Report
EUR 86.11
For Business Accounts Only
In our previous note, we have discussed the company's background, revenue model, management and investors of the company. We are of the view that the company has a good reputation in the CRO/CMO industry, as evidenced by its international pharmaceutical clients. We are of the view that the company's management has a strong track record and it has strong investor backing.
In this insight, we look at the 3Q2019 numbers disclosed in the latest filing and highlight strong growth in CMC segment, and North America and China.
We discuss our thoughts on the company’s valuation. We compare the company’s operation and valuation with Wuxi AppTech. We also examine Wuxi Apptech’s A-H premium history since its H-share listing.
We think the company’s fair value at 12.2% A-H premium. We think the company will be included into the Hong Kong Connect scheme soon after the stabilization period ends, after which inflows from mainland China will be supportive to the share prices.
Pharmaron (康龙化æˆ) A+H Listing - 3Q2019 numbers and thoughts on valuation
Pharmaron, a leading contract research company, is looking to list in Hong Kong by raising up to USD 600 million.In our previous note, we have discussed the company's background, revenue model, management and investors of the company. We are of the view that the company has a good reputation in the CRO/CMO industry, as evidenced by its international pharmaceutical clients. We are of the view that the company's management has a strong track record and it has strong investor backing.
In this insight, we look at the 3Q2019 numbers disclosed in the latest filing and highlight strong growth in CMC segment, and North America and China.
We discuss our thoughts on the company’s valuation. We compare the company’s operation and valuation with Wuxi AppTech. We also examine Wuxi Apptech’s A-H premium history since its H-share listing.
We think the company’s fair value at 12.2% A-H premium. We think the company will be included into the Hong Kong Connect scheme soon after the stabilization period ends, after which inflows from mainland China will be supportive to the share prices.
Provider
Aequitas Research
Aequitas Research is a leading ECM research firm with a focus on IPOs and placements/follow-on offerings across the Asia Pacific with deal size of over USD100m.
Since 2015, we have covered 400+ IPOs and 450+ placements with a hit rate of 73% and 65%, respectively. We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic analysis.
Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis. We also provide a more quant driven analysis on placement/follow-on offerings.
Markets that we cover include:
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Hong Kong,
China ADRs,
India,
Japan,
Australia, and
ASEAN.
Ke Yan
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