H&E Daily: ONCO: Out-of-court restructuring plan on the radar; COGN: a colour on marketing investments; Q2 US Biotech catalyst heatmap

研报英文原文证据摘录

H&E Daily: ONCO: Out-of-court restructuring plan on the radar; COGN: a colour on marketing investments; Q2 US Biotech catalyst heatmap

At a time when private education institutions are increasing advertising spending

(e.g. sector spent R$1.66bn on advertising in 2025 vs. R$1.38bn in 2024), Cogna has

decided to leverage its 60th anniversary to raise awareness of its corporate brand.

The company aims to ensure that consumers who are already familiar with brands

such as Anhanguera, Unopar, Anglo, Saraiva, and Red Balloon also recognize the

Cogna name. The initiative represents the company's main corporate branding

campaign this year and will run through Apr-27. According to COGN CEO Roberto

Valerio, the campaign is intended to highlight the company's presence across

multiple segments of the education sector.

UBS's view: While the campaign mentioned in the news is primarily focused on

strengthening Cogna's corporate brand, higher marketing investments have been a

broader theme across the education sector, particularly amid the ongoing

regulatory transition. This process has been accompanied by the reshaping of

institutions' program portfolios, with a greater focus on offerings that are expected

to lead to higher tuition fees due to stricter on-site attendance requirements (e.g.,

hybrid programs). This was a relevant topic for most private education companies

during 1Q26 and, in Cogna's case, we already incorporate higher marketing

expenses in our estimates for the year.

UBS Global Research

US Pharma: Q2 Biotech Catalyst Heatmap -- Getting Hot Like the Weather

UBS US pharma analyst Michael Yee published its Q2 Catalyst Heatmap in Biotech:

Biotech is off to a strong start for the year with XBI up +34% YTD vs. S&P +9%

and the XBI is approaching all-time highs.