Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.</li>
<li>Five new deals discussed on Smartkarma this week: <a href="https://www.smartkarma.com/entities/smartpay-holdings-limited" target="_blank" data-smartkarma-citation="entities:45153:1" rel="noopener">SmartPay Holdings (SMP AU)</a>, <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a>, <a href="https://www.smartkarma.com/entities/zeekr-intelligent-technology-holding" target="_blank" data-smartkarma-citation="entities:36785:1" rel="noopener">Zeekr (ZK US)</a>, <a href="https://www.smartkarma.com/entities/torii-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:3253:1" rel="noopener">Torii Pharmaceutical (4551 JP)</a>, and <a href="https://www.smartkarma.com/entities/mitsubishi-shokuhin-co-ltd" target="_blank" data-smartkarma-citation="entities:19778:1" rel="noopener">Mitsubishi Shokuhin (7451 JP)</a>.</li>
<li>Key updates/news took place on: <a href="https://www.smartkarma.com/entities/domain-holdings-australia-ltd" target="_blank" data-smartkarma-citation="entities:26033:1" rel="noopener">Domain Holdings Australia (DHG AU)</a>, <a href="https://www.smartkarma.com/entities/gold-road-resources-ltd" target="_blank" data-smartkarma-citation="entities:6698:1" rel="noopener">Gold Road Resources (GOR AU)</a>, <a href="https://www.smartkarma.com/entities/canvest-environmental-protection-group-co-ltd" target="_blank" data-smartkarma-citation="entities:100:1" rel="noopener">Canvest Environmental Protection Group (1381 HK)</a>, <a href="https://www.smartkarma.com/entities/shibaura-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:12704:1" rel="noopener">Shibaura Electronics (6957 JP)</a>, <a href="https://www.smartkarma.com/entities/tsuruha-holdings-inc" target="_blank" data-smartkarma-citation="entities:9536:1" rel="noopener">Tsuruha Holdings (3391 JP)</a>.</li>
</ul>


I tally 49 - mostly firm, mostly Asia-Pac - transactions currently being discussed and analysed on Smartkarma.
Five new deals discussed on Smartkarma this week: SmartPay Holdings (SMP AU), NTT Data Corp (9613 JP), Zeekr (ZK US), Torii Pharmaceutical (4551 JP), and Mitsubishi Shokuhin (7451 JP).
Key updates/news took place on: Domain Holdings Australia (DHG AU), Gold Road Resources (GOR AU), Canvest Environmental Protection Group (1381 HK), Shibaura Electronics (6957 JP), Tsuruha Holdings (3391 JP).


(Mostly) Asia-Pac M&A: Torii Pharma, Mitsu. Shokuhin, Domain, Gold Road, Canvest, Shibaura, Tsuruha

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/astellas-pharma-inc" target="_blank" data-smartkarma-citation="entities:6091:1" rel="noopener">Astellas Pharma (4503 JP)</a> has announced strong FY25 performance, with all key parameters surpassing guidance, while FY26 guidance is a mix of positives and negatives.</li>
<li>Astellas has guided for FY26 revenue of ¥1,930B, up 1% YoY. While strategic brands are expected to grow by double and triple-digit, Xtandi is expected to report 5% revenue decline.</li>
<li>FY26 core operating profit is guided at ¥410B, up 5% YoY, driven by cost optimization effort. Core net profit for FY26 is expected to increase 3% YoY to ¥304B.</li>
</ul>



Astellas Pharma (4503 JP) has announced strong FY25 performance, with all key parameters surpassing guidance, while FY26 guidance is a mix of positives and negatives.
Astellas has guided for FY26 revenue of ¥1,930B, up 1% YoY. While strategic brands are expected to grow by double and triple-digit, Xtandi is expected to report 5% revenue decline.
FY26 core operating profit is guided at ¥410B, up 5% YoY, driven by cost optimization effort. Core net profit for FY26 is expected to increase 3% YoY to ¥304B.


Astellas Pharma (4503 JP): Strong FY25 Result; Cost Optimization to Boost FY26 Profit on Flat Sales

<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 22% YoY rise in core revenue in 1Q25, as overseas sales grew 55% YoY while domestic market remain subdued.</li>
<li>Hemlibra drove overseas sales. Actemra and Alecensa witnessed growth in both overseas and domestic markets.</li>
<li>Chugai reiterated 2025 guidance of revenue and net profit growth of 2% and 3%. The progress has been satisfactory with major line items achieving 24–25% of the full-year guidance numbers.</li>
</ul>



Chugai Pharmaceutical (4519 JP) reported 22% YoY rise in core revenue in 1Q25, as overseas sales grew 55% YoY while domestic market remain subdued.
Hemlibra drove overseas sales. Actemra and Alecensa witnessed growth in both overseas and domestic markets.
Chugai reiterated 2025 guidance of revenue and net profit growth of 2% and 3%. The progress has been satisfactory with major line items achieving 24–25% of the full-year guidance numbers.


Chugai Pharmaceutical (4519 JP): Hemlibra, Actemra, And Alecensa Shine In 1Q25; Guidance Reiterated

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eli-lilly-co" target="_blank" data-smartkarma-citation="entities:19419:1" rel="noopener">Eli Lilly &amp; Co (LLY US)</a> has recently announced positive topline Phase 3 results for orforglipron, the GLP 1 RA drug candidate they licensed from Chugai Pharma in 2018.</li>
<li>At the top dose, patients lost 7.3 kg of the 90.2 kg they weighed at the start of the trial, bettering Ozempic’s trial results.</li>
<li>Once approved and commercialized, orforglipron should provide a long-term revenue visibility for <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> through milestone and royalty receipts from Lilly.</li>
</ul>



Eli Lilly &amp; Co (LLY US) has recently announced positive topline Phase 3 results for orforglipron, the GLP 1 RA drug candidate they licensed from Chugai Pharma in 2018.
At the top dose, patients lost 7.3 kg of the 90.2 kg they weighed at the start of the trial, bettering Ozempic’s trial results.
Once approved and commercialized, orforglipron should provide a long-term revenue visibility for Chugai Pharmaceutical (4519 JP) through milestone and royalty receipts from Lilly.


