Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Over the last six months, <a href="https://www.smartkarma.com/entities/sosei-group-corp" target="_blank" data-smartkarma-citation="entities:770:1" rel="noopener">Sosei Group (4565 JP)</a> gained 37%, while <a href="https://www.smartkarma.com/entities/takara-bio-inc" target="_blank" data-smartkarma-citation="entities:10766:1" rel="noopener">Takara Bio Inc (4974 JP)</a> plunged 21%. During the same time, benchmark indices Nikkei 225 and Topix gained 1.8%.</li>
<li>Sosei is expected to continue its outperformance driven by clinical progress of the existing collaboration programs. Sosei’s strong track record of drug discovery enhances conviction on its future growth potential.</li>
<li>Takara has been on an accelerated growth path since FY21, thanks to COVID-19 testing revenue. The company will be negatively impacted by the declining demand for the COVID-19 tests.</li>
</ul>


Over the last six months, Sosei Group (4565 JP) gained 37%, while Takara Bio Inc (4974 JP) plunged 21%. During the same time, benchmark indices Nikkei 225 and Topix gained 1.8%.
Sosei is expected to continue its outperformance driven by clinical progress of the existing collaboration programs. Sosei’s strong track record of drug discovery enhances conviction on its future growth potential.
Takara has been on an accelerated growth path since FY21, thanks to COVID-19 testing revenue. The company will be negatively impacted by the declining demand for the COVID-19 tests.


Japan Healthcare: Pair Trade Ideas- Long Sosei Group (4565 JP), Short Takara Bio (4974 JP)

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><div>
<p>Tuesday's best and worst pairing is <a href="https://www.smartkarma.com/entities/takara-bio-inc" target="_blank" data-smartkarma-citation="entities:10766:1" rel="noopener">Takara Bio (4974 JP)</a> and staffing agency <a href="https://www.smartkarma.com/entities/temp-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1428:1" rel="noopener">Persol (2181 JP)</a>.  </p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/170/640/original/2020-11-11_05-58-20.png?1605041913" class="editor-image img-responsive" data-smartkarma-image-id="170640"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/170/641/original/2020-11-11_06-01-01.png?1605042074" class="editor-image img-responsive" data-smartkarma-image-id="170641"></figure></section><div><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div></div>
<hr>
<div><p style="text-align: center;"><strong>DAILY STATS</strong></p></div>
<hr>
<div><p style="text-align: center;"><strong>244 Quarterly Results</strong></p></div>
<div><ul style="list-style-type: disc;">
<li><p><strong>Results Score:</strong> 49% Positive / 6% Neutral / 45% Negative</p></li>
<li><p><strong>Average Results Score Change:</strong> -0.1 points</p></li>
<li><p><strong>Average % Change in Revenue:</strong> -5.3% Quarter YoY / -5.9% Rolling TTM YoY </p></li>
<li><p><strong>Average Operating Profit Margin Change:</strong> -1.1 ppt</p></li>
<li><p><strong>Percentage Making Quarterly Losses:</strong> 20%</p></li>
</ul></div>
<hr>
<div><p style="text-align: center;"><strong>111 Annual • 22 Interim Forecasts/Revisions</strong></p></div>
<div><ul style="list-style-type: disc;">
<li><p><strong>Annual Forecast/Revision Score:</strong> 54% Positive / 7% Neutral / 39% Negative</p></li>
<li><p><strong>Interim Forecast/Revision Score Change:</strong> 64% Positive / 0% Neutral / 36% Negative</p></li>
<li><p><strong>Average Forecast/Revision Score Change:</strong> 1.7 points</p></li>
</ul></div>
</div>

• BEST &amp; WORST •
Tuesday's best and worst pairing is Takara Bio (4974 JP) and staffing agency Persol (2181 JP).  
Source for all charts &amp; tables: Japan Analytics

