reports
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Improving funding environment and potential fiscal e...
We expect the continuous interest rate cuts to lower R&D costs and accelerate innovative product launches for biopharmaceutical producers. This will support a continuous recovery of the healthcare industry for the next few years. Moreover, the highly-expected fiscal easing package may also be a potential catalyst for medical service and medical equipment players. Maintain MARKET WEIGHT on China’s healthcare sector.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Mixed growth outlook. MARKET WEIGHT
Most biopharmaceutical companies under our coverage posted robust 1H24 results, while others reported moderate growth or missed market estimates. We believe leading drug innovators will outperform, supported by continued new product launches, while weak economic conditions and policy uncertainties may continue to cloud the growth outlook for medical service providers and medical device players. Geopolitical risks remain a threat to CDMO majors. Maintain MARKET WEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS (CAYMAN) INC.
3692 HANSOH PHARMACEUTICAL GROUP
300765 WUXI APPTEC CO. LTD. CLASS H
300244 CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
CSPC Pharmaceutical Group Limited: 1 director
A director at CSPC Pharmaceutical Group Limited bought 1,000,000 shares at 4.612HKD and the significance rating of the trade was 67/100. 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 ...
- Carol Dou Xiao Qin
- Sunny Chen
CSPC Pharmaceutical Group (1093 HK): 1H24: Results miss; major product...
CSPC reported disappointing 1H24 results with revenue rising 1.3% yoy and adjusted net profit growing 1.7% yoy. Management guided for lower sales of new products from Rmb3b to about Rmb2b in 2024, but kept its double-digit total revenue growth forecast for 2024 unchanged. We anticipate low growth visibility for CSPC in 2024-26 as some of its blockbuster drugs could face considerable GPO price pressure and intensifying competition. Downgrade to SELL with a lower target price of HK$5.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Greater China Research Team
- Johnny Yum Chung Man
- Kate Luang
- Ken Lee
- Kenny Yong Hui Lim
- Sunny Chen
Greater China Daily: Thursday, August 22, 2024
KEY HIGHLIGHTS Results Crystal International (2232 HK/BUY/HK$3.54/Target: HK$4.92) Crystal’s 1H24 net profit grew 14.1% yoy to US$84m, representing 44% of our full-year estimate. Interim DPS almost tripled to 13.8 HK cents and interim payout ratio reached 60%. Management has turned more positive on 2024-25 as it almost doubled its 2024 labour addition target, and is confident on registering a 20% gross margin in the coming years. We raise dividend payout forecast to 60% in 2024-26 and expect...
01093 CSPC PHARMACEUTICAL GROUP LIMITED
00388 HONG KONG EXCHANGES & CLEARING LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
01810 XIAOMI CORP. CLASS B
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
TGIF 1933 INDUSTRIES
1093 CSPC PHARMACEUTICAL GROUP LTD
BCOW 1895 BANCORP OF WISCONSIN INC
2232 CRYSTAL INTERNATIONAL GROUP LTD
- Carol Dou Xiao Qin
- Sunny Chen
CSPC Pharmaceutical Group (1093 HK): Optimising allocation of assets t...
CSPC is integrating its innovative assets by transferring CSPC Baike to CSPC Innovation. We estimate the transaction will have limited impact on CSPC’s earnings outlook, but will unlock the market value of its innovative assets, and provide CSPC with more flexible financing channels to support business development. We have adjusted our valuation to reflect investor concerns over the potential transactions. Maintain BUY with target price of HK$7.80.
- Arsit Pamaranont
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Johnny Yum Chung Man
- Jonathan Koh
- Keith Wee Teck Keong
- Kong Ho Meng
- Posmarito Pakpahan
- Sunny Chen
Regional Morning Notes - Monday, January 29, 2024
GREATER CHINA Sector IT Hardware: Better visibility for specification upgrade trend. Maintain OVERWEIGHT. Update CSPC Pharmaceutical Group (1093 HK/BUY/HK$5.99/Target: HK$7.80): Optimising allocation of assets to unlock market value and support business development. INDONESIA Results Bank Central Asia (BBCA IJ/BUY/Rp9,350/Target: Rp10,400): 4Q23: Strong loan growth and higher opex. MALAYSIA Update Bursa Malaysia (BURSA MK/BUY/RM7.35/Target: RM8.05): We expect a favourable re-rating for Bursa...
- Carol Dou Xiao Qin
- Greater China Research Team
- Johnny Yum Chung Man
- Sunny Chen
Greater China Daily: Monday, January 29, 2024
KEY HIGHLIGHTS Sector IT Hardware Better visibility for specification upgrade trend. Maintain OVERWEIGHT. Update CSPC Pharmaceutical Group (1093 HK/BUY/HK$5.99/Target: HK$9.20) Optimising allocation of assets to unlock market value and support business development. HSI AND HS TECH INDEX OUTLOOK
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Becoming more innovative; valuation increasingly att...
