Aussie healthcare stocks set to log modest gains in first-half 2024

Sigma Healthcare

28/06/2024 24:39

** Australian healthcare sub-index  .AXHJ  up about 4.1% in
the first half, compared with a 2.2% rise in the broader
benchmark  .AXJO  index
    ** Aussie healthcare companies depend on exports to the
United States, and strength in the dollar  =USD  has boosted
earnings in the past six months  USD/ 
    ** Biotech giant CSL  CSL.AX  on track to rise 4%, while
country's priciest stock Cochlear  COH.AX  up 9.2%
    ** AXHJ boosted by an 82.5% surge in Telix Pharmaceutical
 TLX.AX , as its prostrate cancer treatment clinical trials
showed positive results
    ** Sigma Healthcare  SIG.AX  tracks a 24.8% jump even as its
$5.9 billion merger with Chemist Warehouse faces regulatory
concerns
    ** The sub-index, however, is dragged by pathology majors
Healius  HLS.AX  and Sonic Healthcare  SHL.AX  downgrading FY24
earnings guidance in 1H2024, as growth in the sector lags below
market estimates, according to Citi analysts
    ** SHL stock set to lose 17.8% in 1H2024 as co in late May
flagged lowered expected FY24 EBITDA of A$1.6 bln ($1.06 bln)
    ** HLS flagged lowered underlying FY24 EBITDA between A$345
and A$350 mln in June, while its shares were on track to fall
9.8% in first half
    
    ($1 = 1.5042 Australian dollars)

 

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Australia healthcare    https://reut.rs/3L0ufUs
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 (Reporting by Aaditya Govind Rao and Shivangi Lahiri in
Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))