DAILY STATS

244 Quarterly Results

Results Score: 49% Positive / 6% Neutral / 45% Negative
Average Results Score Change: -0.1 points
Average % Change in Revenue: -5.3% Quarter YoY / -5.9% Rolling TTM YoY 
Average Operating Profit Margin Change: -1.1 ppt
Percentage Making Quarterly Losses: 20%


111 Annual • 22 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 54% Positive / 7% Neutral / 39% Negative
Interim Forecast/Revision Score Change: 64% Positive / 0% Neutral / 36% Negative
Average Forecast/Revision Score Change: 1.7 points



🇯🇵 JAPAN • Results & Revisions 11/​​​​​​​​​​​​​​​​​​​​​​​​​10 - Shiseido, FUJIFILM, Otsuka, Persol

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/693/original/2020-09-14_09-50-37.png?1600044664" class="editor-image img-responsive" data-smartkarma-image-id="158693"></figure><div class="content-caption">Source for all charts &amp; tables except as stated: Japan Analytics</div><p><strong>EQUITY-DRIVEN</strong> - Japan's aggregate Shareholders' Equity has appreciated by 45% since 2014 - an annual rate of 5.5% and has been one of the key achievements of the 'Abe era'. For the five years before 2012, Shareholders Equity was unchanged, buffeted by the 2008/9 financial crisis and the 3/11.  Although the equity market has responded well to the change in reserves, Japan's PBR has remained within a range of 1.05 to 1.38 over the last decade and is unchanged compared to 2010. In prior post-bubble 'lost' decades, the average PBR was 1.8 times. In other markets, the rise of intangible assets has called the use of Book/Price as a metric and the S&amp;P 500 PBR is now almost three times that of the Japan aggregate having bottomed at 1.78 in March 2009.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/694/original/File%202020-09-14%2010%2007%2037.jpeg?1600045681" class="editor-image img-responsive" data-smartkarma-image-id="158694"></figure><div class="content-caption">Source: multpl.com</div><p><strong>BOOK VALUE PER SHARE </strong>- In this Insight, we shall look at Japan's larger-cap companies (current market value &gt;¥100 billion) through the 'lens' of book value per share. Our focus will be less on the 'winners' and 'losers' than on those companies that have seen the least change in 'BVPS' over the last seven years. Our share count excludes treasury shares which is to the benefit of companies such as <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (9432 JP)</a> which has seen a 20% reduction in Net Shares Outstanding, but only a 9% increase in Shareholders' Equity. A BVPS growth metric does, however, flatter serial issuers of equity with declining share prices, such as <a href="https://www.smartkarma.com/entities/sosei-group-corp" target="_blank" data-smartkarma-citation="entities:770:1" rel="noopener">Sosei (4565 JP)</a>.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/696/original/2020-09-14_10-26-48.png?1600046818" class="editor-image img-responsive" data-smartkarma-image-id="158696"></figure><p><strong>WINNERS</strong> - As many may ask and for the record, our 'winning' thirty companies contains many of Japan's best-performing businesses and 'priciest 'stocks, such as <a href="https://www.smartkarma.com/entities/monotaro-co-ltd" target="_blank" data-smartkarma-citation="entities:15441:1" rel="noopener">Monotaro (3064 JP)</a>, <a href="https://www.smartkarma.com/entities/m3-inc" target="_blank" data-smartkarma-citation="entities:13316:1" rel="noopener">M3 (2413 JP)</a>, <a href="https://www.smartkarma.com/entities/gmo-payment-gateway-inc" target="_blank" data-smartkarma-citation="entities:1492:1" rel="noopener">GMO Payment Gateway (3769 JP)</a>, and <a href="https://www.smartkarma.com/entities/kobe-bussan-co-ltd" target="_blank" data-smartkarma-citation="entities:4701:1" rel="noopener">Kobe Bussan (3038 JP)</a>. Some of the more surprising entries are <a href="https://www.smartkarma.com/entities/mixi-inc" target="_blank" data-smartkarma-citation="entities:602:1" rel="noopener">mixi (2121 JP)</a> and <a href="https://www.smartkarma.com/entities/tokyo-electric-power-co-inc" target="_blank" data-smartkarma-citation="entities:15457:1" rel="noopener">Tokyo Electric Power (9501 JP)</a>.  As an equally-weighted portfolio, this group has outperformed by 30% over one year and by 11% over the last three months.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/697/original/2020-09-14_10-33-13.png?1600047204" class="editor-image img-responsive" data-smartkarma-image-id="158697"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/698/original/2020-09-14_10-33-41.png?1600047231" class="editor-image img-responsive" data-smartkarma-image-id="158698"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/701/original/2020-09-14_10-47-56.png?1600048087" class="editor-image img-responsive" data-smartkarma-image-id="158701"></figure><p><strong>LOSERS</strong> - Our list of losers, who have collectively underperformed by 9% over one year, have many of Japan's weaker business models (shipping, oil &amp; gas, paper, copiers, gaming machines. The list also features some of the less-astute management 'teams' (<a href="https://www.smartkarma.com/entities/toshiba-corp" target="_blank" data-smartkarma-citation="entities:637:1" rel="noopener">Toshiba (6502 JP)</a>, <a href="https://www.smartkarma.com/entities/nissan-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:72:1" rel="noopener">Nissan (7201 JP)</a>, <a href="https://www.smartkarma.com/entities/kirin-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:16977:1" rel="noopener">Kirin (2503 JP)</a>, <a href="https://www.smartkarma.com/entities/lixil-group-corp" target="_blank" data-smartkarma-citation="entities:454:1" rel="noopener">Lixil (5938 JP)</a>, and <a href="https://www.smartkarma.com/entities/aeon-co-ltd" target="_blank" data-smartkarma-citation="entities:3:1" rel="noopener">Aeon (8267 JP)</a>).  Also among the latter are two medical-related business - the now remained <a href="https://www.smartkarma.com/entities/h-u-group-holdings-inc" target="_blank" data-smartkarma-citation="entities:16580:1" rel="noopener">H.U. Group (4544 JP)</a> (formerly Miraca) and recent Bain PE target <a href="https://www.smartkarma.com/entities/nichii-gakkan-co" target="_blank" data-smartkarma-citation="entities:6790:1" rel="noopener">Nichii Gakkan (9792 JP)</a>.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/706/original/2020-09-14_10-57-45.png?1600048692" class="editor-image img-responsive" data-smartkarma-image-id="158706"></figure><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/158/707/original/2020-09-14_10-59-22.png?1600048774" class="editor-image img-responsive" data-smartkarma-image-id="158707"></figure><p>In the <strong>DETAIL</strong> section below, we all review the large companies that have seen the least change in BVPS over the last seven years and those with the lowest BVPS volatility over the same period. Our lists contain quite a few surprises.</p>

