View from the Field: APAC Marketing Feedback

研报英文原文证据摘录

View from the Field: APAC Marketing Feedback

EUROPE | Healthcare EquityJulyResearch5, 2026

View from the Field: APAC Marketing

Feedback

Over the past 2 weeks, we have met a mix of LO/HF managers, both

generalists and specialists. We’d describe the mood as cautiously

optimistic, but with concerns around possible bear traps and limited

places to hide. Many investors are focused on 2Q, momentum

and visibility on ’27 fundamentals to be able to underwrite current

expectations. That said, compared to many EU investors there was a

much greater focus on FCF and ROIC driving LT value.

Focused discussions given broader sector headwinds: Meetings largely focused on the larger

cap names across our coverage and there was limited appetite to delve into names exposed

to the consumer (e.g. Animal Health) or regulated levered sectors (e.g. Healthcare Facilities).

With an investor base largely focused on quality growth, we summarise key discussions below.

LONN; the marginal buy, particularly among generalists: With confidence on fundamentals

into next year, the discussion mainly focused on competition from Wuxi, industry capacity and

advanced modalities. As generalists’ relative interest in HC in our view is at a low level, this

increases our confidence LONN could be one of the early beneficiaries across our coverage

once broader investor confidence increases. The upcoming CMD at Vacaville (14/10) should

provide much needed visibility on LT fundamentals and LONN's strategy, which could be a

catalyst to reignite buy-side interest. Our 1H preview HERE.

SDZ; the surprise of the trip: With SDZ shares up in absolute terms YTD and outperforming

the wider coverage, although there was naturally some investor caution to chase at current

levels, SDZ dominated many discussions.