In today’s briefing:
- KOSDAQ150 Ad Hoc Index Rebalance: VATECH (043150 KS) Replaces Lutronic (085370 KS)
- Innovent Biologics Placement (1801.HK) – There Is No Such Thing as a Free Lunch
- Acotec Scientific (6669.HK) – Growth Is Expected to Continue, But Risks Behind Can’t Be Ignored
- The Cooper Companies: The Powerful Future of Fertility Business and How They’re Leading! – Major Drivers
KOSDAQ150 Ad Hoc Index Rebalance: VATECH (043150 KS) Replaces Lutronic (085370 KS)
- Value Added Technologies (043150 KS) will replace Lutronic Corp (085370 KS) in the KOSDAQ 150 Index (KOSDQ150 INDEX) at the close on 14 September.
- Passive trackers will need to buy over 1.5x ADV on Value Added Technologies (043150 KS). The impact is higher on Lutronic Corp (085370 KS) but the arbs will provide liquidity.
- Value Added Technologies (043150 KS) appears to trade cheaper than its peers on all valuation parameters and there could be a re-rating following the index inclusion.
Innovent Biologics Placement (1801.HK) – There Is No Such Thing as a Free Lunch
- Innovent is actually not short of money, so the Placing this time looks “strange”.If Innovent is unable to deliver performance that matches expectations, investors would reconsider its future financing needs.
- Innovent is undergoing important transition from quantitative change to qualitative change as turning losses into profits is within reach. So, the “concept validation” of Innovent’s business model has been completed.
- Innovent decides to place the shares at this moment reflects that its stock price is already high. Based on our forecast, there could be limited upside room for share price.
Acotec Scientific (6669.HK) – Growth Is Expected to Continue, But Risks Behind Can’t Be Ignored
- Acotec’s revenue streams became more diversified in 23H1. New product launch in the next 1-2 years would further relieve the dependence on DCB products, leading to healthier revenue structure.
- Acotec disclosed details of its collaboration with Boston Scientific.If the caps are fully implemented, revenue growth of Acotec will be impressive. Acotec has the ability to resist centralized procurement risks.
- Concerns include how much negative impact anti-corruption campaign will have on Acotec’s performance in 23H2, and to what extent the deal with Boston Scientific would be implemented?
The Cooper Companies: The Powerful Future of Fertility Business and How They’re Leading! – Major Drivers
- The Cooper Companies delivered a positive result and managed an all-around beat in the last quarter.
- The company surpassed revenue estimates, generating significant quarterly revenues of $930 million, driven by strong sustained organic growth.
- CooperVision reported $630 million in revenue, up 13% organically, while CooperSurgical reported $300 million in revenue, up 9% organically.
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