Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Wuxi Biologics is selling its Ireland vaccine manufacturing facility to Merck for $500M. Astellas Pharma received approval for Vyloy in China for the first-line treatment of gastric cancer.</li>
<li>FDA decision for Otsuka’s label expansion application for brexpiprazole for the treatment of post-traumatic stress disorder will be delayed. EMA has accepted Otsuka’s marketing application for HAE drug candidate donidalorsen.</li>
<li>Samsung Biologics has extended collaboration with LigaChem Biosciences to provide ADC services. Pharmaessentia has announced positive topline results from phase 3 clinical trial of P1101 for Essential Thrombocythemia (ET).</li>
</ul>


Wuxi Biologics is selling its Ireland vaccine manufacturing facility to Merck for $500M. Astellas Pharma received approval for Vyloy in China for the first-line treatment of gastric cancer.
FDA decision for Otsuka’s label expansion application for brexpiprazole for the treatment of post-traumatic stress disorder will be delayed. EMA has accepted Otsuka’s marketing application for HAE drug candidate donidalorsen.
Samsung Biologics has extended collaboration with LigaChem Biosciences to provide ADC services. Pharmaessentia has announced positive topline results from phase 3 clinical trial of P1101 for Essential Thrombocythemia (ET).


APAC Healthcare Weekly (Jan 12)- Wuxi Biologics, Astellas, Otsuka, Samsung Biologics, Pharmaessentia

<ul>
<li>China's NMPA aims to redouble efforts to facilitate research and market registration of homegrown innovative drugs, while speeding up the introduction of novel foreign drugs to the domestic market.</li>
<li>Since the BoJ interest rate hike in July, the Yen appreciated ~5% to ¥142.74. Considerable amount of appreciation may be dilutive on the overall performance of export-oriented healthcare industry.</li>
<li>
<a href="https://www.smartkarma.com/entities/sigma-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:15966:1" rel="noopener">Sigma Healthcare (SIG AU)</a> has offered remedial measure to alleviate preliminary anti-competition concerns raised by ACCC in relation to its proposed merger with CWG.</li>
</ul>


China's NMPA aims to redouble efforts to facilitate research and market registration of homegrown innovative drugs, while speeding up the introduction of novel foreign drugs to the domestic market.
Since the BoJ interest rate hike in July, the Yen appreciated ~5% to ¥142.74. Considerable amount of appreciation may be dilutive on the overall performance of export-oriented healthcare industry.

Sigma Healthcare (SIG AU) has offered remedial measure to alleviate preliminary anti-competition concerns raised by ACCC in relation to its proposed merger with CWG.


APAC Healthcare Weekly (Oct 6)-Strong Yen Impact, Sigma's Remedial Measures, Mesoblast's Fund Raise

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

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.

<p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p><p style="text-align: left;">The best and worst pair from yesterday's announcements is home centre <a href="https://www.smartkarma.com/entities/kohnan-shoji-co-ltd" target="_blank" data-smartkarma-citation="entities:5662:1" rel="noopener">Kohnan Shoji (7516 JP)</a> and image sensor testing equipment maker and erstwhile gaijin favourite <a href="https://www.smartkarma.com/entities/inter-action-corp" target="_blank" data-smartkarma-citation="entities:7578:1" rel="noopener">Inter Action (7725 JP)</a>. <span> </span></p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/164/830/original/2020-10-13_06-15-09.png?1602537360" class="editor-image img-responsive" data-smartkarma-image-id="164830"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/164/831/original/2020-10-13_06-17-29.png?1602537468" class="editor-image img-responsive" data-smartkarma-image-id="164831"></figure><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div></section><div>
<hr>
<p style="text-align: center;"><strong>DAILY STATS </strong></p>
<p style="text-align: center;"><strong>Results continue to improve, but Revisions are net negative.</strong></p>
</div><hr><div><p style="text-align: center;"><strong>35 Quarterly Results</strong></p></div><div><ul style="list-style-type: disc;">
<li><p><strong>Results Score:</strong> 51% Positive / 17% Neutral / 31% Negative</p></li>
<li><p><strong>Average Results Score Change:</strong> +1.6 points</p></li>
<li><p><strong>Average % Change in Revenue:</strong> -3.8% Quarter YoY / -2.2% Rolling TTM YoY </p></li>
<li><p><strong>Average Operating Profit Margin Change:</strong> -2.2ppt</p></li>
<li><p><strong>Percentage Making Quarterly Losses:</strong> 20%</p></li>
</ul></div><hr><div><p style="text-align: center;"><strong>20 Annual • 12 Interim Forecasts/Revisions</strong></p></div><div><ul style="list-style-type: disc;">
<li><p><strong>Annual Forecast/Revision Score:</strong> 30% Positive / 5% Neutral / 65% Negative</p></li>
<li><p><strong>Interim Forecast/Revision Score Change:</strong> 33% Positive / 17% Neutral / 50% Negative</p></li>
<li><p><strong>Average Forecast/Revision Score Change:</strong> -6.3 point</p></li>
</ul></div>

• BEST &amp; WORST •The best and worst pair from yesterday's announcements is home centre Kohnan Shoji (7516 JP) and image sensor testing equipment maker and erstwhile gaijin favourite Inter Action (7725 JP).  Source for all charts &amp; tables: Japan Analytics

