In today’s briefing:
- Peijia Medical (9996.HK) Vs Venus MedTech (2500.HK) Vs CardioFlow (2160.HK)-Pain Points and Solution
- Voronoi IPO Preview
- Pre-IPO OrbusNeich Medical Group: A Scale Player, With Comprehensive Portfolio in PCI Balloon Market
- Beijing Yuanxin (北京圆心) Pre-IPO – Growing at the Expense of Margins
- Microport NeuroTech (微创脑科学) Pre-IPO: Decent Name for Neuro-Interventional Devices
- Syngene International Ltd: Guidance Raised on Upbeat Numbers, Outlook
- Biocon: Biosimilar Traction Buoys up Q3, Momentum to Be Key
Peijia Medical (9996.HK) Vs Venus MedTech (2500.HK) Vs CardioFlow (2160.HK)-Pain Points and Solution
- Venus MedTech (2500 HK) is taking the lead in TAVR industry, but Peijia Medical (9996 HK) has advantages in development progress of future products. So, the market pattern is not yet determined.
- The high cost of TAVR surgery is the main reason for lower-than-expected sales performance of related companies and low market penetration. The fierce competition would also bring more challenges.
- A good solution is to enter developing markets with CE mark, which would offer a new commercialization option and also a wider expansion beyond just European and American markets.
Voronoi IPO Preview
- Voronoi (VOR KS) is getting ready to complete its IPO in Korea in March. The IPO offering base deal size is from $84 million to $109 million.
- The company has developed a genotype-directed therapy that is effective for tumors caused by mutations in kinases, and has successfully conducted global technology transfers.
- The total amount of accumulated milestones for three global technology exports of Voronoi is $1.79 billion (about 2.1 trillion won) which is very impressive.
Pre-IPO OrbusNeich Medical Group: A Scale Player, With Comprehensive Portfolio in PCI Balloon Market
- OrbusNeich Medical Group focuses on coronary and peripheral interventional instruments, such as balloons and stents used in PCI (coronary)/PTA (peripheral) procedures.
- Comprehensive and innovative product portfolio for endovascular interventional procedures, established global sales network, and robust pipeline are the major strength of OrbusNeich.
- Fierce competition, commoditized nature of the offering, centralized procurement leading to substantial price drop are some of the concerns for the company.
Beijing Yuanxin (北京圆心) Pre-IPO – Growing at the Expense of Margins
- Beijing Yuanxin Tech (BYT) is looking to raise US$500m in its upcoming Hong Kong IPO.
- As per F&S, the firm is the No. 1 integrated healthcare fulfilment platform in China focusing on prescription drugs
- In this note, we look at the company’s fundamentals and operations and share our thoughts about the IPO.
Microport NeuroTech (微创脑科学) Pre-IPO: Decent Name for Neuro-Interventional Devices
- Microport NeuroTech is a leading neuro-interventional device company in China. The company is looking to raise up to USD 300m via a Hong Kong listing.
- We look at the company’s key segments and products. We like the company’s comprehensive coverage of neuro-interventional devices.
- Its management team has decent experience as it is a spin-off from Microport. We also highlight the risk of the stock.
Syngene International Ltd: Guidance Raised on Upbeat Numbers, Outlook
- Syngene is a contract research, development and manufacturing organisation catering mainly to global innovator pharma\chemical companies
- Syngene serves these players, which outsource some or substantial part of their business in the product development life cycle
- Target Price & Valuation: We value Syngene at Rs 710 i.e. 40x FY24E EPS of |17.8
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.
Biocon: Biosimilar Traction Buoys up Q3, Momentum to Be Key
- Biocon mainly operates in biologics (biosimilars), small molecules (generics), branded formulations and contract research (Syngene)
- Robust biosimilar portfolio with partners like Viatris, Sandoz (for future launches), Adagio among others
- Target Price and Valuation: We value Biocon at Rs 410 on SOTP basis
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.
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