Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a> witnessed 8% revenue growth in 1Q26. Mainstay pharmaceutical business (+9% YoY) drove revenue. Rexulti, Lonsurf and Abilify remained strong.</li>
<li>Otsuka reiterated 2026 guidance and expects the revenue to be up 2% to ¥2520B backed by Rexulti, Abilify and Voyxact. Profit is expected to stand at ¥265B, down 27% YoY.</li>
<li>Top selling drugs are steadily gaining traction. Going ahead, Otsuka is banking on new drugs like sibeprenlimab to further drive growth. We recommend to Hold the stock for now.</li>
</ul>



Otsuka Holdings (4578 JP) witnessed 8% revenue growth in 1Q26. Mainstay pharmaceutical business (+9% YoY) drove revenue. Rexulti, Lonsurf and Abilify remained strong.
Otsuka reiterated 2026 guidance and expects the revenue to be up 2% to ¥2520B backed by Rexulti, Abilify and Voyxact. Profit is expected to stand at ¥265B, down 27% YoY.
Top selling drugs are steadily gaining traction. Going ahead, Otsuka is banking on new drugs like sibeprenlimab to further drive growth. We recommend to Hold the stock for now.


Otsuka Holdings (4578 JP): Rexulti, Abilify Gain Further Traction in 1Q26, Guidance Reiterated

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p>Bullish technicals continue to support our call to overweight EM. We highlight actionable themes, as well as pullback opportunities in Europe, European luxury/apparel, UK homebuilders, EM chemicals, Japanese chemicals, and Japanese tech stocks.</p>

Bullish technicals continue to support our call to overweight EM. We highlight actionable themes, as well as pullback opportunities in Europe, European luxury/apparel, UK homebuilders, EM chemicals, Japanese chemicals, and Japanese tech stocks.

Int'l Compass: Overweight EM; Actionable Themes in Europe and Japan

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Thematic (Sector/Industry)

<div><div class="content-highlight"><h2>Japan</h2></div></div><h2>Strong pick-up truck sales in US</h2><p><a href="https://www.smartkarma.com/profiles/940" target="_blank" data-smartkarma-citation="accounts:940">Nick Tanner</a> suggested paying attention to the continued recovery of US pick-up truck sales for <a href="https://www.smartkarma.com/entities/15064" target="_blank" data-smartkarma-citation="entities:15064:1">Toyo Tire &amp; Rubber Co Ltd (5105 JP)</a>, nearly 60% of whose operating profit is coming from North America. However, Nick cautiously pointed out that we might want to closely watch Toyo's profitability this year, which is expected to be slightly lower than that of last year. <a href="https://www.smartkarma.com/profiles/713" target="_blank" data-smartkarma-citation="accounts:713">Mio Kato, CFA</a> also put out a piece on the strong pick-up sales in US. He argued that the ongoing…</p>

JapanStrong pick-up truck sales in USNick Tanner suggested paying attention to the continued recovery of US pick-up truck sales for Toyo Tire &amp; Rubber Co Ltd (5105 JP), nearly 60% of whose operating profit is coming from North America. However, Nick cautiously pointed out that we might want to closely watch Toyo's profitability this year, which is expected to be slightly lower than that of last year. Mio Kato, CFA also put out a piece on the strong pick-up sales in US. He argued that the ongoing…

The Week That Was in NorthAsia@Smartkarma: Trucks, Pachinko, and Life Insurance

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

<p>This week sees the start of Japan’s earnings season with <a href="https://www.smartkarma.com/entities/2458" target="_blank" data-smartkarma-citation="entities:2458:1">Yaskawa Electric Corp (6506 JP)</a> reporting on 20<sup>th</sup> and <a href="https://www.smartkarma.com/entities/16195" target="_blank" data-smartkarma-citation="entities:16195:1">Tokyo Steel Mfg Co Ltd (5423 JP)</a> reporting on 21<sup>st</sup>. Whereas in previous years, results season has been pretty predictable, there’s little in the way of consensus about this year’s. Whilst the March quarter started off optimistically, sentiment deteriorated through the quarter as the yen rallied. That said, we go into FY17, with pretty easy YoY comparisons through September, so unless…</p>