China’s healthcare industry has experienced a slump in stock prices due to weak market sentiment. Our channel check indicates that the industry is generally in good shape and has become increasingly innovative. Most healthcare companies are improving their operating efficiency and expecting to generate stronger revenue and/or earnings growth in 2024. The recent sell-off has made valuations more attractive. BUY on weakness. Maintain MARKET WEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
2CRSI 2CRSI SA
1801 INNOVENT BIOLOGICS INC
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
3692 WUXI BIOLOGICS CAYMAN INC
ME HANSOH PHARMACEUTICAL GROUP
2269 23ANDME HLDG CO
WUXI BIOLOGICS (CAYMAN) INC
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Sunny Chen
- Terence Chiu
- Tham Mun Hon
Greater China Daily: Friday, December 1, 2023
KEY HIGHLIGHTS Economics PMI A mixed bag despite negative headlines. Sector Automobile Weekly: EV sales fell and inventories piled up during 20-26 Nov 23. Maintain UNDERWEIGHT. Top SELLs: BYD and Ganfeng Lithium. Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$7.05/Target: HK$9.20) 9M23: Results in line; new products to support double-digit revenue growth in 2024. Update PDD Holdings (PDD US/BUY/US$141.73/Target: US$173.00) Poised for a new cycle of revitalised growth propelled by Temu. T...
- Carol Dou Xiao Qin
- Sunny Chen
CSPC Pharmaceutical Group (1093 HK): Innovative product launches to su...
CSPC recently received approvals for two new products, namely Irinotecon Liposome Injection and Narlumosbart for Injection. With the extensive R&D pipeline rolling out an increasing number of innovative products, CSPC has entered the harvest season of innovation. We expect the new product launches to continue, supporting double-digit revenue and earnings growth for the company from 2024. Maintain BUY. Target price: HK$8.00.
- Carol Dou Xiao Qin
- Damon Shen
- Jieqi Liu
- Julia Pan Mengyao
- Ming San Soong
- Sunny Chen
- Terence Chiu
Greater China Daily: Wednesday, October 11, 2023
KEY HIGHLIGHTS Sector Property Property sales during National Day holiday weaker than expected; awaiting more stimuli in 4Q23 to restore confidence. Update Alibaba Group (9988 HK/BUY/HK$82.10/Target: HK$120.00) 2QFY24 preview: Eyes on Taobao-Tmall’s focus strategy; near-term growth to be spurred by Double 11. Asian Gems Corporate Highlights CSPC Pharmaceutical Group (1093 HK/BUY/HK$5.52/Target: HK$8.00) Innovative product launches to support double-digit revenue growth from 2024. TRADERS’ CO...
- Carol Dou Xiao Qin
- Damon Shen
- Heidi Mo Jinghui
- Jacquelyn Yow Hui Li
- Jieqi Liu
- Julia Pan Mengyao
- Jun Sian Tan
- Kampon Akaravarinchai
- Kochakorn Sutaruksanon
- Leow Huey Chuen
- Limartha Adhiputra
- Llelleythan Tan Tan
- Ming San Soong
- Sunny Chen
Regional Morning Notes - Wednesday, October 11, 2023
GREATER CHINA Sector Property: Property sales during National Day holiday weaker than expected; awaiting more stimuli in 4Q23 to restore confidence. Update Alibaba Group (9988 HK/BUY/HK$82.10/Target: HK$120.00): 2QFY24 preview: Eyes on Taobao-Tmall’s focus strategy; near-term growth to be spurred by Double 11. Asian Gems Corporate Highlights CSPC Pharmaceutical Group (1093 HK/BUY/HK$5.52/Target: HK$8.00): Innovative product launches to support double-digit revenue growth from 2024. INDONESIA As...
00688 CHINA OVERSEAS LAND & INVESTMENT LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
01109 CHINA RESOURCES LAND LIMITED
BEM BANGKOK EXPRESSWAY AND METRO PUBLIC COMPANY LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
MAHB MALAYSIA AIRPORTS HLDGS BHD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Staying positive in the cold winter.
Despite the weak global funding environment for biotech, companies have shown persistent efforts in pursuing innovation and globalisation. Moreover, regular academic conferences have gradually returned, supporting stronger sales momentum in 4Q23. We prefer companies with a positive long-term outlook and attractive valuations. Maintain OVERWEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
1801 INNOVENT BIOLOGICS INC
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
0623337D INNOVENT BIOLOGICS SUZHOU CO LTD
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2696 SHANGHAI HENLIUS BIOTECH INC
2269 WUXI BIOLOGICS CAYMAN INC
3692 HANSOH PHARMACEUTICAL GROUP
2500 VENUS MEDTECH (HANGZHOU) INC.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Easing pressure from anti-corruption campaign, long-...
Most healthcare companies reported satisfactory 1H23 results while revising down revenue growth to factor in delays in some academic conferences and hospital procurement in 3Q23. As pressure from the anti-corruption campaign is easing, we believe sales activities of medical products will resume soon and that long-term growth outlook remains intact. We prefer companies with positive long-term outlooks and attractive valuations. Maintain OVERWEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
0623337D INNOVENT BIOLOGICS SUZHOU CO LTD
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
RRRP3 3R PETROLEUM OLEO E GAS
2696 SHANGHAI HENLIUS BIOTECH INC
2269 WUXI BIOLOGICS CAYMAN INC
3692 HANSOH PHARMACEUTICAL GROUP
2500 VENUS MEDTECH (HANGZHOU) INC.
- Carol Dou Xiao Qin
- Sunny Chen
CSPC Pharmaceutical Group (1093 HK): 1H23: Results in line; robust pip...
