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
- 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
WuXi Biologics (Cayman) (2269 HK): 1H23: Revenue rose 17.8% yoy due to...
WuXi Bio’s 1H23 revenue rose 17.8% yoy while adjusted net earnings were flat from 1H22. The slow revenue and earnings growth was mainly due to a significant decrease in COVID-19-related business. Revenue growth of 30% yoy remains a challenging target for 2023, while the improving global funding environment may benefit the company in obtaining an increasing number of new projects. Upgrade to HOLD with a higher target price of HK$47.00.
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Greater China Research Team
- Jo Yee Ng
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ming San Soong
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
- Ziv Ang Sze Champ
Greater China Daily: Friday, August 25, 2023
KEY HIGHLIGHTS Results AAC Technologies (2018 HK/HOLD/ HK$15.56/ Target: HK$14.50) 1H23: Margins deteriorated further; better visibility of recovery in 2H23. AIA Group (1299 HK/BUY/ HK$69.95/Target: HK$95.00) 1H23: VONB in line; margin slumps a concern. Aier Eye Hospital Group (300015 CH/BUY/Rmb18.02/Target: Rmb26.00) 1H23: Satisfactory results; strong demand to further boost revenue growth. China Construction Bank (939 HK/BUY/HK$4.11/Target: HK$6.30) 1H23: Earnings continue to thrive despit...
XGH ENN ENERGY HOLDINGS LIMITED
0939 CHINA CONSTRUCTION BANK CORPORATION CLASS H
600809 SHANXI XINGHUACUN FEN WINE FACTORY CO. LTD. CLASS A
01299 AIA GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
A2XN AAC TECHNOLOGIES HOLDINGS INC.
3690 MEITUAN DIANPING 3690 HK
2269 WUXI BIOLOGICS CAYMAN INC
9999 HK NETEASE INC
- Anas Fitri Bin Ahmad
- Ariel Poh Yun Li
- Arsit Pamaranont
- Carol Dou Xiao Qin
- Greater China Research Team
- Jack Goh Tooan Orng
- Jacquelyn Yow Hui Li
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Leow Huey Chuen
- Llelleythan Tan Tan
- Malaysia Research Team
- Ming San Soong
- Paula Ruth
- Sunny Chen
- Vincent Khoo Boo Aik
- Ziv Ang Sze Champ
Regional Morning Notes - Friday, August 25, 2023
GREATER CHINA Results AAC Technologies (2018 HK/HOLD/ HK$15.56/ Target: HK$14.50): 1H23: Margins deteriorated further; better visibility of recovery in 2H23. AIA Group (1299 HK/BUY/ HK$69.95/Target: HK$95.00): 1H23: VONB in line; margin slumps a concern. Aier Eye Hospital Group (300015 CH/BUY/Rmb18.02/Target: Rmb26.00): 1H23: Satisfactory results; strong demand to further boost revenue growth. China Construction Bank (939 HK/BUY/HK$4.11/Target: HK$6.30): 1H23: Earnings continue to thrive despite...
ESSO ESSO (THAILAND)
01299 AIA GROUP LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
A2XN AAC TECHNOLOGIES HOLDINGS INC.
601939 CHINA CONSTRUCTION BANK CORPORATION CLASS A
ERAA ERAJAYA SWASEMBADA
TSI EMPERADOR
KLK KUALA LUMPUR KEPONG BHD
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
3690 MEITUAN DIANPING 3690 HK
UMWH UMW HOLDINGS BHD
2269 WUXI BIOLOGICS CAYMAN INC
9999 HK NETEASE INC
Samsung Biologics Co Ltd: 1 director
A director at Samsung Biologics Co Ltd bought 1,050 shares at 731,286.000KRW and 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 the company's directors over the last tw...
- 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.
- Dominic Rose
- Naresh Chouhan
Global CDMOs - Overcapacity is Coming (Thematic Research)
We have calculated the significant supply about to enter the biologics manufacturing space & analysed demand growth. Whilst the market assumes an improvement in utilisation from 2024, we forecast there will be significant overcapacity in the coming years resulting in even lower utilisation at an industry level. Our detailed bottom-up analysis shows that total mammalian cell supply is set to grow by 11% p.a. 2023-26 but demand is set to grow just 8% p.a. over the same period. However, much more c...
LONN LONZA GROUP AG
TMO THERMO FISHER SCIENTIFIC INC.
CTLT CATALENT INC
CRL CHARLES RIVER LABORATORIES INTERNATIONAL INC.
A AGILENT TECHNOLOGIES INC.
SRT3 SARTORIUS AG PREF
MRK MERCK KGAA
SFZN SIEGFRIED HOLDING AG
DIM SARTORIUS STEDIM BIOTECH SA
BANB BACHEM HOLDING AG CLASS B
207940 SAMSUNG BIOLOGICS CO. LTD.
EVT EVOTEC AG
AVTR AVANTOR INC.
