HUTCHMED reported slightly lower-than-expected 2024 revenue of US$630.2m but it delivered positive earnings of US$37.7m, beating consensus estimates of a net loss for 2024. The company continues to see R&D and commercial potential in the oncology business. With new market approvals for Fruquintinib in both China and overseas, HUTCHMED targets oncology revenue to reach US$350m-450m and accelerated earnings growth in 2025. Maintain BUY and target price of HK$30.00.
KEY HIGHLIGHTS Results Anta Sports (2020 HK/BUY/HK$97.90/Target: HK$108.80) Anta’s 2024 revenue beat estimates, but core profit was in line. While slightly revising the Anta brand’s sales target to a high single digit, management lowered Fila’s sales target to a mid single digit and aims to maintain operating margin stable at 25%, given: a) the increasing contribution of online and outlets channels with deeper discounts, and b) the need for investments in product innovations to gain market sha...
GREATER CHINA Results Anta Sports (2020 HK/BUY/HK$97.90/Target: HK$108.80): 2024: Revenue beats estimates but profit in line; lower sales target and conservative margin outlook for Fila. Fuyao Glass Industry Group (3606 HK/BUY/HK$56.35/Target: HK$68.00): 4Q24: Earnings up 34% yoy, in line with estimates. Maintain BUY. HUTCHMED (China) (13 HK/BUY/HK$23.90/Target: HK$30.00): 2024: Became self-sustainable; Fruquintinib continues to drive growth in 2025. Kerry Properties (683 HK/BUY/HK$18.74/Target:...
A director at Eli Lilly & Co sold 1,000 shares at 818.240USD and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly ...
Diabetes mellitus, Type 1 (T1D) and Type 2 (T2D, 85-90% of cases), is a USD ~75bn global therapy market. Global economic costs of diabetes may exceed USD1 trn today and USD 450bn in the US, suggesting a pressing global health challenge. Diabetes is a chronic metabolic disorder characterized by high blood sugar levels. In 2024, consensus global estimates suggested there were ~800m adult diabetes sufferers. In 2021, according to the IDF there >530m sufferers globally. For 2027E we modestly forecas...
Near-Term Downside Likely Following False Breakouts Our long-term outlook remains bullish as long as the S&P 500 remains above 5770-5850 and 5600-5670 (worst case), and we are buyers at these levels. With that said, we see potential for near-term downside as the S&P 500, Nasdaq 100 (QQQ), and FANG+ (FNGS) (1) could not decisively break out to new highs, (2) display bearish false breakouts, (3) have fallen back into their 2+ month trading ranges, (4) are violating their 1+ month uptrends, and (5...
AI revolution is a key trend of the healthcare industry for the long term. It will drive innovation, improve efficiency and enhance patient outcomes. AI technologies hold transformative potential in various areas. By leveraging genomic, clinical and molecular data, it is changing medical diagnosis, drug R&D and delivery of precision medical care, ultimately leading to better medical outcomes. The internet healthcare and ICL segments are the most direct beneficiaries in the short term.
Moody's Ratings (Moody's) assigned an Aa3 rating to the new senior unsecured notes offering of Eli Lilly and Company ("Lilly"). There are no changes to Lilly's existing ratings including the Aa3 senior unsecured notes ratings and issuer rating, the (P)Aa3 senior unsecured shelf, the (P)Aa3 senior un...
Moody's Ratings (Moody's) upgraded the senior unsecured notes ratings and issuer rating of Eli Lilly and Company ("Lilly") to Aa3 from A1 and affirmed the Prime-1 short-term rating. At the same time, we upgraded the senior unsecured shelf to (P)Aa3 from (P)A1, and the senior unsecured medium term no...
With slower-than-expected improvement in biotech funding, 2025 remains a challenging year for most biotech and CRO/CDMO companies. However, the delay of the Biosecure Act in 2024 offers a temporary reprieve for leading CRDMO companies. WuXi Bio and WuXi AppTec are likely to deliver faster revenue growth in 2025 vs 2024, supported by their competitive strength in obtaining new projects and customers, despite the considerable geopolitical risks. Maintain UNDERWEIGHT.
The global pharmaceutical market reached a value of US$1.09t in 2023, 10x China’s size. Despite considerable geopolitical risks, leading domestic biopharmaceutical firms are going global in pursuit of promising growth potential and higher margins. Adopting effective globalisation strategies, BeiGene and HUTCHMED are frontrunners with two and one novel therapeutics respectively. Their robust product pipelines also bode well for their long-term prospects in the global market. Our top pick is HUTCH...
GREATER CHINA Sector Automobile Weekly: PV sales down 10% yoy but up 8.5% wow; EVs gain on subsidy rollout. Maintain MARKET WEIGHT. Top BUYs: Geely, CATL, Fuyao and Desay. Healthcare The challenging but rewarding journey of globalisation amid rising geopolitical risks. Internet ...
The global pharmaceutical market reached a value of US$1.09t in 2023, 10x China’s size. Despite considerable geopolitical risks, leading domestic biopharmaceutical firms are going global in pursuit of promising growth potential and higher margins. Adopting effective globalisation strategies, BeiGene and HUTCHMED are frontrunners with two and one novel therapeutics respectively. Their robust product pipelines also bode well for their long-term prospects in the global market. Our top pick is HUTCH...
HUTCHMED has secured divestment proceeds to advance its innovative pipeline, including its newly disclosed proprietary next-generation antibody-targeted therapy conjugate (ATTC) platform, through monetising a 45% equity interest in a non-core JV (joint venture). This divestment sharpens the focus onto HUTCHMED’s core business and will enable investment into the early-stage ATTC platform. Cash proceeds of c $608m provide additional financial flexibility as HUTCHMED executes on its goal of sustain...
In the coming days at Obesity Week, we will see multiple datasets from amylin assets that could help to further support our belief that amylin combinations could become a material MOA in the Obesity market. Ahead of the Cagrisema P3 readout, we dig deep into the potential for amylin and show: 1) It has a superior tolerability profile, 2) Could preserve lean muscle mass and 3) Could be neuroprotective. We analyse the majority of the clinical data available on these drugs & show that the full prom...
Moody's Ratings (Moody's) assigned an A1 rating to the new senior unsecured notes offering of Eli Lilly and Company ("Lilly"). There are no changes to Lilly's existing ratings including the A1 senior unsecured long-term rating and the Prime-1 short-term rating, or the positive outlook. Proceeds fr...
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