reports
- Pelham Smithers
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 01/10/2024
Comme Astérix dans l’album éponyme, Barnier a un chaudron à remplir. Deux mesures pour y parvenir ont « fuité » ces derniers jours dans la presse : rabotage du CIR (Crédit d’impôt Recherche) et hausse « exceptionnelle » de l’impôt des sociétés sur les grands groupes. Nous avons mesuré la sensibilité des 90 et 80 sociétés les plus concernées dans notre univers de couverture à ces deux mesures. 20 sociétés ont un CIR > 5% de leur EBIT et 22 sociétés verraient leurs BPA baisser de plus d...
- Damien Choplain
- Martial Descoutures
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/01/2024
Like Astérix in the album of the same name, Michel Barnier has a cauldron to fill. Two measures to manage this have “leaked” in the press in the last few days: a reduction in the CIR research tax credit and an exceptional tax increase on large companies. We measured the sensitivity to these two measures of the 90 and 80 companies most concerned in our coverage universe. 20 companies have a CIR >5% of their EBIT and 22 companies would see their EPS fall by more than 5% due to the addit...
- Damien Choplain
- Martial Descoutures
Roche Holding : The streamlining of the development strategy is taking...
>Development focused on 5 therapeutic areas and 11 diseases - At its Pharma Day yesterday, Roche presented its new strategy which is now focused on 1/ five therapeutic areas (cardiovascular/metabolic, oncology/haematology, neurology, immunology and ophthalmology) representing 80% of future pharma industry growth and 2/ eleven pathologies (including breast cancer, haemophilia, multiple sclerosis, obesity, etc.) in which Roche believes it has the capacity to bring to th...
- Damien Choplain
- Martial Descoutures
Roche Holding : La rationalisation de la stratégie de développement pr...
>Développement focalisé sur 5 aires thérapeutiques et 11 pathologies - Lors de son Pharma Day tenu hier, Roche a présenté sa nouvelle stratégie désormais focalisée sur 1/cinq aires thérapeutiques (cardiovasculaire/métabolique, oncologie/hématologie, neurologie, immunologie et ophtalmologie) représentant 80% de la croissance future de l’industrie pharma et 2/ onze pathologies (dont cancer du sein, hémophilie, sclérose en plaques, obésité, etc.) dans lesquelles Roche pe...
- Pelham Smithers
PSA Strategy: Japan Stock Market Quarterly 2024 Q4
When the BoJ raised rates in March, it had been 17 years since it had last done so, though the world was very different then. While the July rate hike was unlikely to move the economic needle, the question now is what else might follow the subsequent financial market maelstrom. Pelham Smithers discusses the outlook for Japan’s macro environment, what new fiscal policies the new PM might introduce, how the BoJ might react and the all-important trend in corporate earnings. This then leads us to...
