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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of TOPIX CORE 30 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Toyota Motor, Itochu, Tokio Marine, SoftBank, Mitsubishi UFJ Financial, Takeda Pharmaceutical, Advantest.</li>
</ul>


We analysed the earning revision of component stocks of TOPIX CORE 30 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Toyota Motor, Itochu, Tokio Marine, SoftBank, Mitsubishi UFJ Financial, Takeda Pharmaceutical, Advantest.


TOPIX CORE 30 Index Earning Revision (Jan): Toyota Motor, Itochu, Tokio Marine, SoftBank

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chugai-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:4489:1" rel="noopener">Chugai Pharmaceutical (4519 JP)</a> reported Hemlibra overseas sales of ¥344.5B (27% of total sales), up 12% YoY. Higher volumes boosted Actemra revenue (up 20% YoY) amid declining export unit price.</li>
<li>2026 guidance announced. Revenue is expected to increase to ¥1,345B (up 7% YoY). Both core operating profit and core net income expected to increase by 7.5% YoY each.</li>
<li>Eli Lilly has applied for approval from the US FDA to market orforglipron for obesity. The drug high sales potential and is expected to win an approval sometime in 2026.</li>
</ul>



Chugai Pharmaceutical (4519 JP) reported Hemlibra overseas sales of ¥344.5B (27% of total sales), up 12% YoY. Higher volumes boosted Actemra revenue (up 20% YoY) amid declining export unit price.
2026 guidance announced. Revenue is expected to increase to ¥1,345B (up 7% YoY). Both core operating profit and core net income expected to increase by 7.5% YoY each.
Eli Lilly has applied for approval from the US FDA to market orforglipron for obesity. The drug high sales potential and is expected to win an approval sometime in 2026.


Chugai Pharma (4519 JP): Hemlibra, Actemra Hold the Show Together, Orforglipron Is The Next Big Draw

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jan 23rd. The aggregated net margin trading position is USD22,549m.</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 Mitsubishi UFJ Financial, Lasertec, Fast Retailing, Kawasaki Heavy Industries, Nichirei, TDK, Advantest, Sony, Sumitomo Pharma, Daiichi Sankyo, Mitsubishi Ufj Financial, Lasertec.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jan 23rd. The aggregated net margin trading position is USD22,549m.
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 Mitsubishi UFJ Financial, Lasertec, Fast Retailing, Kawasaki Heavy Industries, Nichirei, TDK, Advantest, Sony, Sumitomo Pharma, Daiichi Sankyo, Mitsubishi Ufj Financial, Lasertec.


JPX Margin Trading Weekly (Jan 23rd): Mitsubishi UFJ Financial, Lasertec, Fast Retailing

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Jan 16th. The aggregated net margin trading position is USD20,863m.</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 SoftBank, Advantest, Lasertec, Mitsubishi Heavy Industries, Kioxia, Sanrio, Fast Retailing, Mitsubishi UFJ Financial, Kawasaki Heavy Industries, Keyence, Softbank, Advantest, Lasertec.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Jan 16th. The aggregated net margin trading position is USD20,863m.
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 SoftBank, Advantest, Lasertec, Mitsubishi Heavy Industries, Kioxia, Sanrio, Fast Retailing, Mitsubishi UFJ Financial, Kawasaki Heavy Industries, Keyence, Softbank, Advantest, Lasertec.