Source for all charts &amp; tables except as stated: Japan AnalyticsEQUITY-DRIVEN - Japan's aggregate Shareholders' Equity has appreciated by 45% since 2014 - an annual rate of 5.5% and has been one of the key achievements of the 'Abe era'. For the five years before 2012, Shareholders Equity was unchanged, buffeted by the 2008/9 financial crisis and the 3/11.  Although the equity market has responded well to the change in reserves, Japan's PBR has remained within a range of 1.05 to 1.38 over the last decade and is unchanged compared to 2010. In prior post-bubble 'lost' decades, the average PBR was 1.8 times. In other markets, the rise of intangible assets has called the use of Book/Price as a metric and the S&amp;P 500 PBR is now almost three times that of the Japan aggregate having bottomed at 1.78 in March 2009.Source: multpl.comBOOK VALUE PER SHARE - In this Insight, we shall look at Japan's larger-cap companies (current market value &gt;¥100 billion) through the 'lens' of book value per share. Our focus will be less on the 'winners' and 'losers' than on those companies that have seen the least change in 'BVPS' over the last seven years. Our share count excludes treasury shares which is to the benefit of companies such as NTT (9432 JP) which has seen a 20% reduction in Net Shares Outstanding, but only a 9% increase in Shareholders' Equity. A BVPS growth metric does, however, flatter serial issuers of equity with declining share prices, such as Sosei (4565 JP).WINNERS - As many may ask and for the record, our 'winning' thirty companies contains many of Japan's best-performing businesses and 'priciest 'stocks, such as Monotaro (3064 JP), M3 (2413 JP), GMO Payment Gateway (3769 JP), and Kobe Bussan (3038 JP). Some of the more surprising entries are mixi (2121 JP) and Tokyo Electric Power (9501 JP).  As an equally-weighted portfolio, this group has outperformed by 30% over one year and by 11% over the last three months.LOSERS - Our list of losers, who have collectively underperformed by 9% over one year, have many of Japan's weaker business models (shipping, oil &amp; gas, paper, copiers, gaming machines. The list also features some of the less-astute management 'teams' (Toshiba (6502 JP), Nissan (7201 JP), Kirin (2503 JP), Lixil (5938 JP), and Aeon (8267 JP)).  Also among the latter are two medical-related business - the now remained H.U. Group (4544 JP) (formerly Miraca) and recent Bain PE target Nichii Gakkan (9792 JP).In the DETAIL section below, we all review the large companies that have seen the least change in BVPS over the last seven years and those with the lowest BVPS volatility over the same period. Our lists contain quite a few surprises.

