Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Equity Capital Markets

Alebund Pharmaceuticals Jiangsu / Equity Capital Markets

<ul>
<li>Alebund Pharmaceuticals, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and HTSC are the joint sponsors.</li>
<li>In this note, we look at the company’s history and its core product, AP301, and AP306.</li>
<li>We are of the view that the company is worth following.</li>
</ul>


Alebund Pharmaceuticals, a China-based clinical-stage biotech company, is looking to raise at least USD 100 million via a Hong Kong listing. Jefferies, BoA, and HTSC are the joint sponsors.
In this note, we look at the company’s history and its core product, AP301, and AP306.
We are of the view that the company is worth following.


Alebund (礼邦生物) Pre-IPO Quick Take: A Niche Renal Specialist

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/takeda-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:11747:1" rel="noopener">Takeda Pharmaceutical (4502 JP)</a> reported H1FY26 revenue of ¥2,220B, down 7%, primarily attributable to unfavorable foreign exchange and lower sales of Vyvanse.</li>
<li>Takeda revised its FY26 guidance downwards expecting lower sales and margins, reflecting near term headwinds amid cost control.</li>
<li>Six of these late-stage programs are estimated to have the potential to generate peak revenues ranging from $10B to $20B in total and contribute to long-term growth.</li>
</ul>



Takeda Pharmaceutical (4502 JP) reported H1FY26 revenue of ¥2,220B, down 7%, primarily attributable to unfavorable foreign exchange and lower sales of Vyvanse.
Takeda revised its FY26 guidance downwards expecting lower sales and margins, reflecting near term headwinds amid cost control.
Six of these late-stage programs are estimated to have the potential to generate peak revenues ranging from $10B to $20B in total and contribute to long-term growth.


Takeda Pharmaceutical (4502 JP): Guidance Revised Downwards; Vyvance Continue To Be a Pain Point

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Oct 3rd. The aggregated net margin trading position is USD17,873m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in IHI, Nippon Steel, Nitori, Ai Robotics, Pan Pacific International, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Disco, Kintetsu, Yamada, Ihi.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Oct 3rd. The aggregated net margin trading position is USD17,873m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in IHI, Nippon Steel, Nitori, Ai Robotics, Pan Pacific International, Mitsubishi UFJ Financial, Mitsui O.S.K. Lines, Disco, Kintetsu, Yamada, Ihi.


JPX Margin Trading Weekly (Oct 3rd): IHI, Nippon Steel, Nitori, Ai Robotics

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 26th. The aggregated net margin trading position is USD13,494m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho, Mitsui O.S.K. Lines, Mitsubishi Heavy Industries, Tokyo Electron, Nagoya Railroad, Sanrio, Advantest, Softbank, Ihi.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 26th. The aggregated net margin trading position is USD13,494m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho, Mitsui O.S.K. Lines, Mitsubishi Heavy Industries, Tokyo Electron, Nagoya Railroad, Sanrio, Advantest, Softbank, Ihi.


JPX Margin Trading Weekly (Sep 26th): Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 5th. The aggregated net margin trading position is USD17,638m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric, Fast Retailing, Tokyo Electron, Nintendo, Hitachi, Kioxia, Lasertec, Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 5th. The aggregated net margin trading position is USD17,638m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric, Fast Retailing, Tokyo Electron, Nintendo, Hitachi, Kioxia, Lasertec, Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric.


JPX Margin Trading Weekly (Sep 5th): Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Chugai Pharmaceutical (4519 JP)

Alebund (礼邦生物) Pre-IPO Quick Take: A Niche Renal Specialist

China's Alebund Pharmaceuticals seeks to raise $100 million through a HK listing. The company has an interesting set of products for kidney diseases.

Ke Yan, CFA, FRM

Takeda Pharmaceutical (4502 JP): Guidance Revised Downwards; Vyvance Continue To Be a Pain Point

Takeda Pharmaceutical reports revenue decline in H1FY26, revises guidance downwards due to lower sales of Vyvance and Entyvio, but expects long...

Tina Banerjee

JPX Margin Trading Weekly (Oct 3rd): IHI, Nippon Steel, Nitori, Ai Robotics

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Nippon Steel (5401 JP), Nitori (9843 JP), Ai...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Sep 26th): Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho

We analyzed JPX margin trading positions report for the past week and highlighted Sanrio (8136 JP), Advantest (6857 JP), SoftBank (9984 JP), IHI...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Sep 5th): Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric

We analyzed JPX margin trading positions report for the past week and highlighted Nidec (6594 JP), Disco (6146 JP), Mitsubishi Heavy Industries...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Alebund (礼邦生物) Pre-IPO Quick Take: A Niche Renal Specialist

​China's Alebund Pharmaceuticals seeks to raise $100 million through a HK listing. The company has an interesting set of products for kidney diseases.

Ke Yan, CFA, FRM

Takeda Pharmaceutical (4502 JP): Guidance Revised Downwards; Vyvance Continue To Be a Pain Point

​Takeda Pharmaceutical reports revenue decline in H1FY26, revises guidance downwards due to lower sales of Vyvance and Entyvio, but expects long...

Tina Banerjee

JPX Margin Trading Weekly (Oct 3rd): IHI, Nippon Steel, Nitori, Ai Robotics

We analyzed JPX margin trading positions report for the past week and highlighted IHI (7013 JP), Nippon Steel (5401 JP), Nitori (9843 JP), Ai...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Sep 26th): Sanrio, Advantest, SoftBank, IHI, Kintetsu, Zensho

We analyzed JPX margin trading positions report for the past week and highlighted Sanrio (8136 JP), Advantest (6857 JP), SoftBank (9984 JP), IHI...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Sep 5th): Nidec, Disco, Mitsubishi Heavy Industries, Furukawa Electric

We analyzed JPX margin trading positions report for the past week and highlighted Nidec (6594 JP), Disco (6146 JP), Mitsubishi Heavy Industries...

Ke Yan, CFA, FRM

China's Alebund Pharmaceuticals seeks to raise $100 million through a HK listing. The company has an interesting set of products for kidney diseases.

Takeda Pharmaceutical reports revenue decline in H1FY26, revises guidance downwards due to lower sales of Vyvance and Entyvio, but expects long...