Mahou San Miguel has entered the Middle East with a new non-alcoholic malt beverage product, initially launching in Egypt. The brewer has introduced the Vamos by Mahou brand, a canned carbonated malt drink created “exclusively” for this market. The range includes four variants: classic toasted malt, pineapple with caramel, apple with cinnamon, and peach with vanilla. In a statement, Mahou San Miguel said the new malt drink represents the “natural evolution” of its strategy to diversify its non-alcoholi ...

Core Insights - EpicQuest Education Group International Limited has been awarded the CES Speed Award for Global Branding at CES 2026, recognizing its internationalization strategy and innovative educational initiatives [1][2] Company Strategy - The company is focused on a hybrid 'global campus' model that allows students to take courses online and in-person in their home countries, enhancing its internationalization strategy [2] - EpicQuest Education is developing an AI platform aimed at improving student engagement and tutoring, which is a foundational step towards creating a comprehensive AI-based university [3] - The company's collaborative programs for its institutions, Davis University and EduGlobal College, are central to its strategy to expand student enrollment and academic offerings [5] Growth and Financial Performance - The innovative approach of establishing programs in students' home countries has led to strong company growth and diversified revenue streams, contributing to a robust enrollment pipeline [4] - Recent strategic growth plans have resulted in increased international student enrollment, which is expected to lead to sustainable financial results [5] Company Overview - EpicQuest Education provides comprehensive education solutions for domestic and international students in the US, Canada, and the UK, operating EduGlobal College and holding a 70% stake in Davis University [7] - The company has established a subsidiary, Gilmore Inv LLC, in Ohio to offer international educational programs related to kinesiology and recreation education [7]

Summary of Sino Biopharmaceutical Conference Call Company Overview - **Company**: Sino Biopharmaceutical (1177.HK) - **Industry**: China Healthcare - **Current Stock Price**: HK$7.91 (as of August 18, 2025) - **Market Capitalization**: HK$11,783 million - **Price Target**: HK$8.40, indicating a 6% upside potential [5][68] Key Financial Highlights - **1H25 Revenue**: Rmb17.5 billion, representing a 10.7% year-over-year increase - **Core Profit**: Rmb3.1 billion, a significant increase of 101% year-over-year - **Excluding Dividend Income**: Core profit growth would have been 13.0% year-over-year in 1H25 [7] - **Sales Growth from New Products**: Increased by 27% year-over-year in 1H25, on track to meet full-year guidance of 25% [7] Margin and Efficiency - **Gross Profit Margin (GPM)**: 82.5%, an increase of 0.4 percentage points due to biosimilar production capacity expansion and operational efficiency [2] - **SG&A Ratio**: Decreased by 0.2 percentage points year-over-year, attributed to better per capita output and digitalization tools [2] - **R&D Expense Ratio**: Increased by 1.9 percentage points year-over-year to 18.1%, with only ~4.3% capitalized, indicating strong commitment to pipeline advancement [2] Pipeline and Product Development - **Upcoming Drug Launches**: Five innovative drugs expected to launch in 2026 and over ten in 2027 [3] - **Late-stage Candidates**: Management highlighted additional candidates with estimated peak sales of over Rmb2 billion in China [3] - **Key Pipeline Drugs**: - TQB3616 (CDK2/4/6): Estimated peak sales of Rmb2 billion, targeting 50% of China's breast cancer patient base - Zongertinib (HER2 TKI): Estimated peak sales of Rmb1.5 billion, indicated for HER2+ NSCLC [8] Strategic Focus - **Internationalization Strategy**: Remains a top priority, with management confident in securing out-licensing deals in the near future [7] - **Growth Expectations**: Management anticipates accelerated growth driven by an increasing number of new drugs, which are expected to contribute approximately 60% of revenue by 2027 [7] Risks and Considerations - **Upside Risks**: - Early launches of key pipeline drugs - Smaller-than-expected price cuts from centralized procurement rounds - Potential for accretive M&A activity or positive in-licensing deals [13] - **Downside Risks**: - Delays in the launch of key pipeline drugs - Greater-than-expected price cuts and margin erosion from centralized procurement - Impact from adjuvant drug policies [13] Valuation Methodology - **Discounted Cash Flow (DCF)**: WACC of 9.6% and a perpetual growth rate of 3% - **Sum-of-the-Parts (SOTP) Valuation**: - Generics valued at 10x 2025e P/E - Existing innovative drugs & biosimilars at 2.5x P/peak sale - Pipeline innovative drugs at 2.5x P/peak sale - Implied business development value of Rmb20 billion [11] Conclusion - **Investment Rating**: Overweight, with an attractive industry view [5][68] - **Future Outlook**: Positive growth trajectory anticipated, driven by new product launches and strategic internationalization efforts.