Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.</li>
<li>They rebalance with SP500 name changes and capping mechanisms when the SP500 index is rebalanced. Here we present expected flows for the March 2026 rebal.  </li>
<li>We expect one-way flow of ~US$7.4bn in March 2026 for the Select Sector indices in total. There is of course an additional US$9.7bn for the SP500, $7.8bn for Equal Weight.</li>
</ul>


The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
They rebalance with SP500 name changes and capping mechanisms when the SP500 index is rebalanced. Here we present expected flows for the March 2026 rebal.  
We expect one-way flow of ~US$7.4bn in March 2026 for the Select Sector indices in total. There is of course an additional US$9.7bn for the SP500, $7.8bn for Equal Weight.


Quiddity Leaderboard SP Select Sector Mar26 Rebal: Still Over US$7bn One-Way Flow Expected

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 believe the FDA approval of the Wegovy pill improves affordability and convenience and significantly increases the size of the potential market.</li>
<li>After a massive spending drive from 2021 to 2024, management embarked on right-sizing the company with the announcement of 9000 retrenchments and $1.25 bn cost savings.</li>
<li>Competition is expected to increase over the next few years. At a FPE of less than 15 times and an EV/EBITDA of 10.5, we believe the risks are adequately discounted.</li>
</ul>


We believe the FDA approval of the Wegovy pill improves affordability and convenience and significantly increases the size of the potential market.
After a massive spending drive from 2021 to 2024, management embarked on right-sizing the company with the announcement of 9000 retrenchments and $1.25 bn cost savings.
Competition is expected to increase over the next few years. At a FPE of less than 15 times and an EV/EBITDA of 10.5, we believe the risks are adequately discounted.


Novo Nordisk (NVO US) – Time for an Upgrade!

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Aktis Oncology is the first 2026 IPO, pricing 11.8 million shares at $16–$18, supported by blue-chip biotech investors and an oversubscribed order book.</li>
<li>The company is advancing next-generation alpha-emitting radiopharmaceuticals, led by a Phase 1b Nectin-4 program and a second IND planned for 2026.</li>
<li>A major Eli Lilly collaboration and strong institutional backing reinforce credibility, execution confidence, and an attractive near-term risk-reward profile.</li>
</ul>


Aktis Oncology is the first 2026 IPO, pricing 11.8 million shares at $16–$18, supported by blue-chip biotech investors and an oversubscribed order book.
The company is advancing next-generation alpha-emitting radiopharmaceuticals, led by a Phase 1b Nectin-4 program and a second IND planned for 2026.
A major Eli Lilly collaboration and strong institutional backing reinforce credibility, execution confidence, and an attractive near-term risk-reward profile.


Aktis Oncology, Inc. (AKTS): Lilly Collaboration, Notable Backers Make for Intriguing IPO

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eisai-co-ltd" target="_blank" data-smartkarma-citation="entities:21001:1" rel="noopener">Eisai Co Ltd (4523 JP)</a> recorded153% YoY revenue growth to ¥41B for Leqembi during H1FY26, driven by significant growth in Japan (+177% YoY) and Americas (+84% YoY).</li>
<li>For FY26, Eisai has guided for Leqembi revenue of ¥77B, up 73% YoY.  H1FY26 Leqembi revenue represents progress rate of more than 50%, thereby raising conviction of meeting full-year guidance.</li>
<li>Recent clinical trial setbacks suffered by two large players, Johnson &amp; Johnson and Novo Nordisk should act in favor of Leqembi.  </li>
</ul>



Eisai Co Ltd (4523 JP) recorded153% YoY revenue growth to ¥41B for Leqembi during H1FY26, driven by significant growth in Japan (+177% YoY) and Americas (+84% YoY).
For FY26, Eisai has guided for Leqembi revenue of ¥77B, up 73% YoY.  H1FY26 Leqembi revenue represents progress rate of more than 50%, thereby raising conviction of meeting full-year guidance.
Recent clinical trial setbacks suffered by two large players, Johnson &amp; Johnson and Novo Nordisk should act in favor of Leqembi.  


