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COVID疫苗潜影,响,价格是多少(完整)

时间:2022-07-12 20:15:02 来源:网友投稿

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COVID疫苗潜影,响,价格是多少(完整)

 

 G l ob al Re searc h

 19

 Au gu st 2020

 G l o b a l

 S t ra t e g y

 COVID

 v acc ine

 p ote ntial

 impacts,

 w hat"s

 p riced? UBS

 Evi dence

 Lab

 De ep

 Theme

 Ex plore r

 inside

  UBS

 Evid ence

 Lab De ep The me Ex pl orer

 u sed to

 d evelo p

 va cc in e

 f ra me wor k Usi ng

 UB S

  Evid ence

  Lab"s

  Dee p

 Theme

  Explorer,

  we

  develo p

 a

  framew ork

 to

  asses s sen si t ivities

 t o COVID

 vac cine

 develo pme nts . We

 focus

 on m ajo r news

 days

 when

 ne t vac cine

 sen timen t

 is

 >1.5 std ev

 to

 esti mate

 potenti al

 im pacts

 for

 styles , indu s tries

 and sto cks.

 Co mpan ies

 with

 COVID -19 vaccines

 i n clin ical

 stag es

 of

 develo pmen t,

 identi f i e d by

 UB S

 Pharma/Bi otech

 ana lysts , als o pro vide

 a n in d icator

 for

 vac cine

 pro gres s . The

 two si g nal s

 have

 moved

 tog ether,

 with

 so me

 si gns

 that vacc in e

 s tocks

 have

 bee n a

 lead ing si g nal

 in

 May

 and

 Jul y.

 The

 avg

 S&P

 500 retu rn has

 bee n 1.6 %

 on p os it ive

 >1.5 std ev vac cine

 news

 d ays.

 The

 fe w

 ne gati ve

 vaccin e

 news

 days

 have

 seen

 the

 S&P

 ri se

 on avg. The

 anal ysis

 sugg est s

 vac cine

 pro gre ss

 w ill

 fu el

 si zeable

 mov es,

 in

 bo th

 d ire ction s.

 What"s

 pric ed ?

 Estima te d

 6. 5pp of

 ra ll y

 s i nce

 May

 d ue t o

 va cc in e

 news

 Usi ng an

 approac h bas ed

 on U hlig

 (2 005),

 we

 acc umu late

 S&P

 500 retur ns

 on vac cine "s h ock"

 days

 of

 +/- 1s tdev

 to

 esti mate

 what may

 be

 pri ced

 by

 the

 market.

 Since

 May , the

 potent ial

 fo r a

 COVID

 vaccin e

 can

 explai n ~6.5pp of

 the

 rall y.

 In

 our equi ty

 return s mod el ,

 ever y

  100p t

  cha ng e

  in

  economic

  p oli cy

  un cer tainty

  (EPU)

  is

  worth

  ~10 %

  fo r equ iti e s.

 Thu s , the

 ~6.5 %

 vaccin e

 li ft

 wou ld

 impl y

 an

 un cer tainty

 reduction

 of

 ~65 pt s. The

 65pts

 o ut

 of

 a

 total poss ibl e

 EPU

 rev ersal

 of

 150-200p t s

 to

 Jan

 levels

 w ou l d poin t to

 a

 rough mar ket

 impl ied

 pro bab ility

 of

 33-4 0%

 th at

 a

 vaccin e

 is

 p riced

 (i.e.

 65 / 20 0).

 Se ns itivities

 to

 va cc in e

 news

 show

 eve n

 l ess i s

 priced

 at an

 in dus tr y

 l ev el

 We

 esti mate

 vacc in e

 sen si t iviti es

 us i ng avg

 re turn s

 on majo r news

 days

 (>1.5stdev)

 fo r all

 asp ect s

 of

 th e

 equ ity

 market,

 highlighte d be lo w.