2269 WUXI BIOLOGICS CAYMAN INC
EAPI EUROAPI
- Carol Dou Xiao Qin
- Sunny Chen
WuXi Biologics (Cayman) (2269 HK): Expect slow revenue growth of about...
Management estimated WuXi Bio’s revenue growth at 10% yoy in 1H23. The company maintained its revenue growth guidance of 30% yoy in 2023. We anticipate a cloudy growth outlook for WuXi Bio in 2023 as the global biotech funding environment remains challenging. Downgrade to SELL with a lower target price of HK$30.00 to reflect possibly slower revenue growth and continued margin pressure.
- Carol Dou Xiao Qin
- Greater China Research Team
- Jo Yee Ng
- Julia Pan Mengyao
- Roy Chen Chengzhi
- Stella Guo Yuting
- Sunny Chen
- Terence Chiu
Greater China Daily: Wednesday, June 21, 2023
KEY HIGHLIGHTS Sector Aviation Airlines: Expecting strong summer peak travel; equity-raisings still an overhang. Maintain UNDERWEIGHT. Internet 618 shopping gala – Price war reignited amid tempered consumption. Update WuXi Biologics (Cayman) (2269 HK/SELL/HK$38.75/Target: HK$30.00) Expect slow revenue growth of about 10% yoy in 1H23. Downgrade to SELL. Xtep International Holdings (1368 HK/NOT RATED/HK$8.22) Store visit and management takeaways: 618 mid-teens growth, soft tone on sales in Jun...
- Carol Dou Xiao Qin
- Greater China Research Team
- Jacquelyn Yow Hui Li
- Jo Yee Ng
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Leow Huey Chuen
- Malaysia Research Team
- Roy Chen Chengzhi
- Stella Guo Yuting
- Stevanus Juanda
- Sunny Chen
- Vincent Khoo Boo Aik
Regional Morning Notes - Wednesday, June 21, 2023
REGIONAL Sector Plantation: Thailand, the third-largest CPO-producing country, is adding planting area by converting land used for other crops. The dry weather in 1Q23 is affecting production in 2H23. GREATER CHINA Sector Aviation: Airlines: Expecting strong summer peak travel; equity-raisings still an overhang. Maintain UNDERWEIGHT. Internet: 618 shopping gala – Price war reignited amid tempered consumption. Update WuXi Biologics (Cayman) (2269 HK/SELL/HK$38.75/Target: HK$30.00): Expect slow r...
- 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.
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare - Regaining Strength
Now that the business environment has returned to normal, most healthcare companies expect higher visibility of revenue and earnings prospects in 2023. Medical services and consumable producers will likely benefit the most and see robust revenue expansion. CRO/CDMO firms may become less appealing to investors given their slower revenue growth and lower margin trend. Biotech firms have made significant R&D and commercial achievements, but will still face significant funding challenges in 2023. Ma...
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
2696 SHANGHAI HENLIUS BIOTECH INC
2269 WUXI BIOLOGICS CAYMAN INC
2500 VENUS MEDTECH (HANGZHOU) INC.
- Carol Dou Xiao Qin
- Sunny Chen
WuXi Biologics (Cayman) (2269 HK): 2022: Adjusted net profit up 48.5% ...
WuXi Bio’s revenue and adjusted net profit rose 48.4% yoy and 48.5% yoy respectively in 2022. It targets revenue growth at over 30% in 2023, supported by the robust growth of non-COVID-19 revenue. Gross margin may be under pressure in the next 2-3 years as new overseas facilities are put into use. The company expects net earnings to grow at 26-27% yoy in 2023. Maintain BUY with a lower target price of HK$70.00 to reflect the slower revenue growth and continued margin pressure.
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Damon Shen
- Jessie Guo Yuting
- Jieqi Liu
- Johnny Yum Chung Man
- Ken Lee
- Sunny Chen
- Terence Chiu
Greater China Daily: Friday, March 24, 2023
KEY HIGHLIGHTS Results AAC Technologies (2018 HK/HOLD/ HK$17.34/ Target: HK$19.00) 4Q22: Impacted by optics again, management expecting recovery from 2H23. China Overseas Property Holdings (2669 HK/BUY/HK$9.00/Target: HK$11.69) 2022: Results beat with stable segment margins; reiterating 30% growth target. WuXi Biologics (Cayman) (2269 HK/BUY/HK$50.70/Target: HK$70.00) 2022: Adjusted net profit up 48.5% yoy; slower revenue growth in 2023. Zhongsheng Group Holdings (881 HK/SELL/HK$36.40/Targe...