DAILY STATS 
Results continue to improve, but Revisions are net negative.
35 Quarterly Results
Results Score: 51% Positive / 17% Neutral / 31% Negative
Average Results Score Change: +1.6 points
Average % Change in Revenue: -3.8% Quarter YoY / -2.2% Rolling TTM YoY 
Average Operating Profit Margin Change: -2.2ppt
Percentage Making Quarterly Losses: 20%
20 Annual • 12 Interim Forecasts/Revisions
Annual Forecast/Revision Score: 30% Positive / 5% Neutral / 65% Negative
Interim Forecast/Revision Score Change: 33% Positive / 17% Neutral / 50% Negative
Average Forecast/Revision Score Change: -6.3 point


🇯🇵 JAPAN • Results & Revisions 10/​​​​​​​​​​​12 - Cosmos, Kohnan Shoji, Hogy Medical, Inter Action

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

<p>The suggestion of government orchestration against <a href="https://www.smartkarma.com/entities/8979" target="_blank" data-smartkarma-citation="entities:8979:1">Ono</a>’s immunotherapy treatment Opdivo (nivolumab) has moved a stage further with a report in the Nikkei that the Japanese Health Ministry is considering setting rules on new drug usage during this fiscal year, starting with <a href="https://www.smartkarma.com/entities/8979" target="_blank" data-smartkarma-citation="entities:8979:1">Ono</a>’s Opdivo and <a href="https://www.smartkarma.com/entities/6091" target="_blank" data-smartkarma-citation="entities:6091">Astellas</a>’s Repatha. Patients may be limited to those who can see certain impact from the treatment, which in turn would mean the drug could only be prescribed at those institutions with the facilities to check…</p>

The suggestion of government orchestration against Ono’s immunotherapy treatment Opdivo (nivolumab) has moved a stage further with a report in the Nikkei that the Japanese Health Ministry is considering setting rules on new drug usage during this fiscal year, starting with Ono’s Opdivo and Astellas’s Repatha. Patients may be limited to those who can see certain impact from the treatment, which in turn would mean the drug could only be prescribed at those institutions with the facilities to check…

Opdivo Singled Out in Government Rule Change

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>For March 2026, 5 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$9bn.</li>
<li>The average premium for the new transactions announced (or first discussed) in March was ~33%, and a year-to-date average of 40%.</li>
<li>The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.</li>
</ul>


For March 2026, 5 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$9bn.
The average premium for the new transactions announced (or first discussed) in March was ~33%, and a year-to-date average of 40%.
The average premiums for transactions in 2025, 2024, 2023, 2022, 2021, 2020, and 2019 were 49%, 43%, 39%, 41%, 33%, 31%, and 31%.


Asia-Pac M&A, March 2026 Wrap: Rohm, Gunma Bank, Toyota Indust., Nippon Sheet Glass, Echo Marketing

Japan

HOGY MEDICAL CO., LTD. manufactures and sells medical supply and related products including sterilized tools and disposable injectors and masks used by surgeons.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Hogy Medical (3593 JP)

APAC Healthcare Weekly (Jan 12)- Wuxi Biologics, Astellas, Otsuka, Samsung Biologics, Pharmaessentia

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

APAC Healthcare Weekly (Oct 6)-Strong Yen Impact, Sigma's Remedial Measures, Mesoblast's Fund Raise

BoJ interest rate hike leads to Yen appreciation, potentially impacting export-oriented healthcare industry. Sigma Healthcare addresses anti...

Tina Banerjee

🇯🇵 JAPAN • Results & Revisions 10/12 - Cosmos, Kohnan Shoji, Hogy Medical, Inter Action

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Campbell Gunn

Opdivo Singled Out in Government Rule Change

The suggestion of government orchestration against Ono’s immunotherapy treatment Opdivo (nivolumab) has moved a stage further with a report in the...

Pelham Smithers Associates

Asia-Pac M&A, March 2026 Wrap: Rohm, Gunma Bank, Toyota Indust., Nippon Sheet Glass, Echo Marketing

For the month of March, 5 new deals were discussed on Smartkarma with an overall deal size of just ~US$9bn. The average premium for the new deals...

David Blennerhassett

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

APAC Healthcare Weekly (Jan 12)- Wuxi Biologics, Astellas, Otsuka, Samsung Biologics, Pharmaessentia

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

APAC Healthcare Weekly (Oct 6)-Strong Yen Impact, Sigma's Remedial Measures, Mesoblast's Fund Raise

BoJ interest rate hike leads to Yen appreciation, potentially impacting export-oriented healthcare industry. Sigma Healthcare addresses anti...

Tina Banerjee

🇯🇵 JAPAN • Results & Revisions 10/​​​​​​​​​​​12 - Cosmos, Kohnan Shoji, Hogy Medical, Inter Action

----------------------------------------------------------------------------------------------------------------------------------------------

Campbell Gunn

Opdivo Singled Out in Government Rule Change

The suggestion of government orchestration against Ono’s immunotherapy treatment Opdivo (nivolumab) has moved a stage further with a report in the...

Pelham Smithers Associates

Asia-Pac M&A, March 2026 Wrap: Rohm, Gunma Bank, Toyota Indust., Nippon Sheet Glass, Echo Marketing

For the month of March, 5 new deals were discussed on Smartkarma with an overall deal size of just ~US$9bn. The average premium for the new deals...

David Blennerhassett

🇯🇵 JAPAN • Results & Revisions 10/12 - Cosmos, Kohnan Shoji, Hogy Medical, Inter Action