 YTD

 retur ns

 for

 S&P

 500 in d us trie s have

  been

  - 63%

  correl ated

  to

  resp ect ive

  vac cine

  sen si tivit i es.

  The

  beta

  coefficien t

  i n that relationsh i p po i nts

 to

 14 bi g vac cine

 news

 days

 needed

 for

 in d us trie s

 to

 get

 back to

 pre -COVID

 levels , vs

 4 bi g days

 si nce

 May.

 T hat

 impli es

 a

 22 %+

 pro babili t y

 a

 vacc in e is

 pri ced

 (4

 divided

 by

 4+14 ).

 Ad di ti on a ll y,

 t h e

 rolling

 beta

 o f

 YTD

 return s

 t o resp ect ive vac cine

 sen si tivi ties

 trough ed

 i n early

 May,

 jumped

 in

 the

 fir st

 wav e

 of

 vac cine

 news , bu t

 the

 beta

 is

 j us t

 off

 the

 l ows . Bo th

 sugg e st

 a

 vacc in e

 is

 n ot

 reall y

 pri ced

 for

 ind u stri es and

 po in t

 to

 gr eater

 r elati ve

 up side

 for

 vacc in e

 sen si tive

 stoc ks

 in

 a

 good ou tcome.

 - St yle s .

 Small

  caps

  outperfor med

  larg e

  caps

  by

  ~2pp

 on

 majo r

 vac cine

  news

  days , imp lying

 a

 ~13pp+ potent ial

 outp erforman ce

 of

 smal l

 vs

 larg e

 on a

 vac cine

 us i ng the 33-4 0%

 pro bab ility

 abo ve.

 V alu e

 v s

 Gro wth

 indi ces

 w ere

 much

 less

 se ns it ive.

 - Se ctors /industries .

 Airlin es,

  Ho tel s/Lei su r e,

  Au tos&C omp,

 Energ y ,

 HH

  Durabl es , Ap parel,

  In d us t rial s

  (most

  segments),

  Banks

  and

  Co ns

  Fina nce

  are

  mos t

  po s iti vely geared

 to

 a

 vac cine

 whil e

 Staples,

 Pharma / B io t ech

 and

 Teleco m are

 the

 leas t

 sen si t ive. Tech

 and

 Com m Sv cs

 a vg

 returns

 w ere

 on ly

 sl ig htl y

 below

 th e

 market

 on vacc in e

 days.

 - Regi o ns . Eur op e

 has

 bee n mo re

 sens it ive

 t o vac cine

 news

 than

 Japan , EM

 and

 Asia.

 - Macro. The

 ri se

 in

 rates

 acr o ss

 the

 curv e

 (1 -3b p)

 ha s

 been

 smal l

 on positi ve

 vac cine news

 days,

 w hil e

 F X,

 g ol d an d oth er

 c ommo dity

 moves

 have

 b een

 even

 more

 muted . - St oc ks. We

 pro vide

 esti mated

 stock

 sens iti viti es

 to

 vac cine

 news

 in

 an

 excel

 f il e

 ( link ).

 UBS

 analysts"

 vie w s

 on

 the

 paths forw ar d

 for a

 va cc in e

 UB S

  Pharma/Biotech

  anal ysts

  l ay

  ou t

  the

 stat e

  of

 mos t

  lea ding

 vaccines , t h e

  path s

 to succ ess

 and

 wh at

 may

 be

 pri ced

 for

 so me

 vac cine

 sto cks

 – wit h MRK

 offering attrac tive ris k/ reward.

  The

  path

  to

  a

  vacc in e

  is

  sti ll

  hi g hl y

  un cer tain ,

 with

  a

  hi gh er

  bar

  for

  RN A vaccines , and

 t here

 is

 ris k of

 di sa ppo in tment through clinic al

 trial s.

 News

 fl ow

 is

 li kel y to

 fuel

 si zeable

 stock

 moves

 across

 equ iti e s.

