Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

Equity Bottom-Up

<ul>
<li>We were correct not buying at a 51 FPE (at the top), despite our bullish view on their oncology portfolio of drugs.</li>
<li>With hindsight, we were early at the end Oct 2024 at 39 FPE – numbers disappointed and the counter derated significantly.</li>
<li>At a 16.5 FPE, expectations are very different. Enhertu has moved from strength to strength and has just achieved its first billion dollar quarter.</li>
</ul>


We were correct not buying at a 51 FPE (at the top), despite our bullish view on their oncology portfolio of drugs.
With hindsight, we were early at the end Oct 2024 at 39 FPE – numbers disappointed and the counter derated significantly.
At a 16.5 FPE, expectations are very different. Enhertu has moved from strength to strength and has just achieved its first billion dollar quarter.


Daiichi Sankyo (4568 JP) – Were We Too Early in Oct 2024?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, there was a lack of fireworks from last week's listing. This week might have some better luck.</li>
<li>On the placements front, there was no dearth of deals with raisings across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, there was a lack of fireworks from last week's listing. This week might have some better luck.
On the placements front, there was no dearth of deals with raisings across the region.


ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

<ul>
<li>A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in <a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> .</li>
<li>While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind,  the last deal in the stock didn’t do well.</li>
<li>In this note, we will talk about the placement and run the deal through our ECM framework.</li>
</ul>


A group of shareholders are looking to raise up to US$1.2bn via selling most of their stake in Daiichi Sankyo (4568 JP) .
While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind,  the last deal in the stock didn’t do well.
In this note, we will talk about the placement and run the deal through our ECM framework.


Daiichi Sankyo Placement - US$1.2bn Deal but Momentum Isn’t the Best, Last Deal Didn’t Do Well

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> started FY26 on a strong note, with 9% revenue growth to ¥475B, driven by Enhertu. The negative effect on revenue from foreign exchange was ¥19B.</li>
<li>Although Daiichi Sankyo reaffirmed FY26 guidance announced in April, the company raised Datroway FY26 revenue expectation, following strong initial uptake. There is scope for further guidance raise.</li>
<li>Moving ahead, Enhertu and Datroway progress (uptake, indication and geography expansion, and data readouts) will be the key drivers.</li>
</ul>



Daiichi Sankyo (4568 JP) started FY26 on a strong note, with 9% revenue growth to ¥475B, driven by Enhertu. The negative effect on revenue from foreign exchange was ¥19B.
Although Daiichi Sankyo reaffirmed FY26 guidance announced in April, the company raised Datroway FY26 revenue expectation, following strong initial uptake. There is scope for further guidance raise.
Moving ahead, Enhertu and Datroway progress (uptake, indication and geography expansion, and data readouts) will be the key drivers.


Daiichi Sankyo (4568 JP): Better-Than-Expected Q1FY26 Result; FY Guidance Reiterated

<ul>
<li>
<a href="https://www.smartkarma.com/entities/daiichi-sankyo-co-ltd" target="_blank" data-smartkarma-citation="entities:3014:1" rel="noopener">Daiichi Sankyo (4568 JP)</a> has received FDA approval for Datroway for the treatment of adult patients with locally advanced or metastatic EGFR-mutated non-small cell lung cancer.</li>
<li>Following the approval, Daiichi Sankyo is eligible for milestone payment of $45M from partner AstraZeneca.</li>
<li>For FY26, Daiichi Sankyo sees Datroway revenue of ¥3.8B, mainly driven by the U.S. (¥3.3B, up 197% YoY).</li>
</ul>



Daiichi Sankyo (4568 JP) has received FDA approval for Datroway for the treatment of adult patients with locally advanced or metastatic EGFR-mutated non-small cell lung cancer.
Following the approval, Daiichi Sankyo is eligible for milestone payment of $45M from partner AstraZeneca.
For FY26, Daiichi Sankyo sees Datroway revenue of ¥3.8B, mainly driven by the U.S. (¥3.3B, up 197% YoY).


Daiichi Sankyo (4568 JP): FDA Goes Datroway, Daiichi in Contention for the Next “Enhertu” Moment

Japan

Daiichi Sankyo Co, Ltd is a holding company established through merger of Sankyo and Daiichi pharmaceutical. The Group manufactures pharmaceuticals for human/veterinary use and medical tools and equipment. It also researches and promotes products through related companies throughout the world. The Group also produces food, food additives, livestock feeds, and agrochemicals.

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Daiichi Sankyo (4568 JP)