Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Bottom-Up

<ul>
<li>Fujifilm announced today that the company has entered into a 10-year manufacturing supply agreement valued over US$3bn with Regeneron Pharma to provide US-based production to Regeneron's biologic medicines.</li>
<li>Fujifilm's Bio CDMO business, operating through FUJIFILM Diosynth Biotechnologies, has achieved significant success and growth, driven by a combination of strategic investments/acquisitions, with a focus on expanding its capabilities.</li>
<li>Bio CDMO business has achieved rapid expansion over the years, and aims to generate revenues of ¥200bn for FY03/2025 and reach ¥500bn by FY03/2028E which seems attainable to us.</li>
</ul>


Fujifilm announced today that the company has entered into a 10-year manufacturing supply agreement valued over US$3bn with Regeneron Pharma to provide US-based production to Regeneron's biologic medicines.
Fujifilm's Bio CDMO business, operating through FUJIFILM Diosynth Biotechnologies, has achieved significant success and growth, driven by a combination of strategic investments/acquisitions, with a focus on expanding its capabilities.
Bio CDMO business has achieved rapid expansion over the years, and aims to generate revenues of ¥200bn for FY03/2025 and reach ¥500bn by FY03/2028E which seems attainable to us.


Fujifilm: Bio CDMO – A Success in the Making

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

Research from Asian Century Stocks, Asian Century Stocks

Michael Fritzell

Research from Asian Century Stocks

Providing financial journalism in the Asia-Pacific

Asian Century Stocks

Asian Century Stocks is a newsletter providing financial journalism for companies and stocks in the Asia-Pacific. 
The Asian Century Stocks logotype “百” stands for “one hundred” or a “century”. The economic centre of gravity is moving towards Asia. Yet most global investors are missing out.

Thematic (Sector/Industry)

<ul>
<li>The IVF industry is booming, driven by couples having children later in life as well as infertility problems.</li>
<li>There should be plenty of opportunities for IVF clinic operators, including for Jinxin Fertility which may benefit if the Chinese government introduces subsidies for IVF procedures. But the acquisitive nature of many IVF-related companies has caused their returns on equity and earnings per share growth to be weak.</li>
<li>One stock that trades at a low multiple with fat profit margins is Organon, though be aware of its ongoing patent cliffs, which may be the reason it was spun off in the first place.</li>
</ul>


The IVF industry is booming, driven by couples having children later in life as well as infertility problems.
There should be plenty of opportunities for IVF clinic operators, including for Jinxin Fertility which may benefit if the Chinese government introduces subsidies for IVF procedures. But the acquisitive nature of many IVF-related companies has caused their returns on equity and earnings per share growth to be weak.
One stock that trades at a low multiple with fat profit margins is Organon, though be aware of its ongoing patent cliffs, which may be the reason it was spun off in the first place.


Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/medical-data-vision-co-ltd" target="_blank" data-smartkarma-citation="entities:8367:1" rel="noopener">Medical Data Vision (3902 JP)</a> was IPOed in 2014. MitCorp sold. Others sold. Fujifilm and Medipal stayed in. The stock ran up. SBI bought from Fujifilm in Nov2020 at ¥2355.</li>
<li>The stock fell, SBI bought more in 2021-2022. Then it fell more in 2023 and SBI bought more, then fell more in 2024 and SBI bought more. </li>
<li>The Nikkei <a href="https://www.nikkei.com/article/DGXZQOUB115D70R10C25A9000000/" target="_blank" rel="noopener">reports</a> today that Nippon Life will announce a TOB on 15 December with a max price of ¥60bn (242% premium), which coincidentally would bring SBI close to breakeven.</li>
</ul>



Medical Data Vision (3902 JP) was IPOed in 2014. MitCorp sold. Others sold. Fujifilm and Medipal stayed in. The stock ran up. SBI bought from Fujifilm in Nov2020 at ¥2355.
The stock fell, SBI bought more in 2021-2022. Then it fell more in 2023 and SBI bought more, then fell more in 2024 and SBI bought more. 
The Nikkei reports today that Nippon Life will announce a TOB on 15 December with a max price of ¥60bn (242% premium), which coincidentally would bring SBI close to breakeven.


[Japan M&A?] Nikkei Reports Nippon Life to Buy Medical Data Vision (3902) For ~¥60bn

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

<ul>
<li>Cautious ASML guidance sets dour tone to start but weakness for semi's limited.</li>
<li>JNJ beats handily thanks to FX and medtech which should cause pharma and likes of Terumo to squeeze off the bell.</li>
<li>7&amp;I likely to be weak to start but unlikely there was too much residual expectation priced in after a difficult road for CT.</li>
</ul>


Cautious ASML guidance sets dour tone to start but weakness for semi's limited.
JNJ beats handily thanks to FX and medtech which should cause pharma and likes of Terumo to squeeze off the bell.
7&amp;I likely to be weak to start but unlikely there was too much residual expectation priced in after a difficult road for CT.


Japan Morning Connection: Couche-Tard Sounds the Retreat on Its Advances for 7&I

Japan

FUJIFILM Holdings Corporation develops, sells and services Imaging, Information, and Document Solutions.  Its products include color films, digital cameras, photofinishing products and equipment.  The Group also manufactures medical and graphic art use equipment and materials, FPD materials, and optical devices, and provides services on office copy machines, printers, and related equipment.

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FUJIFILM Holdings (4901 JP)

Fujifilm: Bio CDMO – A Success in the Making

Fujifilm has secured $3bn manufacturing deal with Regeneron Pharma, showcasing significant growth and success of its Bio CDMO biz. Fujifilm is...

Shifara Samsudeen, FCMA, CGMA

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

IVF: Secular Growth for Decades to Come.

The IVF industry is booming, driven by couples having children later in life as well as infertility problems. There should be plenty of...

Asian Century Stocks

[Japan M&A?] Nikkei Reports Nippon Life to Buy Medical Data Vision (3902) For ~¥60bn

The Nikkei reports Nippon Life will launch a TOB to buy out Medical Data Vision at "up to ¥60bn", announcing it tomorrow. That is a whopping 240%...

Travis Lundy

Japan Morning Connection: Couche-Tard Sounds the Retreat on Its Advances for 7&I

ASML guidance sets dour tone but market may have seen through the cautiousness, JNJ beats sending pharma higher giving some JP names a potential...

Andrew Jackson

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Fujifilm: Bio CDMO – A Success in the Making

​Fujifilm has secured $3bn manufacturing deal with Regeneron Pharma, showcasing significant growth and success of its Bio CDMO biz. Fujifilm is...

Shifara Samsudeen, FCMA, CGMA

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

IVF: Secular Growth for Decades to Come.

The IVF industry is booming, driven by couples having children later in life as well as infertility problems. There should be plenty of...

Asian Century Stocks

[Japan M&A?] Nikkei Reports Nippon Life to Buy Medical Data Vision (3902) For ~¥60bn

The Nikkei reports Nippon Life will launch a TOB to buy out Medical Data Vision at "up to ¥60bn", announcing it tomorrow. That is a whopping 240%...

Travis Lundy

Japan Morning Connection: Couche-Tard Sounds the Retreat on Its Advances for 7&I

​ASML guidance sets dour tone but market may have seen through the cautiousness, JNJ beats sending pharma higher giving some JP names a potential...

Andrew Jackson

Fujifilm has secured $3bn manufacturing deal with Regeneron Pharma, showcasing significant growth and success of its Bio CDMO biz. Fujifilm is...

ASML guidance sets dour tone but market may have seen through the cautiousness, JNJ beats sending pharma higher giving some JP names a potential...