 However,

 we

 st ill

 see

 a

 >50 %

 pro ba bility of

 a

 vacc in e

 in

 H1

 2021, and

 t he

 equ ity

 market

 is

 pri cing

 in

 les s

 than

 that, p articul arly at

 the

 ind u stry/stock

 level.

 This

 impli es

 the

 balance

 of

 risks

 is

 t ilted

 to

 th e

 u ps i de.

 Keith Parker

 S tr a tegi st k e i th -j .parke r@ ubs.com

 +1 -212-713

 3296

 Navin

 Jacob

 Ana l yst na vi n.j a cob@ubs.com

 +1 -212-713

 6185

 Sean

 Si mon ds Associ a te

 S tr a tegist se a n.si monds @ ubs.com

 +1 -212-713

 2851

 Michae l

 Leuchte n Ana l yst mi cha e l- a .l e uchten@ubs.com

 +44 -20-7568

 8843

 Jonat han

 L i m, MD Associ a te

 A na l yst jon.li m@ubs.com

 +1 -212-713

 4321

 Prakhar

 Agraw al Associ a te

 A na l yst prakhar.agra w a l @ ubs.com

 +1 -212-713

 1437

 ww w.u bs.com/ i nvestm entresea rch

  Thi s

 repo rt

 has

 been

 prep ared

 by

 UB S

 Se curiti es

 LL C.

 AN ALYS T

 CERTIFI C AT ION

 AN D

 REQUIR ED

 DISCLOSU RES BEG IN

 ON PAGE

 15 .

 UB S

  do es

 an d see ks

 to

 do

 bu s iness

 with

 comp ani es

 cover ed

 i n its

 research

 r eports.

  As

 a

  re su lt , in vest ors

 s hou ld

 b e G l o bal

 Globa l

 Ma cro

 Strategy

 aware

 that the

 fir m may

 have

 a

 conflict

 of

 i nteres t

 that co ul d affec t

 the

 ob jectivity

 of

 t hi s

 rep ort. In ve sto rs

 s houl d co ns i der

 this

 COVI D

 vaccine:

 a

 new

 fra mework

 We

 deve lop

 a

 new

 fr amework

 to

 as sess

 th e

 pot ent ial

 equi ty

 impact s

 of

 a

 vaccine , using

  UBS

  Ev i dence

  Lab"s

  Deep

  Them e

  Explorer .

  Bet ter

  understanding

  how

 th e evolutio n

  of

  a

  vacci ne

  cou ld

  aff ect

  stocks

  over

  com ing

  mo nt hs

  is

  so

  i mportan t against

 th e

 pr ospect

 of

 futu r e

 waves

 of

 CO VID

 cas e s,

 whe re

 th e

 relat ionships

 hav e basica lly

 been

 new

 COVID

 c a ses - >r e strictio n s - >m obility- >d eman d.

 We

 use

 th e

 new vacci ne

 anal ys i s

 to

 e valuate

 t he

 setup

 fo r

 st ocks

 as

 positi v e

 and

 ne g ative

 news

 flow fo r

 clinical

 tr ial s

 in

 coming

 m ont hs

 could

 ha ve

 cons iderabl e

 imp acts

 on

 e quit ies .

  UBS

 Evi d ence

 Lab De ep T heme Explor er

 to

 identi fy

 vacci ne ne ws

 days

 UBS

 Evidence

 Lab’s

 Deep

 Th eme

 Exp lorer

 bolster s

 th ema tic

 research

 by

 expanding a

 search

 term

 into a

 th eme

 by

 statistic ally

 identifying

 ot her

 ter ms

 or

 phr ases

 th a t fr equent ly

 occ ur

 to get her

 with

 th e

 or iginal

 s earch

 term.