6754 ANRITSU CORPORATION
7751 CANON INC.
4519 CHUGAI PHARMACEUTICAL CO. LTD.
4751 CYBERAGENT INC.
4755 RAKUTEN INC.
3107 DAIWABO HOLDINGS CO. LTD.
8473 SBI HOLDINGS INC.
6954 FANUC CORPORATION
4324 DENTSU GROUP INC.
6861 KEYENCE CORPORATION
4902 KONICA MINOLTA INC.
6988 NITTO DENKO CORP.
7752 RICOH COMPANY LTD.
6869 SYSMEX CORPORATION
3064 MONOTARO CO. LTD.
5801 FURUKAWA ELECTRIC CO. LTD.
5715 FURUKAWA CO. LTD.
7205 HINO MOTORS LTD.
6501 HITACHI LTD.
6305 HITACHI CONSTRUCTION MACHINERY CO. LTD.
7267 HONDA MOTOR CO. LTD.
7012 KAWASAKI HEAVY INDUSTRIES LTD.
9107 KAWASAKI KISEN KAISHA LTD.
6971 KYOCERA CORPORATION
8316 SUMITOMO MITSUI FINANCIAL GROUP INC.
6503 MITSUBISHI ELECTRIC CORP.
5632 MITSUBISHI STEEL MANUFACTURING CO. LTD.
5706 MITSUI MINING AND SMELTING COMPANY LIMITED
6966 MITSUI HIGH-TEC INC.
6902 DENSO CORPORATION
6701 NEC CORP.
6594 NIDEC CORPORATION
7201 NISSAN MOTOR CO. LTD.
4666 PARK24 CO. LTD.
6268 NABTESCO CORPORATION
2371 KAKAKU.COM INC.
9984 SOFTBANK GROUP CORP.
8136 SANRIO COMPANY LTD.
6758 SONY CORPORATION
5802 SUMITOMO ELECTRIC INDUSTRIES LTD.
6762 TDK CORPORATION
6976 TAIYO YUDEN CO. LTD.
6315 TOWA CORPORATION
7203 TOYOTA MOTOR CORP.
4208 UBE INDUSTRIES LTD.
8698 MONEX GROUP INC.
3774 INTERNET INITIATIVE JAPAN
3765 GUNGHO ONLINE ENTERTAINMENT INC.
2160 GNI GROUP LTD.
3659 NEXON CO. LTD.
3445 RS TECHNOLOGIES CO. LTD.
6269 MODEC INC
3769 GMO PAYMENT
68900 FERROTEC CORPORATION
9519 RENOVA
4385 MERCARI INC.
3993 PKSHA TECHNOLOGY INC.
3626 JT TIS INC
9434 SOFTBANK CORP.
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
7071 AMVIS HOLDINGS
78320 BANDAI NAMCO
45870 PEPTIDREAM INC
4443 JT SANSAN (4443 JT)
3491 JT GA TECHNOLOGIES
3394 JT MONEY FOWARD
4480 MEDLEY
RRRP3 3R PETROLEUM OLEO E GAS
6532 JT BAYCURRENT CONSULTING (6532 JT)
3697 JT SHIFT INCORPORATED (3697 JT)
4483 JMDC
4180 JP APPIER GROUP
TSE: 2980 SRE HOLDINGS CORP
4194 VISIONAL INC
9552 M&A RESEARCH INSTITUTE
123F 123FAHRSCHULE SE
9616 JT KYORITSU MAINTENANCE (9616 JT)
9552 JT M&A RESEARCH INSTITUTE (9552 JT)
6544 JT JAPAN ELEVATOR SERVICES HOLDINGS (6544 JT)
6200 JT INSOURCE (6200 JT)
2154 JT OPEN UP GROUP (2154 JT)
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
ROG ROCHE HOLDING LTD
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RXL REXEL SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
CPR DAVIDE CAMPARI-MILANO N.V.
- Bruno Cavalier
- Delphine Brault
- Quentin Borie
ROG ROCHE HOLDING LTD
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
RXL REXEL SA
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
01913 PRADA S.P.A.
MONC MONCLER SPA
ITX INDUSTRIA DE DISENO TEXTIL S.A.
ASSA B ASSA ABLOY AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
WLN WORLDLINE SA
CPR DAVIDE CAMPARI-MILANO N.V.
- Damien Choplain
- Martial Descoutures
Roche Holding : Feedback from EASD call
>Differentiated clinical profiles of CT-388 and CT-996 not validated at this stage - At last week's EASD, Roche presented new phase I clinical data for its two lead compounds in obesity, including the following:CT-388 (GIP/GLP-1; weekly injection): data at 24 weeks showed a weight reduction of 18.9% at the highest dose, making CT-388 one of the most potent products currently in development. For example, weight loss was 17.5% for Lilly's retatrutide at 24 weeks ...
- Damien Choplain
- Martial Descoutures
Roche Holding : Feedback call EASD
>Profils cliniques différenciés de CT-388 et CT-996 non validés à ce stade - Dans le cadre du congrès de l’EASD qui s’est tenu la semaine dernière, Roche a présenté de nouvelles données cliniques de phase 1 pour ses deux actifs phares dans l’obésité, dont nous retenons les points suivants :CT-388 (GIP/GLP-1 ; injection hebdomadaire) : les données à 24 semaines montrent une réduction de poids de 18.9% à la dose la plus forte ce qui positionne CT-388 parmi les pr...
Gilead Sciences Inc: 2 directors
Two Directors at Gilead Sciences Inc sold/sold after exercising options 50,603 shares at between 83.782USD and 84.500USD. The significance rating of the trade was 75/100. 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...