- Ariel Poh Yun Li
- Carol Dou Xiao Qin
- Damon Shen
- Hazmy Hazin
- Jessie Guo Yuting
- Jieqi Liu
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Llelleythan Tan Tan
- Posmarito Pakpahan
- Sunny Chen
Regional Morning Notes - Friday, March 24, 2023
GREATER CHINA Results AAC Technologies (2018 HK/HOLD/ HK$17.34/ Target: HK$19.00): 4Q22: Impacted by optics again, management expecting recovery from 2H23. China Overseas Property Holdings (2669 HK/BUY/HK$9.00/Target: HK$11.69): 2022: Results beat with stable segment margins; reiterating 30% growth target. WuXi Biologics (Cayman) (2269 HK/BUY/HK$50.70/Target: HK$70.00): 2022: Adjusted net profit up 48.5% yoy; slower revenue growth in 2023. Zhongsheng Group Holdings (881 HK/SELL/HK$36.40/Target: ...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
- Vincent Khoo Boo Aik
REG: Strategy: Alpha Picks - February 2023
GREATER CHINA Strategy Alpha Picks: February Conviction Calls: We expect consolidation in February, as investors await management guidance for 2023 in the upcoming earnings season. INDONESIA Strategy Alpha Picks: Outperformance In Jan 23, Add HMSP: Our picks: HMSP, ROTI, BBRI, BBNI, SMGR, EXCL, KLBF and MAPI. MALAYSIA Strategy Alpha Picks: Off To A Strong Start In January: Our Alpha Picks outperformed the FBMKLCI in January. Feb 23 picks: BAT, Genting Malaysia, Hap Seng Plantations, Malaysia A...
G13 GENTING SINGAPORE
CPF CHAROEN POKPHAND FOODS PUBLIC CO. LTD.
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
D05 DBS GROUP HOLDINGS LTD
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
U96 SEMBCORP INDUSTRIES LTD.
KLBF PT KALBE FARMA TBK
COM7 COM7
ADVANC ADVANCED INFO SERVICE PUBLIC CO. LTD.
A17U ASCENDAS REAL ESTATE INVESTMENT TRUST
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
MAPI MITRA ADIPERKASA
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
SPRC STAR PETROLEUM REFINING
ROTI NIPPON INDOSARI CORPINDO
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
00700 TENCENT HOLDINGS LTD.
02669 CHINA OVERSEAS PROPERTY HOLDINGS LIMITED
YNS YINSON HOLDINGS BHD
MLT MAPLETREE LOGISTICS TRUST
SIE SIA ENGINEERING CO LTD
MYEG MY EG SERVICES BHD
PMAH PRESS METAL ALUMINIUM HOLDIN
CPALL TB CP ALL
GENM GENTING MALAYSIA BHD
MAHB MALAYSIA AIRPORTS HLDGS BHD
2747 ESTUN AUTOMATION
UMSH UMS HOLDINGS LTD
WHA TB WHA CORP PCL
SCGP SCG PACKAGING PCL
2269 WUXI BIOLOGICS CAYMAN INC
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9888 BAIDU INC
CLI CAPITALAND INVESTMENT LTD
BBNI BANK NEGARA INDONESIA PERSER
EXCL XL AXIATA TBK PT
CLAS CAPITALAND ASCOTT TRUST
SMGR SEMEN INDONESIA PERSERO TBK
- Greater China Research Team
China Strategy: Alpha Picks -- February conviction calls.
MSCI China rose a further 12.3 % in January, leading to a 52.1% rally from Oct 22 lows. We continue to expect some consolidation (or profit taking) in February, ahead of the earnings season. Hence, we take profit on earlier BUY calls and add SELL names to hedge against the expected market pullback.
LGX1 CHINA RESOURCES GAS GROUP LIMITED
ASL ABERFORTH SMALLER COMPANIES TRUST PLC
01109 CHINA RESOURCES LAND LIMITED
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
ORI1 ORIENT OVERSEAS (INTERNATIONAL) LIMITED
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
00700 TENCENT HOLDINGS LTD.
700 HK TENCENT 700 HK
1772 GANFENG LITHIUM CO. LTD. CLASS H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
1024 KUAISHOU TECHNOLOGY
2269 WUXI BIOLOGICS CAYMAN INC
XPEV XPENG INC. ADR SPONSORED CLASS A
291 CHINA RESOURCES BEER HOLDINGS CO LTD
9888 BAIDU INC
2378 PRUDENTIAL PLC
- Carol Dou Xiao Qin
- Sunny Chen
WuXi Biologics (Cayman) (2269 HK): Targets revenue to expand 30% yoy i...
WuXi Bio has entered into a licence agreement with GSK on multiple novel bi- and multi-specific TCE antibodies. With strong R&D and service capabilities, the company is confident it can obtain 120 new integrated projects and expects to deliver resilient revenue growth of over 30% yoy in 2023. Having achieved cash flow breakeven in 2022, the company indicates there is no need to use equity financing to fund its business expansion. Maintain BUY and raise target price to HK$95.00.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.