 The

 resulting

 s et

 of

 relat ed ter ms/phr ases

 are

 th en

 used

 to

 search

 ac ro ss

 a

 wide

 ran g e

 of

 publicat io ns

 (new s , earnings

 call s,

 UBS

 Rese arch,

 blogs,

 industr y

 jour nals

 ,

 comp any

 filings)

 m easuring positive,

  negat ive,

  and

  net

  sentimen t

  as

  well

  as

  to tal

  men tion s

  of

  th e

  th eme

  on ten s

  of

 th ousands

  of

 public

  and

  pr ivate

  comp anies

  a nd

  or ganizatio ns.

  UB S Evidence

 Lab

 h as

 a

 patent

 pe nding

 on

 t he

 a ppr oach.

 We

 use

 the

 De ep

 Them e

 Expl or er

 t o

 identify

 days

 when

 ne t

 sent iment

 fo r

 a

 vacci n e is

  statistic ally

  si gnif icant

  ( >1 stdev

  d ays)

  u s ing

  a

  sel e ction

  of

  wor ds

  fo r

  a

  C OVID vacci ne

 acro ss

 news

 source s

 ( Figure

 1 ).

 Sin ce

 May ,

 th ere

 have

 been

 7

 days

 when net

 vacci ne

 se nt iment

 has

 been

 positi ve

 a nd

 1stdev

 >av g,

 with

 4

 majo r

 news

 days (>1. 5stdev):

 May

 18,

 Ju l

 14,

 Ju l

 15

 and

 Ju l

 20.

 We

 fo cus

 on

 th e

 fo ur

 m ajor

 new s days

 for

 our

 an alys i s

 of

 s ensiti vities

 to

 a

 vacci ne

 f or

 sec to rs,

 industr ies

 and

 stocks .

  Stocks w ith

 vaccines

 in developm ent

 are

 als o

 a

 si gnal

 UBS

 Phar ma/B i ot ech

 analys t s

  identified

  th ose

 comp anie s

  with

  COVID -19

 vacci ne s in

  th e

  cl inical

  stage

  of

  dev elopm ent.

  U sin g

  th ose

  th at

  are

  publi cly

  t raded,

  w e identify

 th ose

 days

 in

 which

 a

 stock

 pr ice

 mo ve

 is

 gr eate r

 th an

 1.5stde v

 fo r

 each comp an y

  in

  t he

  basket.

  Si milar

  to

  th e

  above

  news - ba sed

  approach,

  th ese

  larg e mo ves

 fo r

 stoc ks

 with

 vacci n es

 are

 a

 si gnal

 fo r

 changes

 in

 vacci ne

 deve lopment s . Indeed,

  th e

  t wo

  indicato rs

  have

  mo ved

  t oget her ,

  even

  mo re

  closely

  si nce

  Ju l y

  – with

 some

 s ign s

 that

 stoc k s

 h ave

 been

 a

 l ea ding

 in dicator

 i n

 May

 an d

 J uly .

 Fig ure

 1 :

 Va cci ne n et

 s entim ent

 in dicat ors us i ng

 UBS

 Ev i denc e

 La b

 De ep Them e Ex pl orer

 and

 s tocks

 with

 va c ci nes in deve lo pment

  We

 sear ch

 US

 news

 t o

 id entif y major

 va ccine

 news

 days.

 Id entif yin g

 the

 4

 majo r

 va c cine ne ws

 days

 si nce

 May

 en ab le

 u s t o esti mat e

 sens itivitie s t o

 va ccine developments .

 Th ose ph arma/bio tech

 co mpan ies most

 mentioned in

 the

 searches were in deed tho se

 fur ther

 ah ead in

 d evel op ment and

 tho se

 not

 too far b ehin d.

 Stocks wit h v accine s in developmen t

 have also

 b een

 an impo rt an t

 s ig na l.

  150

 125

 100

 75

 50

 25

 0

 -25

 -50

 15

 13

 We

 crea te

 co mplemen tar y

 11

 in di cators

 to

 tr a ck

 vaccine

 9

 developments u sing

 both

 the

 7

 ne ws...

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