1H23 results were stable, with revenue rising 3.0% yoy and adjusted net profit growing 3.0% yoy. The results were in line. CSPC maintains its positive revenue and net earnings growth guidance for 2023, but has increased its payout ratio to reward investors. It continues to improve cost efficiency and enhance R&D efforts. With a robust pipeline, we believe CSPC will resume double-digit revenue growth from 2024. Maintain BUY. Target price: HK$8.00.
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Damon Shen
- Jieqi Liu
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
Greater China Daily: Thursday, August 24, 2023
KEY HIGHLIGHTS Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$5.63/Target: HK$8.00) 1H23: Results in line; robust pipeline to restore double-digit revenue growth in 2024. Innovent Biologics (1801 HK/BUY/HK$30.75/Target: HK$43.00) 1H23: Results beat; proven commercial and R&D capabilities bode well for sustainable long-term growth. Jiumaojiu International Holdings (9922 HK/BUY/HK$12.50/Target: HK$18.00) 1H23: Results in line; sequential sales improvement in 2H23. Kingsoft Corp (3888 HK/BUY...
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
3K1 KINGSOFT CORP. LTD.
M3I MINTH GROUP LIMITED
1801 INNOVENT BIOLOGICS INC
881 ZHONGSHENG GROUP HOLDINGS
1368 XTEP INTERNATIONAL HOLDINGS
0623337D INNOVENT BIOLOGICS SUZHOU CO LTD
6049 POLY PROPERTY SERVICES CO LTD
9922 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
780 TONGCHENG TRAVEL HOLDINGS LTD
- Adrian Loh Tzum Yung
- Ariel Poh Yun Li
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Kochakorn Sutaruksanon
- Leow Huey Chuen
- Malaysia Research Team
- Ming San Soong
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Notes - Thursday, August 24, 2023
GREATER CHINA Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$5.63/Target: HK$8.00): 1H23: Results in line; robust pipeline to restore double-digit revenue growth in 2024. Innovent Biologics (1801 HK/BUY/HK$30.75/Target: HK$43.00): 1H23: Results beat; proven commercial and R&D capabilities bode well for sustainable long-term growth. Jiumaojiu International Holdings (9922 HK/BUY/HK$12.50/Target: HK$18.00): 1H23: Results in line; sequential sales improvement in 2H23. Kingsoft Corp (3888 HK/BUY/H...
T13 SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
SXC KINGSOFT CORP. LTD.
3K1 MINTH GROUP LIMITED
M3I INNOVENT BIOLOGICS INC
1801 BERJAYA SPORTS TOTO BHD
BST SUNWAY CONSTRUCTION GROUP BH
SCGB SIME DARBY PLANTATION BHD
SDPL XTEP INTERNATIONAL HOLDINGS
1368 JIUMAOJIU INTERNATIONAL HOLDINGS LTD
9922 RH PETROGAS
RHP TONGCHENG TRAVEL HOLDINGS LTD
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Underpenetrated ICL market in China; leading leading...
ICL is a promising segment of medical services. China’s ICL market had a low penetration rate of about 6% in 2021 vs developed countries’ 35-60%. The roll-out of DRG programmes continues to accelerate the outsourcing of testing services from hospitals. The accelerating post-pandemic market consolidation may also benefit leading ICL players. Our channel check shows that leading players (KingMed and Dian) expect to deliver steady growth in 2023 non-COVID-19-related revenue. Maintain OVERWEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
1801 INNOVENT BIOLOGICS INC
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2696 SHANGHAI HENLIUS BIOTECH INC
2269 WUXI BIOLOGICS CAYMAN INC
3692 HANSOH PHARMACEUTICAL GROUP
2500 VENUS MEDTECH (HANGZHOU) INC.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Be selective amidst attractive valuations.
We like healthcare service providers and leading pharmaceutical producers with steady revenue and earnings growth and ample cash on hand should outperform. We expect biotech companies and CRDMO companies to remain under pressure until US easing monetary policies improve liquidity and remove biotech funding challenges. Maintain OVERWEIGHT.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
1801 INNOVENT BIOLOGICS INC
3933 THE UNITED LABORATORIES INTE
2877 CHINA SHINEWAY PHARMACEUTICA
TXG 10X GENOMICS INC CLASS A
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD
1833 PING AN 1833 HK PAGD
1521 FRONTAGE HOLDINGS CORP
2359 WUXI APPTEC CO LTD
603259 WUXI APPTEC CO. LTD. CLASS A
2269 WUXI BIOLOGICS CAYMAN INC
3692 HANSOH PHARMACEUTICAL GROUP
2500 VENUS MEDTECH (HANGZHOU) INC.
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