reports
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Entering a new phase of accelerated growth. Upgrade ...
China's biotechnology sector has entered an accelerated growth phase, with firms expanding their innovative commercial product portfolios, achieving significant outlicensing deals and enjoying unexpected profitability. With an unprecedented showing of 74 oral presentations at ASCO 2025, the sector highlighted its robust pipeline and expanding role in global innovation. Sustained policy support and globalisation efforts will further support this expansion. Upgrade to OVERWEIGHT with Innovent, Han...
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
3933 HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
2877 THE UNITED LABORATORIES INTE
HCM CHINA SHINEWAY PHARMACEUTICA
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
603882 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
1093 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
603259 CSPC PHARMACEUTICAL GROUP LTD
2269 WUXI APPTEC CO. LTD. CLASS A
06160 WUXI BIOLOGICS (CAYMAN) INC.
300765 BEIGENE LTD.
300244 WUXI APPTEC CO. LTD. CLASS H
BGNE CSPC INNOVATION PHARMACEUTICAL CO L
DIAN DIAGNOSTICS GROUP CO
BEIGENE LTD-ADR
- Carol Dou Xiao Qin
- Gigi Cheuk
- Heidi Mo Jinghui
- Jack Lai Yuan Khai
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kate Luang
- Lester Siew
- Ming San Soong
- Sunny Chen
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, June 19, 2025
GREATER CHINA Sector Healthcare Entering a new phase of accelerated growth. Upgrade to OVERWEIGHT. Internet 618 Festival – Evolving consumer trends and continued focus on value for money. Small/Mid Cap Highlights JBM Healthcare (2161 HK/BUY/HK$2.85/Target: HK$3.31) Takeaways from luncheon. INDONESIA Update Kalbe Farma (KL...
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TISCO TISCO FINANCIAL GROUP
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
KLBF PT KALBE FARMA TBK
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
4731 SCIENTEX
X2S SINOPHARM GROUP CO. LTD. CLASS H
SCI SCI ELECTRIC
PDD PINDUODUO INC. SPONSORED ADR CLASS A
3933 THE UNITED LABORATORIES INTE
KLK KUALA LUMPUR KEPONG BHD
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
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
RSTON RIVERSTONE HOLDINGS LTD
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
09988 ALIBABA GROUP HOLDING LTD.
2269 WUXI BIOLOGICS (CAYMAN) INC.
09618 JD.COM INC. CLASS A
3692 HANSOH PHARMACEUTICAL GROUP
01024 KUAISHOU TECHNOLOGY CLASS B
06160 BEIGENE LTD.
SCB WUXI APPTEC CO. LTD. CLASS H
300765 SCB X PUBLIC COMPANY LIMITED
02161 CSPC INNOVATION PHARMACEUTICAL CO L
300244 JBM (HEALTHCARE) LTD
TTB DIAN DIAGNOSTICS GROUP CO
TOTAL BRAIN LTD
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Entering a new phase of accelerated growth. Upgraded...
China's biotechnology sector has entered an accelerated growth phase, with firms expanding their innovative commercial product portfolios, achieving significant outlicensing deals and enjoying unexpected profitability. Moreover, Chinese biotech firms had an unprecedented showing at ASCO 2025, with 74 oral presentations highlighting their robust pipelines and the sector's strong growth trajectory. Sustained policy support and globalisation efforts will further support this expansion. Upgrade to O...
- Christian Arnold
- Tobias Fahrenholz
LHN HOLCIM AG
FME FRESENIUS MEDICAL CARE AG
CLN CLARIANT AG
BVI BUREAU VERITAS SA
ROG ROCHE HOLDING LTD
DKSH DKSH HOLDING AG
NOVN NOVARTIS AG
GIVN GIVAUDAN SA
LONN LONZA GROUP AG
ARYN ARYZTA AG
NESN NESTLE S.A.
OERL OC OERLIKON CORPORATION AG
REE RED ELECTRICA CORP. SA
GEBN GEBERIT AG
BAS BASF SE
SAN SANOFI
IMPN IMPLENIA AG
SUN SULZER AG
RIEN RIETER HOLDING AG
DOKA DORMAKABA HOLDING AG
LPP LPP S.A.
YPSN YPSOMED HOLDING AG
BCHN BURCKHARDT COMPRESSION HOLDING AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
VACN VAT GROUP AG
COPN COSMO PHARMACEUTICALS NV
AZN ASTRAZENECA PLC
SIK SIKA AG
SRAIL STADLER RAIL AG
STMN STRAUMANN HOLDING AG
GSK GSK PLC
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
NOVO B NOVO NORDISK A/S
SFZN SIEGFRIED HOLDING AG
- Christian Arnold
- Tobias Fahrenholz
LHN HOLCIM AG
FME FRESENIUS MEDICAL CARE AG
CLN CLARIANT AG
BVI BUREAU VERITAS SA
ROG ROCHE HOLDING LTD
DKSH DKSH HOLDING AG
NOVN NOVARTIS AG
GIVN GIVAUDAN SA
LONN LONZA GROUP AG
ARYN ARYZTA AG
NESN NESTLE S.A.
OERL OC OERLIKON CORPORATION AG
REE RED ELECTRICA CORP. SA
GEBN GEBERIT AG
BAS BASF SE
SAN SANOFI
IMPN IMPLENIA AG
SUN SULZER AG
RIEN RIETER HOLDING AG
DOKA DORMAKABA HOLDING AG
LPP LPP S.A.
