Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Victory Giant Technology (HuiZhou) / Equity Capital Markets

Victory Giant Technology (HuiZhou) (2476 HK)

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,400+ insights published on Smartkarma.</li>
<li>In this cut, we evaluate the supply-side risks to agri-commodities, sift through a flurry of China hard-tech IPOs, and unpack Sumitomo Pharma's massive share placement. </li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,400+ insights published on Smartkarma.
In this cut, we evaluate the supply-side risks to agri-commodities, sift through a flurry of China hard-tech IPOs, and unpack Sumitomo Pharma's massive share placement. 
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Soft Commodities' Hard Truths, Pricing China's Hi-Tech & Sumitomo Pharma's Placement

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.

Event-Driven

<ul>
<li>Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.</li>
<li>Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. </li>
<li>Of these, they have a combined stake of over US$1bn in 23 companies.</li>
</ul>


Following up on our earlier cross-shareholding work, in this note we look to summarize our work so far by looking at where most of the selling will likely come.
Of the seven companies that we have looked at so far, collectively they have around US$102bn worth of shares to sell in 118 companies. 
Of these, they have a combined stake of over US$1bn in 23 companies.


Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

<ul>
<li>Following up on our earlier cross-shareholding notes, in this note we look at <a href="https://www.smartkarma.com/entities/mizuho-financial-group-inc" target="_blank" data-smartkarma-citation="entities:219:1" rel="noopener">Mizuho Financial Group (8411 JP)</a>'s cross-shareholding.</li>
<li>Mizuho had a stake over US$100m in at least 34 listed Japanese stocks, amounting to a total of around US$7bn.</li>
<li>In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.</li>
</ul>


Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.
Mizuho had a stake over US$100m in at least 34 listed Japanese stocks, amounting to a total of around US$7bn.
In this note, we take a look at its stakes in various companies to see which ones could possibly be candidates for further selldowns.


Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ihh-healthcare-bhd" target="_blank" data-smartkarma-citation="entities:876:1" rel="noopener">IHH Healthcare (IHH MK)</a> reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.</li>
<li>To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.</li>
<li>Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.</li>
</ul>



IHH Healthcare (IHH MK) reported stellar performance in 3Q23 exceeding expectations, with double-digit revenue and EBITDA growth, while PAT more than doubles on higher patient volumes and improved case mix.
To deliver profitable growth, IHH will continue its organic expansion, including adding close to 4,000 beds in the next five years to its existing 12,000 operational beds.
Notwithstanding the strong underlying demand for quality healthcare services driving operational and financial growth, IHH expects cost pressures from elevated inflation, and rising interest rates.


IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

Thematic (Sector/Industry)

<ul>
<li>Sino Biopharmaceutical’s NDA for bispecific ADC, TQB2102, has been accepted by NMPA for breast cancer. CHMP recommended approval of Impact Therapeutics’ Sepalna for epithelial ovarian, fallopian tube, and peritoneal cancers.</li>
<li>FDA granted priority review to Takeda’s zasocitinib for moderate-to-severe plaque psoriasis. Daiichi Sankyo announced positive results from the Phase 3 trial evaluating Enhertu as a first-line treatment of NSCLC.</li>
<li>SK Biopharmaceuticals has signed a license and equity investment agreement with 1ST Biotherapeutics to secure global exclusive development and commercialization rights for a new drug candidate for Parkinson's disease.</li>
</ul>


Sino Biopharmaceutical’s NDA for bispecific ADC, TQB2102, has been accepted by NMPA for breast cancer. CHMP recommended approval of Impact Therapeutics’ Sepalna for epithelial ovarian, fallopian tube, and peritoneal cancers.
FDA granted priority review to Takeda’s zasocitinib for moderate-to-severe plaque psoriasis. Daiichi Sankyo announced positive results from the Phase 3 trial evaluating Enhertu as a first-line treatment of NSCLC.
SK Biopharmaceuticals has signed a license and equity investment agreement with 1ST Biotherapeutics to secure global exclusive development and commercialization rights for a new drug candidate for Parkinson's disease.


APAC Healthcare Weekly (Sept 20) –Sino Bio, Impact Therapeutics, Takeda, Daiichi Sankyo, SK Biopharm

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)

Curator's Cut: Soft Commodities' Hard Truths, Pricing China's Hi-Tech & Sumitomo Pharma's Placement

This Curator's Cut highlights supply-side risks in agri-commodities, China hard-tech IPOs, and Sumitomo Pharma's share placement. Share your topic...

Pranav Rao

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.

Sumeet Singh

IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

IHH reported stellar performance in 3Q23, with 19% revenue and 26% EBITDA growth on higher patient volumes and improved case mix. The company plans...

Tina Banerjee

APAC Healthcare Weekly (Sept 20) –Sino Bio, Impact Therapeutics, Takeda, Daiichi Sankyo, SK Biopharm

NMPA accepted Sino Bio’s NDA for bispecific ADC drug candidate. FDA granted priority review to Takeda’s zasocitinib for moderate-to-severe plaque...

Tina Banerjee

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Curator's Cut: Soft Commodities' Hard Truths, Pricing China's Hi-Tech & Sumitomo Pharma's Placement

​This Curator's Cut highlights supply-side risks in agri-commodities, China hard-tech IPOs, and Sumitomo Pharma's share placement. Share your topic...

Pranav Rao

Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies

Toyotal has just announced that it will buy back around 290m (around 2% of the stock) of its own shares from MS&AD, Tokio Marine, MUFG and SMFG. In...

Sumeet Singh

Mizuho Cross-Shareholding - US$11bn of Cross-Shareholding, with at Least US$2bn to Sell over FY24-26

Following up on our earlier cross-shareholding notes, in this note we look at Mizuho Financial Group (8411 JP)'s cross-shareholding.

Sumeet Singh

IHH Healthcare (IHH MK): Double-Digit Growth Across Key Metrics for Q3; Bed Expansion to Continue

IHH reported stellar performance in 3Q23, with 19% revenue and 26% EBITDA growth on higher patient volumes and improved case mix. The company plans...

Tina Banerjee

APAC Healthcare Weekly (Sept 20) –Sino Bio, Impact Therapeutics, Takeda, Daiichi Sankyo, SK Biopharm

NMPA accepted Sino Bio’s NDA for bispecific ADC drug candidate. FDA granted priority review to Takeda’s zasocitinib for moderate-to-severe plaque...

Tina Banerjee

This Curator's Cut highlights supply-side risks in agri-commodities, China hard-tech IPOs, and Sumitomo Pharma's share placement. Share your topic...