Acid, an anti-viral drug for COVID-19, in mainland China.
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