Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/sumitomo-pharma-co" target="_blank" data-smartkarma-citation="entities:1935:1" rel="noopener">Sumitomo Pharma (4506 JP)</a> will present updated clinical trial data of Enzomenib (for AML) and Nuvisertib (for Meylofibrosis). Both drug candidates hold strong future potential.</li>
<li>The company revised FY26 revenue guidance upward to ¥429B backed by continued strong sales in North America (+56% to ¥163B). Orgovyx witnessed solid patient growth while Gemtesa improved market share.</li>
<li>After largely remaining beaten down in the past few years Sumitomo stock has only begun to gain momentum in recent past. We feel it has still got an upside potential.</li>
</ul>



Sumitomo Pharma (4506 JP) will present updated clinical trial data of Enzomenib (for AML) and Nuvisertib (for Meylofibrosis). Both drug candidates hold strong future potential.
The company revised FY26 revenue guidance upward to ¥429B backed by continued strong sales in North America (+56% to ¥163B). Orgovyx witnessed solid patient growth while Gemtesa improved market share.
After largely remaining beaten down in the past few years Sumitomo stock has only begun to gain momentum in recent past. We feel it has still got an upside potential.


2026 High Conviction: Sumitomo Pharma (4506 JP) – Enzomenib Progress and Reboot Strategy Hold Key

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a> has disclosed that the CVC-sponsored MBO price has increased by 28.6% from JPY1,960 to JPY2,520.</li>
<li>The revised terms mark a big win for activists, Murakami and Hibiki. Both activists will tender, with Hibiki reinvesting around 40% of its proceeds into the offeror's parent entity.</li>
<li>The revised terms are attractive, and this is a done deal. The offer closes on 18 December, with payment from 25 December.</li>
</ul>



Mandom Corp (4917 JP) has disclosed that the CVC-sponsored MBO price has increased by 28.6% from JPY1,960 to JPY2,520.
The revised terms mark a big win for activists, Murakami and Hibiki. Both activists will tender, with Hibiki reinvesting around 40% of its proceeds into the offeror's parent entity.
The revised terms are attractive, and this is a done deal. The offer closes on 18 December, with payment from 25 December.


Mandom (4917 JP): A Big Win for Activists as CVC-Sponsored MBO Price Raised to JPY2,520

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mandom-corp" target="_blank" data-smartkarma-citation="entities:8353:1" rel="noopener">Mandom Corp (4917 JP)</a> has proposed countermeasures in response to Murakami’s 18.87% voting stake and to ostensibly secure time for an alternative, viable (higher) offer.</li>
<li>The read-across from the proposal is that CVC’s offer at current terms will fail, CVC is unwilling to match Murakami/Hibiki’s expectations, and there could be genuine interest from third-party bidders. </li>
<li>Nevertheless, countermeasures are unnecessary as the share price and presence of activists provide the time needed for the Board’s purported aim to secure a higher offer.       </li>
</ul>



Mandom Corp (4917 JP) has proposed countermeasures in response to Murakami’s 18.87% voting stake and to ostensibly secure time for an alternative, viable (higher) offer.
The read-across from the proposal is that CVC’s offer at current terms will fail, CVC is unwilling to match Murakami/Hibiki’s expectations, and there could be genuine interest from third-party bidders. 
Nevertheless, countermeasures are unnecessary as the share price and presence of activists provide the time needed for the Board’s purported aim to secure a higher offer.       


Mandom (4917 JP): Countermeasures Ostensibly to Buy Time for a Higher Offer

<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> announced better-than-expected H1FY26 result, with continued double-digit revenue growth, driven by key brands, and significant improvement in profitability being the key highlights.</li>
<li>Strategic brands, which recorded 43% YoY revenue growth and contributed 21% of revenue, drove overall revenue growth. Cost optimization through SMT led to margin improvement.</li>
<li>Astellas has raised FY26 revenue and profit guidance. The company expects FY26 revenue of ¥2,030B (+6% YoY). FY26 core operating profit is expected to increase 25% YoY to ¥490B.</li>
</ul>



Astellas Pharma (4503 JP) announced better-than-expected H1FY26 result, with continued double-digit revenue growth, driven by key brands, and significant improvement in profitability being the key highlights.
Strategic brands, which recorded 43% YoY revenue growth and contributed 21% of revenue, drove overall revenue growth. Cost optimization through SMT led to margin improvement.
Astellas has raised FY26 revenue and profit guidance. The company expects FY26 revenue of ¥2,030B (+6% YoY). FY26 core operating profit is expected to increase 25% YoY to ¥490B.


