Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
ields Testing Support Ahead Of FOMC Meeting We continue to see signs of improving risk appetites alongside healthy market dynamics. As a result, our outlook remains constructive. A breakout to new highs in the Russell 2000 (IWM) and Russell Micro-Caps (IWC), above $234.50 and $159, would likely cause us to shift to an outright bullish stance. Small- & Micro-Caps. The Russell 2000 (IWM) and Russell Micro-Caps (IWC) are testing key resistance at $234.50 and $159, respectively. Sustained breakout...
Lower High Forming? Major global indexes are showing waning upside momentum and we believe near-term consolidation is likely. This is supported by the charts and the idea that consolidation makes sense following the massive gains off of the March lows. We also believe that the market is in a “wait-and-see†phase as it relates to states and countries re-opening. A resolution of this consolidation period above resistance (bullish) or below support (bearish) will tell us where the major global...
The Only Thing We Have To Fear Is Fear Itself This powerful quote from FDR can be applied to many facets of life. When it comes to the market, fear can lead investors to buy when it is time to sell, sell when it is time to buy, or freeze up altogether. Step one in conquering this issue starts with preparation and a gameplan. In our report from last Thursday (3/12) titled “Searching For A Bottom†we laid out our gameplan and what we need to see before having confidence that equity markets ar...
The Only Thing We Have To Fear Is Fear Itself This powerful quote from FDR can be applied to many facets of life. When it comes to the market, fear can lead investors to buy when it is time to sell, sell when it is time to buy, or freeze up altogether. Step one in conquering this issue starts with preparation and a gameplan. In our report from last Thursday (3/12) titled “Searching For A Bottom†we laid out our gameplan and what we need to see before having confidence that equity markets ar...
Senate Finance Committee Chairman Chuck Grassley and Democratic ranking member Ron Wyden posted the Prescription Drug Pricing Reduction Act on Tuesday, and although this is not a final bill (it needs to proceed through markup on Thursday and get a majority vote of the full committee, so it could see changes before it proceeds to a Senate floor vote), it likely means that a bipartisan agreement was reached prior to posting. Share prices of drug firms were largely unmoved by this news; while we th...
First reported July 10 by Axios, the Trump administration is not planning to finalize the proposed rule altering the flow of drug rebates purchased through Medicare Part D plans. The rule would have changed the business model of pharmacy benefit managers, requiring any negotiated discounts to be passed directly to the beneficiary at the point of sale rather than used as a mechanism to lower the costs to the insurance plan overall. While this led to a rally for PBMs/insurers and distributors, dru...
First reported July 10 by Axios, the Trump administration is not planning to finalize the proposed rule altering the flow of drug rebates purchased through Medicare Part D plans. The rule would have changed the business model of pharmacy benefit managers, requiring any negotiated discounts to be passed directly to the beneficiary at the point of sale rather than used as a mechanism to lower the costs to the insurance plan overall. While this led to a rally for PBMs/insurers and distributors, dru...
Innovation in immuno-oncology drugs has supported the economic moats for Merck, Roche, Bristol-Myers Squibb, and AstraZeneca, and we expect expansion into the adjuvant/neoadjuvant settings to strengthen these moats. We project the lung adjuvant/neoadjuvant market to expand the potential by close to $10 billion in annual sales (not probability-weighted) by 2027, adding to almost $40 billion projected in the late-stage metastatic settings. We estimate an 85% probability of success in this early-tr...
Innovation in immuno-oncology drugs has supported the economic moats for Merck, Roche, Bristol-Myers Squibb, and AstraZeneca, and we expect expansion into the adjuvant/neoadjuvant settings to strengthen these moats. We project the lung adjuvant/neoadjuvant market to expand the potential by close to $10 billion in annual sales (not probability-weighted) by 2027, adding to almost $40 billion projected in the late-stage metastatic settings. We estimate an 85% probability of success in this early-tr...
We think Roche's drug portfolio and industry-leading diagnostics conspire to create sustainable competitive advantages. As the market leader in both biotech and diagnostics, this Swiss healthcare giant is in a unique position to guide global health care into a safer, more personalized, and more cost-effective endeavor. Strong information sharing continues between Genentech and Roche researchers, boosting research and development productivity and personalized medicine offerings that take advantag...
We think Roche's drug portfolio and industry-leading diagnostics conspire to create sustainable competitive advantages. As the market leader in both biotech and diagnostics, this Swiss healthcare giant is in a unique position to guide global health care into a safer, more personalized, and more cost-effective endeavor. Strong information sharing continues between Genentech and Roche researchers, boosting research and development productivity and personalized medicine offerings that take advantag...
Following the annual meeting of the American Society of Clinical Oncology, we're maintaining our Roche fair value estimate of $42/CHF 343 per share, and shares traded at a more than 20% discount to our valuation at Monday's close. Data at the meeting supporting our bullish view on several of Roche's drugs, including Venclexta in CLL and Tecentriq in lung cancer patients with liver metastases, triple-negative breast cancer, and adjuvant indications. We think Roche is also well positioned to weath...
Following the annual meeting of the American Society of Clinical Oncology, we're maintaining our Roche fair value estimate of $42/CHF 343 per share, and shares traded at a more than 20% discount to our valuation at Monday's close. Data at the meeting supporting our bullish view on several of Roche's drugs, including Venclexta in CLL and Tecentriq in lung cancer patients with liver metastases, triple-negative breast cancer, and adjuvant indications. We think Roche is also well positioned to weath...
Following the annual meeting of the American Society of Clinical Oncology, we're maintaining our Roche fair value estimate of $42/CHF 343 per share, and shares traded at a more than 20% discount to our valuation at Monday's close. Data at the meeting supporting our bullish view on several of Roche's drugs, including Venclexta in CLL and Tecentriq in lung cancer patients with liver metastases, triple-negative breast cancer, and adjuvant indications. We think Roche is also well positioned to weath...
We think Roche's drug portfolio and industry-leading diagnostics conspire to create sustainable competitive advantages. As the market leader in both biotech and diagnostics, this Swiss healthcare giant is in a unique position to guide global health care into a safer, more personalized, and more cost-effective endeavor. Strong information sharing continues between Genentech and Roche researchers, boosting research and development productivity and personalized medicine offerings that take advantag...
We may revisit our near-term estimates following Roche's strong top-line results in the first quarter, but we do not anticipate a material change to our CHF 333/$42 fair value estimate for wide-moat Roche. We continue to believe that the market underappreciates the firm's pipeline and new marketed drugs, and we think the firm's wide moat protects cash flows despite strong headwinds from biosimilar versions of Herceptin, Rituxan, and Avastin (which together represented 36% of 2018 sales). Roche...
Roche produces pharmaceuticals (specialized in oncology and immunology) and sellsdiagnostic equipment. The pharmaceuticals segment represented 77% of sales in 2018and diagnostics 23%. In geographical terms, Roche is well diversified with 45% of salesin North America, 26% in Europe, 21% in Asia-Pacific and 10% in the rest of the world.
We may revisit our near-term estimates following Roche's strong top-line results in the first quarter, but we do not anticipate a material change to our CHF 333/$42 fair value estimate for wide-moat Roche. We continue to believe that the market underappreciates the firm's pipeline and new marketed drugs, and we think the firm's wide moat protects cash flows despite strong headwinds from biosimilar versions of Herceptin, Rituxan, and Avastin (which together represented 36% of 2018 sales). Roche...
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