Not All Players Are Equal in the Plasma Industry

CSL's Largest-Ever Clinical Trial for Recurrent Heart Attacks: High Unmet Medical Need

Australian Equity Long Short, JCP Investment Partners

Jai Mirchandani

Australian Equity Long Short

Combining the art and science of investing

JCP Investment Partners

JCP is a research-driven, fundamental Australian Equities investment manager. We were founded in 1998 and are 100% owned by our employees, directors and associates. With almost 20 years of organisational experience we have a proven performance record in both bull and bear markets. Our alignment policy is based on the principles of employee ownership and co-investment.

We recognise the value in retaining an experienced and stable team, together with operating within a theoretically robust and proven investment framework. At the heart of our investment process is our commitment to maintaining a large ‘in-house’ research team, which is supplemented by proprietary external research. 

Our competitive advantage lies in our ability to combine the art and science of investing, providing an edge that is difficult for other investors to replicate.  

Our business strategy is to deliver long-term excess returns to our clients and maximise returns to our shareholders, within an entrepreneurial culture that allows our employees to achieve their full potential.
JCP’s proprietary investment platform allows for efficient processing of our research insights, and more efficient idea generation through our smart optimisation platform.  We then combine this with a sensible qualitative overlay through the experience and ‘gut feel’ of our Portfolio Construction team. 

We believe the sophistication of our process is a source of enduring competitive advantage, enabling us to continue to generate long-term excess returns for our clients. The flexibility and scalability of our resources, provide us with the tools to have meaningful conversations with our clients about their needs and how we can create solutions to better meet these needs.

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Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/917" target="_blank" data-smartkarma-citation="entities:917:1">CSL Ltd (CSL AU)</a> reported their 1H18 result on 14 February 2018:<ul><li>Revenue $4,147m, up 11% at constant currency (cc)</li><li>EBIT $1,476m, up 31% cc</li><li>NPAT $1,086m, up 31% cc</li></ul>The result was no doubt strong and the company upgraded FY18 NPAT guidance to $1,550m-$1,600m from previous guidance of $1,480-$1,550m. The new guidance appears conservative given over $1bn of NPAT was generated in the first half. However given the lumpiness of R&amp;D costs and seasonality of Seqirus, the flu vaccine business, guidance may not be as conservative as it would appear. Nevertheless, the business is in a great position and performing very well and we still maintain a favourable view of the company.CSL has two segments, Behring which manufactures, markets and develops plasma therapies and Seqirus which develops influenza vaccines. Both business units performed very strongly and I expect new product launches to sustain growth over the medium term.

CSL Ltd (CSL AU) reported their 1H18 result on 14 February 2018:Revenue $4,147m, up 11% at constant currency (cc)EBIT $1,476m, up 31% ccNPAT $1,086m, up 31% ccThe result was no doubt strong and the company upgraded FY18 NPAT guidance to $1,550m-$1,600m from previous guidance of $1,480-$1,550m. The new guidance appears conservative given over $1bn of NPAT was generated in the first half. However given the lumpiness of R&amp;D costs and seasonality of Seqirus, the flu vaccine business, guidance may not be as conservative as it would appear. Nevertheless, the business is in a great position and performing very well and we still maintain a favourable view of the company.CSL has two segments, Behring which manufactures, markets and develops plasma therapies and Seqirus which develops influenza vaccines. Both business units performed very strongly and I expect new product launches to sustain growth over the medium term. 

Strong 1H18 Result and New Products Expected to Support Future Growth