Report
EUR 93.41
For Business Accounts Only
In our previous note, we looked at the company's key segments and existing drugs. We are of the view that the majority of the company's existing products were generic drugs in the oncology, CNS and autoimmune segments. Three core products accounted for more than 50% of sales in 2019. The company's earning growth in the past three years is commendable given the competition from other domestic generics. We also looked at the company's innovative product pipeline. We are of the view that a majority of innovative products in the clinical stage of near commercialization are just improvement over existing products and there is a lack of innovation. The company is mainly held by the founders' family members with the remaining stakes owned by employee incentive schemes and domestic private equity investors.
In this note, we look at the company's disclosure for impact from COVID-19, compare its financials with peers and provide a preliminary thought on valuation.
Simcere (先声制药) Pre-IPO - PHIP updates and peer comparison
Simcere Pharma has a long history dating back to 1995 and was previously listed in the US. The company is looking to raise USD 500m via a listing in Hong Kong.In our previous note, we looked at the company's key segments and existing drugs. We are of the view that the majority of the company's existing products were generic drugs in the oncology, CNS and autoimmune segments. Three core products accounted for more than 50% of sales in 2019. The company's earning growth in the past three years is commendable given the competition from other domestic generics. We also looked at the company's innovative product pipeline. We are of the view that a majority of innovative products in the clinical stage of near commercialization are just improvement over existing products and there is a lack of innovation. The company is mainly held by the founders' family members with the remaining stakes owned by employee incentive schemes and domestic private equity investors.
In this note, we look at the company's disclosure for impact from COVID-19, compare its financials with peers and provide a preliminary thought on valuation.
Underlying
Simcere Pharmaceutical Group
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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