This week sees the start of Japan’s earnings season with Yaskawa Electric Corp (6506 JP) reporting on 20th and Tokyo Steel Mfg Co Ltd (5423 JP) reporting on 21st. Whereas in previous years, results season has been pretty predictable, there’s little in the way of consensus about this year’s. Whilst the March quarter started off optimistically, sentiment deteriorated through the quarter as the yen rallied. That said, we go into FY17, with pretty easy YoY comparisons through September, so unless…

Japan Earnings - Thumbnail Preview of Those Reporting Early

<p><span lang="EN-US">Legislation and regulation in Japan tend to be evolutionary rather than revolutionary. You get the odd inflection point coming out of nowhere – the current casino legislation springs to mind here – but generally it is a step-by-step process, with little in the way of corrective measures. If unforeseen and untoward consequences occur, then rather than being reversed, these are either accommodated or subsumed.</span></p><p><span lang="EN-US">This is fine as long as you don't go down a regulatory cul-de-sac, as you then risk</span>…</p>

Legislation and regulation in Japan tend to be evolutionary rather than revolutionary. You get the odd inflection point coming out of nowhere – the current casino legislation springs to mind here – but generally it is a step-by-step process, with little in the way of corrective measures. If unforeseen and untoward consequences occur, then rather than being reversed, these are either accommodated or subsumed.This is fine as long as you don't go down a regulatory cul-de-sac, as you then risk…

Japan

Chugai Pharmaceutical Company Ltd., manufactures and sells pharmaceuticals in the domestic and international markets through its subsidiaries. The Company develops drugs in the fields of cancer, infectious diseases, bone, blood, and circulatory systems. Chugai Pharmaceutical also conducts research studies on drugs with private and public medical research institutions.

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Chugai Pharmaceutical (4519 JP)

Otsuka Holdings (4578 JP): Rexulti, Abilify Gain Further Traction in 1Q26, Guidance Reiterated

Otsuka Holdings saw 8% revenue growth in 1Q26 driven by Rexulti and Abilify. Sibeprenlimab next big draw. Transcend acquisition positive....

Tina Banerjee

Int'l Compass: Overweight EM; Actionable Themes in Europe and Japan

Bullish technicals continue to support our call to overweight EM. We highlight actionable themes, as well as pullback opportunities in Europe,...

Vermilion Research

The Week That Was in NorthAsia@Smartkarma: Trucks, Pachinko, and Life Insurance

JapanStrong pick-up truck sales in USNick Tanner suggested paying attention to the continued recovery of US pick-up truck sales for Toyo Tire &...

Sanghyun Park

Japan Earnings - Thumbnail Preview of Those Reporting Early

This week sees the start of Japan’s earnings season with Yaskawa Electric Corp (6506 JP) reporting on 20th and Tokyo Steel Mfg Co Ltd (5423 JP)...

Pelham Smithers Associates

Drug Price Regulation in Japan

Legislation and regulation in Japan tend to be evolutionary rather than revolutionary. You get the odd inflection point coming out of nowhere – the...

Pelham Smithers Associates

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52-week Range

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Otsuka Holdings (4578 JP): Rexulti, Abilify Gain Further Traction in 1Q26, Guidance Reiterated

​Otsuka Holdings saw 8% revenue growth in 1Q26 driven by Rexulti and Abilify. Sibeprenlimab next big draw. Transcend acquisition positive....

Tina Banerjee

Int'l Compass: Overweight EM; Actionable Themes in Europe and Japan

Bullish technicals continue to support our call to overweight EM. We highlight actionable themes, as well as pullback opportunities in Europe,...

Vermilion Research

The Week That Was in NorthAsia@Smartkarma: Trucks, Pachinko, and Life Insurance

JapanStrong pick-up truck sales in USNick Tanner suggested paying attention to the continued recovery of US pick-up truck sales for Toyo Tire &...

Sanghyun Park

Japan Earnings - Thumbnail Preview of Those Reporting Early

This week sees the start of Japan’s earnings season with Yaskawa Electric Corp (6506 JP) reporting on 20th and Tokyo Steel Mfg Co Ltd (5423 JP)...

Pelham Smithers Associates

Drug Price Regulation in Japan

Legislation and regulation in Japan tend to be evolutionary rather than revolutionary. You get the odd inflection point coming out of nowhere – the...

Pelham Smithers Associates

Otsuka Holdings saw 8% revenue growth in 1Q26 driven by Rexulti and Abilify. Sibeprenlimab next big draw. Transcend acquisition positive....