In today’s briefing:
- STAR50 Index Rebalance Preview: Another Five Potential Changes in March
- Pre-IPO Shanghai Chicmax Cosmetic – PHIP Updates: Declining Performance and Challenging Outlook
- Yuhan Corp (000100 KS): Progress of Anti-Cancer Drug Leclaza Is the Main Growth Engine
- Mettler-Toledo International Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Mettler-Toledo International Inc.: Initiation of Coverage – Business Strategy & Other Drivers
- The Cooper Companies Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- Not Which KPI Is Better, but What Is Shared Between Investors and Managers to Achieve the Same Goal
- The Cooper Companies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
STAR50 Index Rebalance Preview: Another Five Potential Changes in March
- Nearly 85% of the way through the review period, we see 2 changes using a 12-month minimum listing history, and 5 changes using a 6-month minimum listing history.
- Given the significantly higher market cap of the inclusions using a 6-month minimum listing history, we expect the index committee will continue to use the shorter listing history requirement.
- With 5 changes a side, one-way turnover is estimated at 5.15% and will result in a one-way trade of CNY 3,994m. Impact on some deletions is quite high.
Pre-IPO Shanghai Chicmax Cosmetic – PHIP Updates: Declining Performance and Challenging Outlook
- According to the PHIP, Chicmax’s performance growth showed a downward trend. Due to consumption downgrade and weak economic situation, the Company’s short-term performance could continue to be under pressure.
- If the top three brands fail to performance well, Chicmax has no other blockbuster brands to make up for it afterwards. We have concerns on Chicmax’s competitiveness in the industry.
- If the total retail sales of consumer goods don’t maintain well, the probability of endogenous growth problems is high, which would finally be reflected in the decline of share price.
Yuhan Corp (000100 KS): Progress of Anti-Cancer Drug Leclaza Is the Main Growth Engine
- Yuhan Corp (000100 KS) has launched in-house developed drug Lazertinib in the domestic under the brand name Leclaza in July 2021 as a second-line treatment for NSCLC in Korea.
- Going forward, Yuhan aims to place Leclaza as the first-line treatment for NSCLC patients. Leclaza is in late-stage global trial for global approval as a combined or monotherapy for NSCLC.
- In September, Yuhan has acquired a 60% stake in microbiome developer AtoGen for KRW 10B. This acquisition will enable Yuhan to strengthen its probiotics business and development of microbiome treatments.
Mettler-Toledo International Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Mettler-Toledo is one of the biggest players in the precision instruments and services domain across the world.
- The management recognizes that the global supply chain continues to pose risks, but their ability to meet customer demands should remain a competitive advantage.
- Mettler-Toledo should keep investing in brand-new products that will lay the groundwork for expansion in the future.
Mettler-Toledo International Inc.: Initiation of Coverage – Business Strategy & Other Drivers
- This is our first report on Mettler-Toledo, one of the largest manufacturers and suppliers of precision instruments and services across the globe.
- The company delivered an outstanding result in the last quarter, with sales increasing by $985.8 million, a 10% local currency gain, surpassing Wall Street expectations.
- They recognize that the global supply chain continues to pose risks, but their ability to meet customer demands should remain a competitive advantage.
The Cooper Companies Inc.: Initiation of Coverage – Business Strategy & Key Drivers
- This is our first report on Cooper Companies, one of the largest producers of contact lenses in the world.
- Daily silicones are still the primary factor in the contact lens industry’s growth.
- We initiate coverage on the stock of The Cooper Companies with a ‘Hold’ rating.
Not Which KPI Is Better, but What Is Shared Between Investors and Managers to Achieve the Same Goal
- There is a gap between investors, who seek KPIs that reflect future cash flows and cost of capital to determine the prospects for corporate value, and the company.
- Many companies aren’t able to manage investment and return by business, and under such conditions it is difficult to show future investments and growth prospects in a mid-term business plan.
- Metrical’s analysis shows that simply increasing shareholder returns isn’t sufficient to raise market capitalization; growth policy and capital allocation policy must be systematically established as part of management policy.
The Cooper Companies Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Cooper Companies Inc is one of the largest manufacturers of contact lenses across the globe.
- Daily silicones are still the primary factor in the contact lens industry’s growth.
- They also have the widest portfolio on the market with MyDay and clariti, which are available on various spheres, toric, and multifocal lenses.
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