🇯🇵 Japan • Every Shareholder Left Behind - The Book Value Per Share Metric

Asia Healthcare Analyst, Pathology Associates Limited

Dion Stéfan Büchner M.D., FCAP

Asia Healthcare Analyst

Pathology Associates Limited

<p><strong>Japan CAR-T therapy - Competitive landscape</strong></p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/065/356/original/Japan%20CAR-T%20landscape.JPG?1538128874" class="editor-image img-responsive" data-smartkarma-image-id="65356"></figure><p><strong>Japan pharma catching-up with global players… but a large gap remains</strong></p><ul>
<li>
<a href="https://www.smartkarma.com/entities/26851" target="_blank" data-smartkarma-citation="entities:26851:1">Novartis AG (NOVN SE)</a>’ <strong>Kymriah</strong> and <a href="https://www.smartkarma.com/entities/973" target="_blank" data-smartkarma-citation="entities:973:1">Gilead Sciences (GILD US)</a>/ <a href="https://www.smartkarma.com/entities/20664" target="_blank" data-smartkarma-citation="entities:20664:1">Kite Pharma Inc (KITE US)</a>’s <strong>Yescarta</strong> are the two approved CAR-T cell therapies in the US and EU.</li>
<li>Furthermore, Novartis’s Kymriah is expected to secure Japan approval in 1Q FY19e (filed in April 2018).</li>
<li>Despite being the frontrunners amongst Japan pharma majors developing CAR-T therapy for the domestic market<strong>, <a href="https://www.smartkarma.com/entities/3014" target="_blank" data-smartkarma-citation="entities:3014:1">Daiichi Sankyo (4568 JP)</a></strong>, <a href="https://www.smartkarma.com/entities/12292" target="_blank" data-smartkarma-citation="entities:12292:1">Otsuka Holdings (4578 JP)</a><strong>/ <a href="https://www.smartkarma.com/entities/10766" target="_blank" data-smartkarma-citation="entities:10766:1">Takara Bio Inc (4974 JP)</a></strong> and <a href="https://www.smartkarma.com/entities/8979" target="_blank" data-smartkarma-citation="entities:8979:1">Ono Pharmaceutical (4528 JP)</a> still have a long way to commercialization.</li>
</ul><p><strong>Japan CAR-T market opportunity and key beneficiaries</strong></p><ul>
<li>Globally CAR-T is a $10b+ opportunity in hematologic malignancies, however, since most of the Japanese pharma companies have in-licensed Asia/Japan rights, we estimate the domestic CAR-T opportunity to be between <strong>$3-$5b</strong> (depending on pricing).</li>
<li>As far as the Japan market is concerned, the focus is on patients who fail to respond to 2L or 3L treatment for <strong>leukemia-like acute lymphocytic leukemia/lymphoma</strong> (ALL, Japan population 5000, R/R population 20%) and <strong>diffuse large B-cell lymphoma</strong> (DLBCL, Japan population 18000-22000, R/R population 33%).  </li>
<li>Having said that, multiple myeloma (significantly larger opportunity) targeted clinical trials are progressing well</li>
<li>Furthermore, preliminary data from Ph I clinical trials studying CAR-T therapy for solid tumors is expected to report over the next 2-3 years</li>
<li>
<strong>Daiichi Sankyo</strong> and <strong>Otsuka </strong>in-licensed CAR-T therapy assets from Kite Therapeutics (now part of Gilead) and Takara Bio respectively and are well positioned to capitalize on the opportunity.</li>
<li>However, US approval of Kite’s Yescarta for DLBCL can help accelerate enrollment/review of the Japanese clinical trial (based on US data), thereby significantly increasing its probability of success.</li>
<li>Consequently, Daiichi Sankyo could be the second company (after Novartis) to launch CAR-T therapy in Japan, securing it a strong position in the Japanese CAR-T therapy market.</li>
</ul>

