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 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

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

Hisamitsu Pharmaceutical Co / Event-Driven

<ul>
<li>Bloomberg reported that an entity owned by the CEO is considering an MBO of <a href="https://www.smartkarma.com/entities/hisamitsu-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:17008:1" rel="noopener">Hisamitsu Pharmaceutical Co (4530 JP)</a> at a valuation of around JPY450 billion.</li>
<li>Assuming that the rumoured valuation refers to market cap based on outstanding shares, it suggests an offer around JPY6,000, a 15.4% premium to the last close.</li>
<li>Hisamitsu confirmed that it plans to announce an MBO today. An offer of JPY6,000 is attractive compared to precedent transactions and peer multiples.  </li>
</ul>


Bloomberg reported that an entity owned by the CEO is considering an MBO of Hisamitsu Pharmaceutical Co (4530 JP) at a valuation of around JPY450 billion.
Assuming that the rumoured valuation refers to market cap based on outstanding shares, it suggests an offer around JPY6,000, a 15.4% premium to the last close.
Hisamitsu confirmed that it plans to announce an MBO today. An offer of JPY6,000 is attractive compared to precedent transactions and peer multiples.  


Hisamitsu Pharma (4530 JP): An Imminent MBO at a Rumoured JPY450 Billion Valuation

<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 Takeda Pharmaceutical, Mizuho Financial, Sumitomo Mitsui Financial, Toyota Motor, Itochu, Honda Motor, SoftBank.</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 Takeda Pharmaceutical, Mizuho Financial, Sumitomo Mitsui Financial, Toyota Motor, Itochu, Honda Motor, SoftBank.


TOPIX CORE 30 Index Earning Revision (Dec): Takeda Pharmaceutical, Mizuho Financial

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)

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

Hisamitsu Pharma (4530 JP): An Imminent MBO at a Rumoured JPY450 Billion Valuation

Hisamitsu confirmed that it plans to announce an MBO today. An offer at the rumoured JPY450bn valuation is attractive compared to precedent...

Arun George

TOPIX CORE 30 Index Earning Revision (Dec): Takeda Pharmaceutical, Mizuho Financial

We analyzed TOPIX CORE 30's consensus for Dec 2025 and highlighted changes of EPS in Takeda Pharmaceutical, Mizuho Financial, Sumitomo Mitsui...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Hisamitsu Pharma (4530 JP): An Imminent MBO at a Rumoured JPY450 Billion Valuation

Hisamitsu confirmed that it plans to announce an MBO today. An offer at the rumoured JPY450bn valuation is attractive compared to precedent...

Arun George

TOPIX CORE 30 Index Earning Revision (Dec): Takeda Pharmaceutical, Mizuho Financial

We analyzed TOPIX CORE 30's consensus for Dec 2025 and highlighted changes of EPS in Takeda Pharmaceutical, Mizuho Financial, Sumitomo Mitsui...

Ke Yan, CFA, FRM

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