YPSN YPSOMED HOLDING AG
BCHN BURCKHARDT COMPRESSION HOLDING AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
VACN VAT GROUP AG
COPN COSMO PHARMACEUTICALS NV
AZN ASTRAZENECA PLC
SIK SIKA AG
SRAIL STADLER RAIL AG
STMN STRAUMANN HOLDING AG
GSK GSK PLC
ACLN ACCELLERON INDUSTRIES LTD
DSFIR KONINKLIJKE DSM N.V.
SGSN SGS SA
NOVO B NOVO NORDISK A/S
SFZN SIEGFRIED HOLDING AG
- Team Pharma
- Team Pharma
- Ahmed Ben Salem
- Bruno Cavalier
- Steven Boumans
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
ROG ROCHE HOLDING LTD
OUT1V OUTOKUMPU OYJ
GFC GECINA SA
SSAB A SSAB AB CLASS A
NXI NEXITY SA CLASS A
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
KCO KLOECKNER & CO SE
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
JCQ JACQUET METALS SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
XIOR XIOR STUDENT HOUSING N.V.
BAS BASF SE
SAN SANOFI
ICAD ICADE SA
01913 PRADA S.P.A.
REP REPSOL SA
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
NN NN GROUP N.V.
MERLIN MERLIN PROPERTIES SOCIMI S.A.
DKG DEUTSCHE KONSUM REIT-AG
AZN ASTRAZENECA PLC
BP. BP P.L.C.
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
WDP WAREHOUSES DE PAUW SCA
DSY DASSAULT SYSTEMES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
ONE ONE UNITED PROPERTIES SA
GSK GSK PLC
SHUR SHURGARD SELF STORAGE LIMITED
H2O HIDROELECTRICA S.A.
NOVO B NOVO NORDISK A/S
- Ahmed Ben Salem
- Bruno Cavalier
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
APAML APERAM SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
ROG ROCHE HOLDING LTD
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
NOVN NOVARTIS AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
KCO KLOECKNER & CO SE
BRBY BURBERRY GROUP PLC
JCQ JACQUET METALS SA
KER KERING SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ENI ENI S.P.A.
BAS BASF SE
SAN SANOFI
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
NN NN GROUP N.V.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
DSY DASSAULT SYSTEMES SA
SHEL SHELL PLC
GSK GSK PLC
H2O HIDROELECTRICA S.A.
NOVO B NOVO NORDISK A/S
- Team Pharma
- Team Pharma
- Dominic Rose
- Naresh Chouhan
MFN Drug Pricing - Impact and Implementation (Thematic, 5pgs)
Ahead of today’s signing of an Executive Order to introduce a Most Favoured Nation approach to drug pricing in the US, we show that net pricing in the EU is c.50% lower than in the US & which companies have most to lose from MFN. We also show that, in reality,
AstraZeneca: 1 director
A director at AstraZeneca bought 700 shares at 143.310USD and the significance rating of the trade was 59/100. 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 sho...
- Carol Dou Xiao Qin
- Sunny Chen
China Healthcare: Drug Innovators Continue To Drive Market Growth
Drug innovators beat consensus with strong 2024/1Q25 results. Biopharma is set to outperform in 2025 with robust innovative pipelines and effective globalisation strategies. Internet healthcare players will maintain solid revenue growth and improve profitability in 2025/FY26. Medical devices and leading hospital players should recover steadily in 2025, while ICL and TCM companies may face continued policy uncertainties. Geopolitical risks remain a threat to CRDMO majors. Maintain UNDERWEIGHT.
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
HCM HUTCHISON CHINA MEDITECH LIMITED
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
06160 BEIGENE LTD.
300765 WUXI APPTEC CO. LTD. CLASS H
CSPC INNOVATION PHARMACEUTICAL CO L
- Ahmed Ben Salem
DHL DHL GROUP
FP TOTAL SE
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
KNEBV KONE OYJ CLASS B
TKA TELEKOM AUSTRIA AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
RXL REXEL SA
MMK MAYR-MELNHOF KARTON AG
OMV OMV AG
AMUN AMUNDI SA
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
REP REPSOL SA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
KGX KION GROUP AG
AENA AENA SME SA
ANDR ANDRITZ AG
SNP PETROM S.A.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
ADYEN ADYEN NV
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
ATCO A ATLAS COPCO AB
STMN STRAUMANN HOLDING AG
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
DSFIR KONINKLIJKE DSM N.V.
- Ahmed Ben Salem
DHL DHL GROUP
FP TOTAL SE
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
KNEBV KONE OYJ CLASS B
TKA TELEKOM AUSTRIA AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
RXL REXEL SA
MMK MAYR-MELNHOF KARTON AG
OMV OMV AG
AMUN AMUNDI SA
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
REP REPSOL SA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
AENA AENA SME SA
ANDR ANDRITZ AG
SNP PETROM S.A.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
ADYEN ADYEN NV
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
ATCO A ATLAS COPCO AB
STMN STRAUMANN HOLDING AG
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
DSFIR KONINKLIJKE DSM N.V.
- Damien Choplain
- Martial Descoutures
- ABGSC Healthcare Research
- Alexander Krämer
- Morten Larsen
- Damien Choplain
- Martial Descoutures
- Anthony Dick
- Michael Foundoukidis
DB1 DEUTSCHE BOERSE AG
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
MTX MTU AERO ENGINES AG
NOVN NOVARTIS AG
FORTUM FORTUM OYJ
RXL REXEL SA
MMK MAYR-MELNHOF KARTON AG
RHM RHEINMETALL AG
ALV ALLIANZ SE
G ASSICURAZIONI GENERALI S.P.A.
CAP CAPGEMINI SE
SY1 SYMRISE AG
BC8 BECHTLE AG
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
BG BAWAG GROUP AG
CCEP COCA-COLA EUROPEAN PARTNERS PLC
8TRA TRATON SE
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
PUIG PUIG BRANDS
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