Japan CAR-T therapy - Competitive landscapeJapan pharma catching-up with global players… but a large gap remains

Novartis AG (NOVN SE)’ Kymriah and Gilead Sciences (GILD US)/ Kite Pharma Inc (KITE US)’s Yescarta are the two approved CAR-T cell therapies in the US and EU.
Furthermore, Novartis’s Kymriah is expected to secure Japan approval in 1Q FY19e (filed in April 2018).
Despite being the frontrunners amongst Japan pharma majors developing CAR-T therapy for the domestic market, Daiichi Sankyo (4568 JP), Otsuka Holdings (4578 JP)/ Takara Bio Inc (4974 JP) and Ono Pharmaceutical (4528 JP) still have a long way to commercialization.
Japan CAR-T market opportunity and key beneficiaries
Globally CAR-T is a $10b+ opportunity in hematologic malignancies, however, since most of the Japanese pharma companies have in-licensed Asia/Japan rights, we estimate the domestic CAR-T opportunity to be between $3-$5b (depending on pricing).
As far as the Japan market is concerned, the focus is on patients who fail to respond to 2L or 3L treatment for leukemia-like acute lymphocytic leukemia/lymphoma (ALL, Japan population 5000, R/R population 20%) and diffuse large B-cell lymphoma (DLBCL, Japan population 18000-22000, R/R population 33%).  
Having said that, multiple myeloma (significantly larger opportunity) targeted clinical trials are progressing well
Furthermore, preliminary data from Ph I clinical trials studying CAR-T therapy for solid tumors is expected to report over the next 2-3 years

Daiichi Sankyo and Otsuka in-licensed CAR-T therapy assets from Kite Therapeutics (now part of Gilead) and Takara Bio respectively and are well positioned to capitalize on the opportunity.
However, US approval of Kite’s Yescarta for DLBCL can help accelerate enrollment/review of the Japanese clinical trial (based on US data), thereby significantly increasing its probability of success.
Consequently, Daiichi Sankyo could be the second company (after Novartis) to launch CAR-T therapy in Japan, securing it a strong position in the Japanese CAR-T therapy market.


Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

<ul class="">
<li>In the country of Shohei Ohtani, the Takara Holdings stub trade drew the most attention from the Smartkarma community. Both <a href="https://www.smartkarma.com/profiles/2658" target="_blank" data-smartkarma-citation="accounts:2658">Curtis Lehnert</a> and <a href="https://www.smartkarma.com/profiles/840" target="_blank" data-smartkarma-citation="accounts:840">David Blennerhassett</a> suggest long Takara Holdings with a 70:30 hedge on Takara Bio and Suntory or Kirin.</li>
<li>In the country of Son Heung-min, <a href="https://www.smartkarma.com/profiles/2907" target="_blank" data-smartkarma-citation="accounts:2907">Chan Wai Leong</a> initiates on LG H&amp;H as his top pick among the Korean consumer stocks. <a href="https://www.smartkarma.com/profiles/342" target="_blank" data-smartkarma-citation="accounts:342">Douglas Kim</a>'s insight on the latest activist movement in Korea is quite worthy of note.</li>
</ul>


In the country of Shohei Ohtani, the Takara Holdings stub trade drew the most attention from the Smartkarma community. Both Curtis Lehnert and David Blennerhassett suggest long Takara Holdings with a 70:30 hedge on Takara Bio and Suntory or Kirin.
In the country of Son Heung-min, Chan Wai Leong initiates on LG H&amp;H as his top pick among the Korean consumer stocks. Douglas Kim's insight on the latest activist movement in Korea is quite worthy of note.


Smartkarma's Week that Was in JP/KR: Takara Stub Trade, Activist in Korea, & Suruga Saga

Japan

TAKARA BIO INC. is a biopharmaceutical company.  The Company researches and develops reagents for genome engineering and analysis, technology used for gene therapy, and natural health food products using mushrooms and seaweed body and extracts.

Price Gauge
52-week Range	0.00 - 0.00
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Takara Bio Inc (4974 JP)

Japan Healthcare: Pair Trade Ideas- Long Sosei Group (4565 JP), Short Takara Bio (4974 JP)

Over the last six months, Sosei shares gained 37%, while Takara Bio shares plunged 21%. No immediate reversal is expected. The performance gap...

Tina Banerjee

🇯🇵 JAPAN • Results & Revisions 11/10 - Shiseido, FUJIFILM, Otsuka, Persol

• BEST & WORST • Tuesday's best and worst pairing is Takara Bio (4974 JP) and staffing agency Persol (2181 JP)......................

Campbell Gunn

Japan CAR-T Therapy Landscape

Japan CAR-T therapy - Competitive landscapeJapan pharma catching-up with global players… but a large gap remains Novartis AG (NOVN SE)’ Kymriah...

Dion Stéfan Büchner M.D., FCAP

Smartkarma's Week that Was in JP/KR: Takara Stub Trade, Activist in Korea, & Suruga Saga

In the country of Shohei Ohtani, the Takara Holdings stub trade drew the most attention from the Smartkarma community. Both Curtis Lehnert and...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Japan Healthcare: Pair Trade Ideas- Long Sosei Group (4565 JP), Short Takara Bio (4974 JP)

Over the last six months, Sosei shares gained 37%, while Takara Bio shares plunged 21%. No immediate reversal is expected. The performance gap...

Tina Banerjee

🇯🇵 JAPAN • Results & Revisions 11/​​​​​​​​​​​​​​​​​​​​​​​​​10 - Shiseido, FUJIFILM, Otsuka, Persol

• BEST & WORST • Tuesday's best and worst pairing is Takara Bio (4974 JP) and staffing agency Persol (2181 JP)......................

Campbell Gunn

🇯🇵 Japan • Every Shareholder Left Behind - The Book Value Per Share Metric

EQUITY-DRIVEN - Japans

Campbell Gunn

Japan CAR-T Therapy Landscape

Japan CAR-T therapy - Competitive landscapeJapan pharma catching-up with global players… but a large gap remains Novartis AG (NOVN SE)’ Kymriah...

Dion Stéfan Büchner M.D., FCAP

Smartkarma's Week that Was in JP/KR: Takara Stub Trade, Activist in Korea, & Suruga Saga

In the country of Shohei Ohtani, the Takara Holdings stub trade drew the most attention from the Smartkarma community. Both Curtis Lehnert and...

Sanghyun Park

🇯🇵 JAPAN • Results & Revisions 11/10 - Shiseido, FUJIFILM, Otsuka, Persol