Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There are 14 Japanese stocks at risk of being deleted from global passive portfolios in February. The number will be smaller depending on the day of the review period chosen.</li>
<li>Selling from passive trackers will range from US$176m-354m and the impact ranges from 3.1-18.4 days of ADV. Short interest has increased in nearly all stocks over the last 4 weeks.</li>
<li>The forecast deletes have underperformed the <a href="https://www.smartkarma.com/entities/tokyo-stock-exchange-tokyo-price-index-topix" target="_blank" data-smartkarma-citation="entities:22910:1" rel="noopener">TSE Tokyo Price Index TOPIX</a> on average over the last 1-3 months, while there has been marginal outperformance over the last week or two.</li>
</ul>


There are 14 Japanese stocks at risk of being deleted from global passive portfolios in February. The number will be smaller depending on the day of the review period chosen.
Selling from passive trackers will range from US$176m-354m and the impact ranges from 3.1-18.4 days of ADV. Short interest has increased in nearly all stocks over the last 4 weeks.
The forecast deletes have underperformed the TSE Tokyo Price Index TOPIX on average over the last 1-3 months, while there has been marginal outperformance over the last week or two.


Japan: Last Look at Potential Passive Selling in February

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Sino Biopharmaceutical’s NDA for bispecific ADC, TQB2102, has been accepted by NMPA for breast cancer. CHMP recommended approval of Impact Therapeutics’ Sepalna for epithelial ovarian, fallopian tube, and peritoneal cancers.</li>
<li>FDA granted priority review to Takeda’s zasocitinib for moderate-to-severe plaque psoriasis. Daiichi Sankyo announced positive results from the Phase 3 trial evaluating Enhertu as a first-line treatment of NSCLC.</li>
<li>SK Biopharmaceuticals has signed a license and equity investment agreement with 1ST Biotherapeutics to secure global exclusive development and commercialization rights for a new drug candidate for Parkinson's disease.</li>
</ul>


Sino Biopharmaceutical’s NDA for bispecific ADC, TQB2102, has been accepted by NMPA for breast cancer. CHMP recommended approval of Impact Therapeutics’ Sepalna for epithelial ovarian, fallopian tube, and peritoneal cancers.
FDA granted priority review to Takeda’s zasocitinib for moderate-to-severe plaque psoriasis. Daiichi Sankyo announced positive results from the Phase 3 trial evaluating Enhertu as a first-line treatment of NSCLC.
SK Biopharmaceuticals has signed a license and equity investment agreement with 1ST Biotherapeutics to secure global exclusive development and commercialization rights for a new drug candidate for Parkinson's disease.


APAC Healthcare Weekly (Sept 20) –Sino Bio, Impact Therapeutics, Takeda, Daiichi Sankyo, SK Biopharm

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ono-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8979:1" rel="noopener">Ono Pharmaceutical (4528 JP)</a>, during FY26, reported revenue of ¥515B, an increase of 6% YoY. Opdivo witnessed 5% decrease in revenue to ¥114.3B mainly due to increased competition.</li>
<li>The company revealed the guidance numbers for FY27. Revenue is expected to be ¥455B, a decrease of 11.8% YoY, mainly due to the absence of sales of Forxiga Tablets.</li>
<li>No near-term catalyst visible for the company at this moment but eventual indication expansions, approvals, new line of drugs may provide some impetus to share price from the present levels.</li>
</ul>



Ono Pharmaceutical (4528 JP), during FY26, reported revenue of ¥515B, an increase of 6% YoY. Opdivo witnessed 5% decrease in revenue to ¥114.3B mainly due to increased competition.
The company revealed the guidance numbers for FY27. Revenue is expected to be ¥455B, a decrease of 11.8% YoY, mainly due to the absence of sales of Forxiga Tablets.
No near-term catalyst visible for the company at this moment but eventual indication expansions, approvals, new line of drugs may provide some impetus to share price from the present levels.


Ono Pharma (4528 JP): Opdivo Conundrum Continues, FY27 Guidance Takes Forxiga Hit

<ul>
<li>Simcere inks outlicensing agreement with Roche for tri-specific antibody in total deal value of $2B+. Hutchmed enters outlicense agreement with GSK for first-in-class drug candidate for upfront payment of $110M.</li>
<li>Akeso’s ivonescimab demonstrates significant overall survival benefit in Keytruda head-to-head trial in NSCLC. Daiichi Sankyo’s Enhertu has been approved in EU for the first-line treatment of HER2 positive breast cancer.</li>
<li>Alteogen inked agreement with Novartis for the development and commercialization of subcutaneous products utilizing ALT-B4. Pharmaessentia secured FDA approval of Besremi for the treatment of essential thrombocythemia.</li>
</ul>


Simcere inks outlicensing agreement with Roche for tri-specific antibody in total deal value of $2B+. Hutchmed enters outlicense agreement with GSK for first-in-class drug candidate for upfront payment of $110M.
Akeso’s ivonescimab demonstrates significant overall survival benefit in Keytruda head-to-head trial in NSCLC. Daiichi Sankyo’s Enhertu has been approved in EU for the first-line treatment of HER2 positive breast cancer.
Alteogen inked agreement with Novartis for the development and commercialization of subcutaneous products utilizing ALT-B4. Pharmaessentia secured FDA approval of Besremi for the treatment of essential thrombocythemia.