Astellas Pharma (4503 JP): Strong H1FY26 Performance Leads to Upward Revision of FY26 Guidance

Equity Capital Markets

FineToday Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/finetoday-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:44092:1" rel="noopener">FineToday Holdings (420A JP)</a>, a Japanese personal care business, is seeking to raise US$280 million. It previously pulled an IPO to raise US$500 million in December 2024.</li>
<li>I previously discussed the investment thesis in <strong><em><a href="https://www.smartkarma.com/insights/finetoday-holdings-420a-jp-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:204929" rel="noopener">FineToday Holdings (420A JP) IPO: The Investment Case</a></em></strong>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that FineToday is fully valued at the IPO price.</li>
</ul>



FineToday Holdings (420A JP), a Japanese personal care business, is seeking to raise US$280 million. It previously pulled an IPO to raise US$500 million in December 2024.
I previously discussed the investment thesis in FineToday Holdings (420A JP) IPO: The Investment Case. 
In this note, I present my forecasts and valuation. My analysis suggests that FineToday is fully valued at the IPO price.


FineToday Holdings (420A JP) IPO: Valuation Insights

Japan

Otsuka Holdings Co Ltd is a pharmaceutical company. The Company manufactures, sells, imports and exports pharmaceuticals, clinical testing, and medical equipment for intractable diseases.

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Otsuka Holdings (4578 JP)

2026 High Conviction: Sumitomo Pharma (4506 JP) – Enzomenib Progress and Reboot Strategy Hold Key

Sumitomo Pharma is well on track focused on expanding revenue, reducing costs, and securing future business drivers. We feel even after the run up...

Tina Banerjee

Mandom (4917 JP): A Big Win for Activists as CVC-Sponsored MBO Price Raised to JPY2,520

The revised terms mark a big win for activists, Murakami and Hibiki. Both activists will tender, with Hibiki reinvesting around 40% of its...

Arun George

Mandom (4917 JP): Countermeasures Ostensibly to Buy Time for a Higher Offer

The method is regrettable, but the purported intention to secure time for a higher offer is acceptable. The current offer terms are untenable, and...

Arun George

Astellas Pharma (4503 JP): Strong H1FY26 Performance Leads to Upward Revision of FY26 Guidance

Astellas Pharma reports strong H1FY26 results with double-digit revenue growth and improved profitability. The company raised FY26 revenue and...

Tina Banerjee

FineToday Holdings (420A JP) IPO: Valuation Insights

In this note, I present my forecasts and valuation. My analysis suggests that FineToday is fully valued at the IPO price.

Arun George

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52-week Range

Market Cap (USDm)

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2026 High Conviction: Sumitomo Pharma (4506 JP) – Enzomenib Progress and Reboot Strategy Hold Key

​Sumitomo Pharma is well on track focused on expanding revenue, reducing costs, and securing future business drivers. We feel even after the run up...

Tina Banerjee

Mandom (4917 JP): A Big Win for Activists as CVC-Sponsored MBO Price Raised to JPY2,520

The revised terms mark a big win for activists, Murakami and Hibiki. Both activists will tender, with Hibiki reinvesting around 40% of its...

Arun George

Mandom (4917 JP): Countermeasures Ostensibly to Buy Time for a Higher Offer

The method is regrettable, but the purported intention to secure time for a higher offer is acceptable. The current offer terms are untenable, and...

Arun George

Astellas Pharma (4503 JP): Strong H1FY26 Performance Leads to Upward Revision of FY26 Guidance

​Astellas Pharma reports strong H1FY26 results with double-digit revenue growth and improved profitability. The company raised FY26 revenue and...

Tina Banerjee

FineToday Holdings (420A JP) IPO: Valuation Insights

In this note, I present my forecasts and valuation. My analysis suggests that FineToday is fully valued at the IPO price.

Arun George

Sumitomo Pharma is well on track focused on expanding revenue, reducing costs, and securing future business drivers. We feel even after the run up...

Astellas Pharma reports strong H1FY26 results with double-digit revenue growth and improved profitability. The company raised FY26 revenue and...