reports
- 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
- Dominic Rose
- Naresh Chouhan
Wuxi Biologics - Rare Buying Opportunity (BUY, TP HKD60 [125], 14 pgs)
A combination of our newly formed forecast model and Wuxi Bio’s recent commentary, means we are increasingly confident on Wuxi’s ability to deliver our forecasted 18% sales growth this year and 16% CAGR sales growth to 2028. We see significant upside to our forecast from the $6.5bn milestone pool of which we include only $200m by 2028 and we include zero royalty revenue. Gross margins are likely to remain depressed for some time as a number of new plants come on stream and take time to ramp up. ...
- Carol Dou Xiao Qin
- Sunny Chen
WuXi Biologics (Cayman) (2269 HK): 2023 revenue growth target guided d...
WuXi Bio held a business update call on 4 Dec 23. Management indicated that revenue will likely increase about 10% yoy and adjusted net earnings to a single-digit yoy decline in 2023. The new 2023 guidance is significantly lower than its previously guided 30% yoy revenue increase. Downgrade to SELL with a lower target price of HK$22.00.
- Adrian Loh Tzum Yung
- Carol Dou Xiao Qin
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Kong Ho Meng
- Leow Huey Chuen
- Limartha Adhiputra
- Singapore Research Team
- Sunny Chen
- Tham Mun Hon
Regional Morning Notes - Tuesday, December 05, 2023
GREATER CHINA Strategy Staying The Course: We expect China’s real GDP to grow 4% in 2024; MSCI China Index target at 67.3pts. Update WuXi Biologics (Cayman) (2269 HK/SELL/HK$33.15/Target: HK$22.00): 2023 revenue growth target guided down from 30% yoy to about 10% yoy. Downgrade to SELL. INDONESIA Results Jasa Marga (JSMR IJ/BUY/Rp4,670/Target: Rp7,300): 3Q23: Core NPAT up 233% yoy due to higher toll and construction revenues. MALAYSIA Update Hap Seng Plantations (HAPL MK/BUY/RM1.79/Target: RM2...
- Carol Dou Xiao Qin
- Greater China Research Team
- Sunny Chen
- Terence Chiu
- Tham Mun Hon
Greater China Daily: Tuesday, December 5, 2023
KEY HIGHLIGHTS Strategy Staying The Course We expect China’s real GDP to grow 4% in 2024; MSCI China Index target at 67.3pts. Update WuXi Biologics (Cayman) (2269 HK/SELL/HK$33.15/Target: HK$22.00) 2023 revenue growth target guided down from 30% yoy to about 10% yoy. Downgrade to SELL. TRADERS’ CORNER Kunlun Energy Company Limited (135 HK): Trading Buy range: HK$6.85-7.10 Lenovo Group Ltd. (992 HK): Trading Buy range: HK$9.60-9.80
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: A brighter outlook in 2024.
Easing pressure from the anti-corruption campaign will result in stronger sales growth for medical products. Moreover, after years of persistent R&D efforts, many Chinese biopharmaceutical companies now expect a fruitful year of innovation in 2024. In addition, potential US interest rate cuts will also provide liquidity for R&D investment and support the development of biotech and CRO segments in 2024. We expect a brighter outlook in 2024. Maintain OVERWEIGHT.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
853 MICROPORT SCIENTIFIC CORP
AAC AAC MICROTEC AB
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 HANSOH PHARMACEUTICAL GROUP
ME 23ANDME HLDG CO
2500 VENUS MEDTECH (HANGZHOU) INC.
2269 WUXI BIOLOGICS (CAYMAN) INC
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