APAC Healthcare Weekly (Sept 6) – Simcere, Hutchmed, Akeso, Daiichi Sankyo, Alteogen, Pharmaessentia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ono-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8979:1" rel="noopener">Ono Pharmaceutical (4528 JP)</a> , during 9MFY26, reported revenue of ¥397B, an increase of 6% YoY. Opdivo witnessed 6% decrease in revenue to ¥100B mainly due to increased competition.</li>
<li>In December 2025, Keytruda from Merck was the top selling cancer drug of Japan for 27 consecutive months, recording monthly prescription revenue of roughly ¥18B-22B, above Opdivo’s revenue of ¥10B-12B.</li>
<li>No near-term catalyst visible for the company at this moment but eventual indication expansions, approvals, new line of drugs may provide some impetus to share price from the present levels.</li>
</ul>



Ono Pharmaceutical (4528 JP) , during 9MFY26, reported revenue of ¥397B, an increase of 6% YoY. Opdivo witnessed 6% decrease in revenue to ¥100B mainly due to increased competition.
In December 2025, Keytruda from Merck was the top selling cancer drug of Japan for 27 consecutive months, recording monthly prescription revenue of roughly ¥18B-22B, above Opdivo’s revenue of ¥10B-12B.
No near-term catalyst visible for the company at this moment but eventual indication expansions, approvals, new line of drugs may provide some impetus to share price from the present levels.


Ono Pharma (4528 JP): Opdivo Subdued, Recovers Some Lost Ground in NSCLC, FY26 Guidance Reiterated

Japan

ONO PHARMACEUTICAL CO., LTD. manufactures and sells pharmaceutical products. The Company mainly researches and develops prescription drugs.

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Ono Pharmaceutical (4528 JT)

Japan: Last Look at Potential Passive Selling in February

Tomorrow is going to be a huge volume day in Japan as the global index rebalances. Kokusai Electric has bounced as expected and there could be more...

Brian Freitas

APAC Healthcare Weekly (Sept 20) –Sino Bio, Impact Therapeutics, Takeda, Daiichi Sankyo, SK Biopharm

NMPA accepted Sino Bio’s NDA for bispecific ADC drug candidate. FDA granted priority review to Takeda’s zasocitinib for moderate-to-severe plaque...

Tina Banerjee

Ono Pharma (4528 JP): Opdivo Conundrum Continues, FY27 Guidance Takes Forxiga Hit

Ono Pharma reported 6% increase in revenue during FY26, Opdivo revenue down 5%. FY27 guidance sees 12% revenue drop hit by Forxiga. No near term...

Tina Banerjee

APAC Healthcare Weekly (Sept 6) – Simcere, Hutchmed, Akeso, Daiichi Sankyo, Alteogen, Pharmaessentia

Simcere and Hutchmend inked outlicensing deals with Roche and GSK, respectively. Akeso’s ivonescimab extends lives vs Keytruda. Alteogen inked...

Tina Banerjee

Ono Pharma (4528 JP): Opdivo Subdued, Recovers Some Lost Ground in NSCLC, FY26 Guidance Reiterated

Ono Pharmaceutical reports 6% revenue increase in 9MFY26, Opdivo continue to face competition. No immediate catalysts for company, but indication...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Japan: Last Look at Potential Passive Selling in February

Tomorrow is going to be a huge volume day in Japan as the global index rebalances. Kokusai Electric has bounced as expected and there could be more...

Brian Freitas

APAC Healthcare Weekly (Sept 20) –Sino Bio, Impact Therapeutics, Takeda, Daiichi Sankyo, SK Biopharm

NMPA accepted Sino Bio’s NDA for bispecific ADC drug candidate. FDA granted priority review to Takeda’s zasocitinib for moderate-to-severe plaque...

Tina Banerjee

Ono Pharma (4528 JP): Opdivo Conundrum Continues, FY27 Guidance Takes Forxiga Hit

​Ono Pharma reported 6% increase in revenue during FY26, Opdivo revenue down 5%. FY27 guidance sees 12% revenue drop hit by Forxiga. No near term...

Tina Banerjee

APAC Healthcare Weekly (Sept 6) – Simcere, Hutchmed, Akeso, Daiichi Sankyo, Alteogen, Pharmaessentia

Simcere and Hutchmend inked outlicensing deals with Roche and GSK, respectively. Akeso’s ivonescimab extends lives vs Keytruda. Alteogen inked...

Tina Banerjee

Ono Pharma (4528 JP): Opdivo Subdued, Recovers Some Lost Ground in NSCLC, FY26 Guidance Reiterated

​Ono Pharmaceutical reports 6% revenue increase in 9MFY26, Opdivo continue to face competition. No immediate catalysts for company, but indication...

Tina Banerjee

Ono Pharma reported 6% increase in revenue during FY26, Opdivo revenue down 5%. FY27 guidance sees 12% revenue drop hit by Forxiga. No near term...

Ono Pharmaceutical reports 6% revenue increase in 9MFY26, Opdivo continue to face competition. No immediate catalysts for company, but indication...