Eisai Co Ltd (4523 JP): Label Expansion Drives Leqembi Ahead; Competitive Landscape Turns Favorable

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ablbio-inc" target="_blank" data-smartkarma-citation="entities:35621:1" rel="noopener">ABLBio (298380 KS)</a> has secured equity investment of KRW22B (~$15M) from Eli Lilly. The issue price of KRW125,900 per share represents ~22% discount to last undisturbed closing price.</li>
<li>ABL Bio plans to use the proceeds to advance its core technologies, including bispecific antibody platform, Grabody and bispecific ADCs. ABL Bio has rich pipeline, with eight ongoing clinical projects.</li>
<li>From a long-term perspective, relationship with Lilly opens a broad range of collaborative opportunities to develop innovative therapies. We may see similar deals with other major global pharma companies.</li>
</ul>



ABLBio (298380 KS) has secured equity investment of KRW22B (~$15M) from Eli Lilly. The issue price of KRW125,900 per share represents ~22% discount to last undisturbed closing price.
ABL Bio plans to use the proceeds to advance its core technologies, including bispecific antibody platform, Grabody and bispecific ADCs. ABL Bio has rich pipeline, with eight ongoing clinical projects.
From a long-term perspective, relationship with Lilly opens a broad range of collaborative opportunities to develop innovative therapies. We may see similar deals with other major global pharma companies.


ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities

United States

Eli Lilly and Company discovers, develops, manufactures, and sells pharmaceutical products for humans and animals.  The Company's products are sold in countries around the world.  Eli Lilly's products include neuroscience products, endocrine products, anti-infectives, cardiovascular agents, oncology products, and animal health products.

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Eli Lilly & Co (LLY US)

Quiddity Leaderboard SP Select Sector Mar26 Rebal: Still Over US$7bn One-Way Flow Expected

The SP Sector Select indices get rebalanced at the same time with the SP500/EW indices and add more one-way flow. Across the three of them, we see...

Anjana Amarasuriya

Novo Nordisk (NVO US) – Time for an Upgrade!

FDA approval of Wegovy pill boosts market potential, company right-sizes with layoffs and cost savings, competition rising but risks discounted in...

daaimon

Aktis Oncology, Inc. (AKTS): Lilly Collaboration, Notable Backers Make for Intriguing IPO

Aktis Oncology, the first 2026 IPO, is supported by blue-chip investors and advancing next-gen radiopharmaceuticals with strong institutional...

IPO Boutique

Eisai Co Ltd (4523 JP): Label Expansion Drives Leqembi Ahead; Competitive Landscape Turns Favorable

Eisai has guided for Leqembi revenue of ¥77B, up 73% YoY. Recent clinical trial setbacks suffered by two large players, J&J and Novo Nordisk...

Tina Banerjee

ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities

ABLBio secured equity investment of KRW22B from Eli Lilly. ABL Bio plans to use the proceeds to advance its core technologies, including bispecific...

Tina Banerjee

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Quiddity Leaderboard SP Select Sector Mar26 Rebal: Still Over US$7bn One-Way Flow Expected

The SP Sector Select indices get rebalanced at the same time with the SP500/EW indices and add more one-way flow. Across the three of them, we see...

Anjana Amarasuriya

Novo Nordisk (NVO US) – Time for an Upgrade!

​FDA approval of Wegovy pill boosts market potential, company right-sizes with layoffs and cost savings, competition rising but risks discounted in...

daaimon

Aktis Oncology, Inc. (AKTS): Lilly Collaboration, Notable Backers Make for Intriguing IPO

​Aktis Oncology, the first 2026 IPO, is supported by blue-chip investors and advancing next-gen radiopharmaceuticals with strong institutional...

IPO Boutique

Eisai Co Ltd (4523 JP): Label Expansion Drives Leqembi Ahead; Competitive Landscape Turns Favorable

​Eisai has guided for Leqembi revenue of ¥77B, up 73% YoY. Recent clinical trial setbacks suffered by two large players, J&J and Novo Nordisk...

Tina Banerjee

ABLBio (298380 KS): Funding From Lilly To Strengthen Drug Development Capabilities

ABLBio secured equity investment of KRW22B from Eli Lilly. ABL Bio plans to use the proceeds to advance its core technologies, including bispecific...

Tina Banerjee

FDA approval of Wegovy pill boosts market potential, company right-sizes with layoffs and cost savings, competition rising but risks discounted in...

Aktis Oncology, the first 2026 IPO, is supported by blue-chip investors and advancing next-gen radiopharmaceuticals with strong institutional...

Eisai has guided for Leqembi revenue of ¥77B, up 73% YoY. Recent clinical trial setbacks suffered by two large players, J&J and Novo Nordisk...