- Damien Choplain
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/03/2024
After a stress episode in the first few days of the month, the equity markets finished August on a gain. US markets ended slightly ahead of Europe, thanks notably to the latest good US GDP numbers, but this performance is erased by the strong rise of the euro. The main driver was short rates falling in anticipation of rate cuts by central banks, with 2-year rates coming close to 10-year rates in the US and Europe. Tech stocks took a hit but less so than in July, and the two worst per...
- Damien Choplain
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 03/09/2024
Après leur stress tout début août, les marchés actions finissent le mois dans le vert. Les marchés américains terminent légèrement devant l’Europe, notamment grâce aux derniers bons chiffres du PIB USA, mais cette performance est effacée par la forte remontée de l’euro. Ce sont surtout les taux courts qui ont reculé, anticipant des baisses de taux par les banques centrales, le 2 ans revenant proche du 10 ans aux USA comme en Europe. Les valeurs technologiques ont souffert mais moins q...
- Damien Choplain
ODDO : IRA : rabais de la première liste en ligne avec nos attentes
>Discount de la première liste Medicare enfin dévoilé (-66% en médiane) - Le 15 août dernier, l’administration Biden-Harris a officiellement communiqué le rabais qui sera appliqué aux 10 médicaments (voir tableau en deuxième page) de la première liste établie par Medicare dans le cadre de l’IRA. Il ressort donc de ces négociations un discount appliqué sur le list price allant de -38% (Imbruvica ; oncologie) à -79% (Januvia ; diabète) avec une médiane à -66%, ce qui d...
- Damien Choplain
ODDO : IRA: discount on the first list in line with our forecasts
>Discount for the first Medicare list finally announced (median of -66%) - On 15 August, the Biden-Harris administration officially announced the discount that will be applied to the 10 drugs (see the list on page 2) of the first list set out by Medicare within the IRA framework. The result of the negotiations is an applied discount to the list price ranging from -38% (Imbruvica, oncology) to -79% (Januvia, diabetes) with a median of -66%, which should generate savin...
- Pelham Smithers
- MarketLine Department
Taisho Pharmaceutical Holdings Co Ltd - Mergers & Acquisitions (M&A), ...
Summary Marketline's Taisho Pharmaceutical Holdings Co Ltd Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Taisho Pharmaceutical Holdings Co Ltd - Mergers & Acquisitions (M&A), Partnerships & Alliances since January2007. Marketline's Company Mergers & Acquisitions (M&A), ...
- Dave Nicoski
- Ross LaDuke
ILMN ILLUMINA INC.
KMX CARMAX INC.
TFX TELEFLEX INCORPORATED
OMCL OMNICELL INC.
MDT MEDTRONIC PLC
MD MEDNAX INC.
LAD LITHIA MOTORS INC. CLASS A
JNJ JOHNSON & JOHNSON
GILD GILEAD SCIENCES INC.
EXPE EXPEDIA GROUP INC.
CNMD CONMED CORPORATION
CHTR CHARTER COMMUNICATIONS INC. CLASS A
BXP BOSTON PROPERTIES INC.
ATSG AIR TRANSPORT SERVICES GROUP INC.
APPS DIGITAL TURBINE
ANGO ANGIODYNAMICS INC.
AMPH AMPHASTAR PHARMACEUTICALS INC
AUP AURINIA PHARMACEUTICALS INC.
CRI CARTER'S INC.
LBRDA LIBERTY BROADBAND CORP. CLASS A
ASIX ADVANSIX INC.
CSCO CISCO SYSTEMS INC.
KREF KKR REAL ESTATE FINANCE TRUST
ROKU ROKU INC. CLASS A
PGC PEAPACK-GLADSTONE FINANCIAL CORP.
ZM ZOOM VIDEO COMMUNICATIONS INC. CLASS A
NVST ENVISTA HOLDINGS
MTCH MATCH GROUP INC.
GEVO GEVO
CGEM CULLINAN ONCOLOGY INC
OLPX OLAPLEX HLDGS INC
TSE TRINSEO PLC
EXFY EXPENSIFY INC
CCI CALAMOS GLB CNVRTBL & DYNMC INC COM
CSOAD COASTAL CONTACTS INC COM
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