Chugai Pharmaceutical (4519 JP): Positive Phase 3 Results Of Orforglipron Augurs Well

<ul>
<li>Buy <a href="https://www.smartkarma.com/entities/hankyu-hanshin-reit-inc" target="_blank" data-smartkarma-citation="entities:12654:1" rel="noopener">Hankyu Hanshin REIT, Inc. (8977 JP)</a> on any weakness. There will be strength ahead.</li>
<li>With <a href="https://www.smartkarma.com/entities/enn-energy-holdings-ltd" target="_blank" data-smartkarma-citation="entities:316:1" rel="noopener">ENN Energy (2688 HK)</a> suspended pursuant to the Takeovers Code, a third party Offer, as opposed to ENN Group, seems more likely. </li>
<li>Be long <a href="https://www.smartkarma.com/entities/idemitsu-kosan-co-ltd" target="_blank" data-smartkarma-citation="entities:109:1" rel="noopener">Idemitsu (5019 JP)</a> vs <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS</a> for the next several weeks. Light and easy drift trade based on pressure increasing and pressure ending before new news in May.</li>
</ul>


Buy Hankyu Hanshin REIT, Inc. (8977 JP) on any weakness. There will be strength ahead.
With ENN Energy (2688 HK) suspended pursuant to the Takeovers Code, a third party Offer, as opposed to ENN Group, seems more likely. 
Be long Idemitsu (5019 JP) vs ENEOS for the next several weeks. Light and easy drift trade based on pressure increasing and pressure ending before new news in May.


Last Week in Event SPACE: Hankyu Hanshin REIT, ENN Energy, Idemitsu, HKBN, Jardine Matheson

Japan

Eisai Co., Ltd. produces prescription drugs and medical equipment and sells mainly to sales agents and subsidiaries.  Through its subsidiary, Sanko Junyaku, the Company produces and sells diagnostic drugs.  Eisai also markets its products through related companies in the US, Europe, and Asia.  The Company also manufactures and sells foods, livestock feeds, chemical, and agrochemicals.

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Eisai Co Ltd (4523 JP)

(Mostly) Asia-Pac M&A: Torii Pharma, Mitsu. Shokuhin, Domain, Gold Road, Canvest, Shibaura, Tsuruha

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Astellas Pharma (4503 JP): Strong FY25 Result; Cost Optimization to Boost FY26 Profit on Flat Sales

Astellas Pharma reports FY25 performance, with key parameters surpassing guidance. The company expects 1% revenue growth in FY26, while core...

Tina Banerjee

Chugai Pharmaceutical (4519 JP): Hemlibra, Actemra, And Alecensa Shine In 1Q25; Guidance Reiterated

Chugai Pharmaceutical sees strong overseas sales driving 22% YoY rise in revenue in 1Q25, while domestic market remains subdued. Company...

Tina Banerjee

Chugai Pharmaceutical (4519 JP): Positive Phase 3 Results Of Orforglipron Augurs Well

Eli Lilly announces positive Phase 3 results for orforglipron, a GLP-1 drug candidate licensed from Chugai, showing promising weight loss results...

Tina Banerjee

Last Week in Event SPACE: Hankyu Hanshin REIT, ENN Energy, Idemitsu, HKBN, Jardine Matheson

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

(Mostly) Asia-Pac M&A: Torii Pharma, Mitsu. Shokuhin, Domain, Gold Road, Canvest, Shibaura, Tsuruha

This insight provides a summary of gross/annualised spreads (on deals discussed on Smartkarma) across Asia-Pacific as at the last trading date, and...

David Blennerhassett

Astellas Pharma (4503 JP): Strong FY25 Result; Cost Optimization to Boost FY26 Profit on Flat Sales

​Astellas Pharma reports FY25 performance, with key parameters surpassing guidance. The company expects 1% revenue growth in FY26, while core...

Tina Banerjee

Chugai Pharmaceutical (4519 JP): Hemlibra, Actemra, And Alecensa Shine In 1Q25; Guidance Reiterated

​Chugai Pharmaceutical sees strong overseas sales driving 22% YoY rise in revenue in 1Q25, while domestic market remains subdued. Company...

Tina Banerjee

Chugai Pharmaceutical (4519 JP): Positive Phase 3 Results Of Orforglipron Augurs Well

​Eli Lilly announces positive Phase 3 results for orforglipron, a GLP-1 drug candidate licensed from Chugai, showing promising weight loss results...

Tina Banerjee

Last Week in Event SPACE: Hankyu Hanshin REIT, ENN Energy, Idemitsu, HKBN, Jardine Matheson

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Astellas Pharma reports FY25 performance, with key parameters surpassing guidance. The company expects 1% revenue growth in FY26, while core...

Chugai Pharmaceutical sees strong overseas sales driving 22% YoY rise in revenue in 1Q25, while domestic market remains subdued. Company...

Eli Lilly announces positive Phase 3 results for orforglipron, a GLP-1 drug candidate licensed from Chugai, showing promising weight loss results...