JPX Margin Trading Weekly (Jan 16th): SoftBank, Advantest, Lasertec, Mitsubishi Heavy Industries

<ul>
<li>
<a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (2256 HK)</a> recently received approval from NMPA for pimicotinib, for the treatment of adult patients with symptomatic Tenosynovial Giant Cell Tumor (TGCT).</li>
<li>There are only two CSF-1R inhibitors approved globally, pexidartinib (Turalio) and vimseltinib (Romvinza). Turalio recorded a sale of US$ 20M in H1FY26, while Romvinza recorded ¥2.8B revenue in H1FY26.</li>
<li>The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We are comfortably bullish on the name.</li>
</ul>



Abbisko Cayman (2256 HK) recently received approval from NMPA for pimicotinib, for the treatment of adult patients with symptomatic Tenosynovial Giant Cell Tumor (TGCT).
There are only two CSF-1R inhibitors approved globally, pexidartinib (Turalio) and vimseltinib (Romvinza). Turalio recorded a sale of US$ 20M in H1FY26, while Romvinza recorded ¥2.8B revenue in H1FY26.
The gradual contribution of innovative drugs starting with Picotinimib will help build a sustainable revenue flow. We are comfortably bullish on the name.


Abbisko Cayman (2256 HK): Pimicotinib Approval A Big Positive, Pipeline Offers Promise

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)

TOPIX CORE 30 Index Earning Revision (Jan): Toyota Motor, Itochu, Tokio Marine, SoftBank

We analyzed TOPIX CORE 30's consensus for Jan 2026 and highlighted changes of EPS in Toyota Motor, Itochu, Tokio Marine, SoftBank, Mitsubishi UFJ...

Ke Yan, CFA, FRM

Chugai Pharma (4519 JP): Hemlibra, Actemra Hold the Show Together, Orforglipron Is The Next Big Draw

Chugai Pharmaceutical reports strong overseas sales in 2025. Announces 2026 guidance. FDA approval for obesity drug orforglipron will be the next...

Tina Banerjee

JPX Margin Trading Weekly (Jan 23rd): Mitsubishi UFJ Financial, Lasertec, Fast Retailing

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi UFJ Financial (8306 JP), Lasertec (6920 JP), Fast...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jan 16th): SoftBank, Advantest, Lasertec, Mitsubishi Heavy Industries

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Lasertec (6920 JP),...

Ke Yan, CFA, FRM

Abbisko Cayman (2256 HK): Pimicotinib Approval A Big Positive, Pipeline Offers Promise

Abbisko (2256 HK) received NMPA approval for pimicotinib. Gradual contribution of innovative drugs starting with Picotinimib will help build a...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TOPIX CORE 30 Index Earning Revision (Jan): Toyota Motor, Itochu, Tokio Marine, SoftBank

We analyzed TOPIX CORE 30's consensus for Jan 2026 and highlighted changes of EPS in Toyota Motor, Itochu, Tokio Marine, SoftBank, Mitsubishi UFJ...

Ke Yan, CFA, FRM

Chugai Pharma (4519 JP): Hemlibra, Actemra Hold the Show Together, Orforglipron Is The Next Big Draw

​Chugai Pharmaceutical reports strong overseas sales in 2025. Announces 2026 guidance. FDA approval for obesity drug orforglipron will be the next...

Tina Banerjee

JPX Margin Trading Weekly (Jan 23rd): Mitsubishi UFJ Financial, Lasertec, Fast Retailing

We analyzed JPX margin trading positions report for the past week and highlighted Mitsubishi UFJ Financial (8306 JP), Lasertec (6920 JP), Fast...

Ke Yan, CFA, FRM

JPX Margin Trading Weekly (Jan 16th): SoftBank, Advantest, Lasertec, Mitsubishi Heavy Industries

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Lasertec (6920 JP),...

Ke Yan, CFA, FRM

Abbisko Cayman (2256 HK): Pimicotinib Approval A Big Positive, Pipeline Offers Promise

​Abbisko (2256 HK) received NMPA approval for pimicotinib. Gradual contribution of innovative drugs starting with Picotinimib will help build a...

Tina Banerjee

Chugai Pharmaceutical reports strong overseas sales in 2025. Announces 2026 guidance. FDA approval for obesity drug orforglipron will be the next...

Abbisko (2256 HK) received NMPA approval for pimicotinib. Gradual contribution of innovative drugs starting with Picotinimib will help build a...