2025 Sohn Hong Kong: CHANGE’s Thea Jamison – This Hungarian Blue-chip Is An “Easy Double”

At the 2025 Sohn Hong Kong Conference, Thea Jamison, Founder & Managing Director of CHANGE Global, presented a Hungarian-listed company she identifies as a “blue-chip healthcare leader in Europe,” with a particular strength in women’s healthcare. With a market capitalization of roughly $3.5 billion, Jamison believes the company has the potential to double in price. She notes that the stock has a strong 20-year history where its valuation and stock price largely tracked together, but it has experienced a significant de-rating in recent years, particularly since the Russia-Ukraine conflict began.

Also see our recent interview with Thea Jamison here.

2025 Sohn Hong Kong Conference: CHANGE Global’s Thea Jamison

Jamison attributes the company’s competitive edge partly to its Hungarian roots, which allow it to leverage a high concentration of trained scientists stemming from the communist era when Hungary was a significant pharmaceutical research hub. The current management team is described as youthful, passionate, and carefully selected by the prior management, which had led the company for 30 years.

Also see London Value Investor Conference 2025: Ideas From Alex Roepers, Oldfield, Causeway And More

Key strengths highlighted include an “innovative style,” over 100 years of track record (especially in women’s healthcare), a “low-cost edge,” and “full integration” from active pharmaceutical ingredient (API) production to finished product.