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On January 14th, Goldman Sachs issued a research report giving China Biopharmaceutical (01177.HK) a "Buy" rating with a target price of HK$6.19. This target price is based on a 12-month sum-of-the-parts valuation method, where the innovative drug pipeline is valued at RMB 69.3 billion using a discounted cash flow method, while the generic drug business is valued at RMB 46.8 billion based on a P/E ratio of 12 and a five-year CAGR of 5%. China Biopharmaceutical announced the acquisition of 100% equity in Hergia for a total price of RMB 1.2 billion, with approximately RMB 1.1 billion paid in cash and the remaining RMB 97 million to be paid in installments through new shares. Hergia is a clinical-stage biotechnology company focusing on siRNA technology, currently possessing four clinical-stage projects targeting Lp(a), ApoC3, THRbeta, and HBV, and more than 10 preclinical candidate products. This is the third acquisition by China Biopharmaceutical in two years. Goldman Sachs believes that as siRNA technology gradually becomes an important innovative model for the treatment of chronic diseases, this acquisition will strengthen China Biopharmaceuticals R&D pipeline in the fields of cardiovascular, metabolic and liver diseases, and create synergies with its existing products.According to the General Administration of Customs, China imported 9,951.6 tons of rare earths in December, compared with 5,221 tons in November.According to the General Administration of Customs, China imported 101,062 tons of rare earths from January to December.According to the General Administration of Customs, China imported 13.448 million tons of natural gas in December, compared with 11.947 million tons in November.According to the General Administration of Customs, China imported 127.865 million tons of natural gas from January to December.

Bets on policy divergence between the BOE and BOJ heighten, pushing GBP/JPY above 162.00

Alina Haynes

Aug 22, 2022 14:55

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As investors prepare for a further widening of the policy gulf between the BOE and the BOJ, the GBP/JPY pair has broken firmly above the 162.00 mark (BOJ). Assuming the cross maintains its footing above the pivotal 162.00 level, further gains are likely.

 

As a result of a significant increase in Average Earnings in the United Kingdom zone, policymakers at the Bank of England have decided to hike interest rates without delay. As for labor costs, they came in at 4.7%, which is higher than both the 4.5% forecast and the 4.4% number that was reported earlier.

 

Earlier, Bank of England policymakers fretted over low wage growth in households. The United Kingdom is located in an area where inflation is rising rapidly; as a result, wage growth has been sluggish as workers try to compensate for rising wages. For this reason, the quantitative tightening measures were not unilaterally implemented by Bank of England personnel. Governor Andrew Bailey of the Bank of England is pleased with the recent surge in the labor cost index, which he will use to his advantage when formulating monetary policy.

 

The new estimated number of UK claimants is 10.5k, down from both the prior announcement's 26.8k and the expected 32k. The unemployment rate has stayed stable at 3.8%.

 

The currency bulls in Tokyo showed no buying activity despite an uptick in the National Consumer Price Index (CPI). Both the median forecast of 2.2% and the most recent reading of 2.4% were surpassed by the actual economic data, which came in at 2.6%. An inflation rate above 2% for an extended period of time may eventually force the Bank of Japan (BOJ) to take a neutral posture, but policy divergence is going to increase.

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