In today’s briefing:
- Quiddity Leaderboard-DAX Jun 23: A SHORT Sartorius LONG Merck Trade Might Be Interesting
- Medley (4480 JP): 2023 Started on Strong Note; Full-Year Guidance Reaffirmed; Mid-Term Plan Revised
- Alphamab Co Ltd (9966.HK) – Valuation Is Already Low, but Many Issues Hinder the Bullish View
Quiddity Leaderboard-DAX Jun 23: A SHORT Sartorius LONG Merck Trade Might Be Interesting
- In this insight, we take a look at the names leading the race to become ADDs/DELs for the DAX, MDAX, and SDAX Indices in the September 2023 Rebalance.
- Software AG (SOW GR)‘s takeover situation could result in intra-review index changes prior to the September 2023 rebalance.
- Fresenius Medical Care (FME GR) and Deutsche Lufthansa AG (LHA GR) are close to becoming DAX ADDs as they require very small price gains to trigger Fast Entry additions.
Medley (4480 JP): 2023 Started on Strong Note; Full-Year Guidance Reaffirmed; Mid-Term Plan Revised
- Medley (4480 JP) started 2023 on a strong note, with 1Q23 revenue increasing 56% YoY to ¥4.4B, mainly driven by 83% YoY revenue growth in medical platform business.
- Despite better-than-usual progress in Q1 result, Medley did not change 2023 guidance. However, the company sees a strong possibility of surpassing 2023 profit targets at the EBITDA level and below.
- Medley has revised its mid-term target and brough forward the timeline for achievement of the goals by one year. The company now aims to achieve revenue of ¥23B in 2024.
Alphamab Co Ltd (9966.HK) – Valuation Is Already Low, but Many Issues Hinder the Bullish View
- KN046’s commercialization prospects is limited if it doesn’t demonstrate better results than PD-1 in head-to-head trial. The value of KN046 still lies in its potential to treat PDAC not sqNSCLC.
- KN026 is difficult to become a blockbuster variety. JSKN003 may not have good opportunity in front of DS-8201. Many investors are unhappy with Alphamab’s credibility and information disclosure quality.
- Alphamab’s valuation is already at low level. However, considering the current pessimistic sentiment towards biotech in HKEX, investors are advised to remain cautious, and just short-term trade is recommended.
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