In today’s briefing:
- Pre-IPO ClouDr Group – The Logical Business Model Can Support Future Growth
- Japan’s Governance: Articles About Torii Pharmaceutical’s Annual General Meeting of Shareholders
- Ilyang Pharmaceutical (007570 KS): Key Drugs Facing Increasing Competition
Pre-IPO ClouDr Group – The Logical Business Model Can Support Future Growth
- Based on our analysis, the logic of ClouDr Group’s business model is more solid and feasible than that of Ping An Good Doctor, indicating better outlook.
- If compared with JD Health and Alibaba Health,besides the sales of pharmacy supplies and hospital supplies, ClouDr also provides hospital/pharmacy SaaS services, indicating wider business scope and broader development space.
- In terms of valuation, Neusoft Xikang Holdings (NXH HK) is a good comparable company for ClouDr,but investors need to be aware of the market sentiment to new IPOs at that time.
Japan’s Governance: Articles About Torii Pharmaceutical’s Annual General Meeting of Shareholders
- This article will discuss about Nikkei’s article about “Torii Pharmaceutical opposes Hong Kong investment firm’s proposal to ban revolving door” which includes several points of discussion.
- If the stock price is undervalued because investors are reluctant to invest on concerns about shareholder structure that doesn’t allow minority shareholders’ opinions to be heard, that is serious problem.
- Many subsidiaries have no incentive to listen to opinions of minority shareholders and enhance governance practices. Lack of growth strategies and communication to investors is also a problem for Torii.
Ilyang Pharmaceutical (007570 KS): Key Drugs Facing Increasing Competition
- Ilyang Pharmaceutical Co., (007570 KS) shares have plunged 19% since we published our bearish insight on the company on November 2, 2021.
- We are still bearish on Ilyang Pharmaceutical as both of its key drugs, Noltec and Supect are facing increasing competition from new generation treatments.
- Q4 provisional results indicate sequential deceleration in revenue, operating profit, and net profit. Recently, one institutional shareholder has reduced stake holding in the company.
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