In today’s briefing:
- Zai LAB (ZLAB.US/9688.HK)：TTF Is Not a Done Deal, Both China and Globally
- Angelalign Technology (6699.HK) – About the Share Price Rebound, the Outlook and the Challenges
- Classys (214150 KS): Will Continue To Remain On a Consistent Growth Path Through New Launches
- Edwards Lifesciences Corporation: Initiation of Coverage – Recent Approvals & Other Drivers
Zai LAB (ZLAB.US/9688.HK)：TTF Is Not a Done Deal, Both China and Globally
- ZaiLab and NovoCure (NVCR US, NR) surged on positive readout of Optune’s Phase III on Non-Small-Cell-Lung Cancer (NSCLC), a major indication win after the smaller ones in Glioblastoma and Mesothelioma.
- We, however, caution that the readout is largely expected and Optune faces uncertainty in commercialization both globally and in China;
- We raise TP to US$35 to reflect possible readouts in other cancer types
Angelalign Technology (6699.HK) – About the Share Price Rebound, the Outlook and the Challenges
- The rebound of Angelalign’s share price isn’t based on the reversal of its fundamentals,but increasing confidence in China’s economic recovery. Investors could take the opportunity to trade during this time.
- It’s “a helpless move” for Angelalign to participate in centralized procurement. The price change brought about by centralized procurement would weaken the brand advantage of leading manufacturers and change consumers’ preferences.
- We are not optimistic about Angelalign’s 2022 performance. Its performance in 2023 could still be lower-than-expected after China reopens. When COVID-19 is no longer an excuse, true color reveals.
Classys (214150 KS): Will Continue To Remain On a Consistent Growth Path Through New Launches
- Classys (214150 KS) has started selling Volnewmer from the end of October 2022. With a safe and comfortable treatment experience, Volnewmer will become another strong growth engine.
- The ratio of consumables sales to total sales is gradually increasing from 33% in Q1 2022 and 37% in Q2 2022 to 46% in Q3 2022, leading to improved profitability.
- Classys recorded 30%+ revenue growth and margin improvement in Q3, with the cumulative sales in Q3 of this year exceeded 2021 annual sales, which was already the largest.
Edwards Lifesciences Corporation: Initiation of Coverage – Recent Approvals & Other Drivers
- This is our first report on Edwards Lifesciences, a market leading manufacturer of heart valve systems and repair products.
- The last quarter was highly disappointing as Edwards failed to meet Wall Street expectations in terms of revenues as well as earnings.
- Besides, their market-leading SAPIEN 3 Ultra transcatheter aortic heart valve combines Edwards’ ground-breaking RESILIA technology.
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