In today’s briefing:
- Henlius (2696 HK): Circ Out. 22nd Jan H-Class Meeting
- CanSino Biologics (6185.HK/688185.CH) – From 2025 Onwards, Cansino Will Bring Decent Returns
- RVPH: Preliminary OLE Readout
- Top Glove Corp (TOPG MK): Break-Even Achieved in 1QFY25, Strong Demand to Persist in Coming Quarters
Henlius (2696 HK): Circ Out. 22nd Jan H-Class Meeting
- After Shanghai Henlius Biotech (2696 HK) secured NDRC approval on the 22nd Nov; fulfilled pre-cons on the 16th December, the Circular was dispatched last night, the 22nd December.
- The EGM/H-share class meeting will take place on the 22nd January, one day past my estimate. Settlement should be on ore around the 18th Feb, a week beyond my estimate.
- Trading at a gross/annualised spread off 2.9%/20.3%. Still attractive here.
CanSino Biologics (6185.HK/688185.CH) – From 2025 Onwards, Cansino Will Bring Decent Returns
- 2024 is the year when CanSino achieves a fundamental reversal. Based on the current sales performance of meningococcal vaccines, 2024 full-year revenue is expected to reach about RMB840 million.
- Under normal circumstances, PCV13i is expected to be approved in Q1-Q2 next year. If everything goes smoothly, PCV13i would be approved at the beginning of next year at the earliest.
- Market value of RMB8-10 billion is reasonable range for CanSino. If a new virus causes a pandemic in the future, this will be a powerful catalyst for stock price.
RVPH: Preliminary OLE Readout
- Reviva is a research and development pharmaceutical company with two portfolio compounds targeting nine indications.
- The candidates address multiple related mental disorders, rare diseases & other categories of un met need.
- Reviva’s lead indication in schizophrenia with brilaroxazine (RP5063) completed its 1st Phase III trial & is set to begin its 2nd in 1Q25.
Top Glove Corp (TOPG MK): Break-Even Achieved in 1QFY25, Strong Demand to Persist in Coming Quarters
- Top Glove Corp (TOPG MK) achieved 80% YoY revenue growth in 1QFY25 and returned to profitability with a net profit of RM5M.
- With robust demand outlook, Top Glove expects the ASP to further strengthen. The company aims to recover its EBITDA margin to pre-pandemic levels of 15% by FY26 from 10% now.
- Import alert and expected tariff increase on Chinese manufacturers, may help shift the focus from China to Malaysia, as the preferred sourcing destination, thereby helping Top Glove.
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