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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.

The Devil Is In The Details: Gold Analysis - Federal Reserve Minutes

Larissa Barlow

Apr 07, 2022 10:33

Analyses of Federal Reserve Minutes 

While both the FOMC statement and Chairman Powell's press conference provide market participants with information about the FOMC's updated and revised monetary policy, it is the release of the minutes that provides investors with significantly greater clarity and understanding. The devil, as they say, is in the details.

 

The Federal Reserve issued the official minutes from its March FOMC meeting today, providing insight into the central bank's current plans to begin unwinding its balance sheet assets. Beginning in March 2020, the Federal Reserve will add around $4.6 trillion to its balance sheet by purchasing $120 billion monthly in mortgage-backed securities ($40 billion) and US Treasury securities ($80 billion), bringing their total to just over $9 trillion.

 

According to Federal Reserve Governor Lael Brainard, the Fed intends to employ a mix of interest rate rises and a quick run-off of the balance sheet to bring US monetary policy closer to neutral later this year.

 

However, the minutes released today imply that the Federal Reserve will unwind around $3 trillion over the next three years, reducing its $9 trillion balance sheet to $6 trillion. While the Fed appears to be indicating a quick runoff of its balance sheet, the reality is that the Federal Reserve's balance sheet will be nearly $2 trillion larger than it was prior to the epidemic.

 

"Participants continued their discussion on plans to reduce the size of the Federal Reserve's balance sheet in a manner consistent with the methodology outlined in the Committee's Principles for Reducing the Size of the Federal Reserve's Balance Sheet, announced following its January meeting."

 

Additionally, the minutes stated, "While no decision was made regarding the Committee's plan to reduce the Federal Reserve's balance sheet at this meeting, participants agreed that significant progress had been made on the plan and that the Committee was well positioned to begin the process of reducing the balance sheet's size as soon as after the conclusion of its upcoming May meeting."


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