Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> reported strong financial performance for 2Q25, with revenue increasing 56% YoY and operating profit growing 150% YoY. Quarterly revenue hit new highs for nine consecutive quarters.</li>
<li>Despite significant expansion of the U.S. and Japan commercial teams, operating expenses rose modestly by 32% YoY and 15% QoQ to NT$2.1B due to tight cost control and scale expansion.</li>
<li>Geography and indication expansion of Besremi, and pipeline progress will remain growth engines. Potential BLA submission of Besremi for ET and Besremi pen launch in 2025 are the near-term catalysts.</li>
</ul>



Pharmaessentia Corp (6446 TT) reported strong financial performance for 2Q25, with revenue increasing 56% YoY and operating profit growing 150% YoY. Quarterly revenue hit new highs for nine consecutive quarters.
Despite significant expansion of the U.S. and Japan commercial teams, operating expenses rose modestly by 32% YoY and 15% QoQ to NT$2.1B due to tight cost control and scale expansion.
Geography and indication expansion of Besremi, and pipeline progress will remain growth engines. Potential BLA submission of Besremi for ET and Besremi pen launch in 2025 are the near-term catalysts.


Pharmaessentia Corp (6446 TT): Strong 2Q25; Geography Expansion of Besremi to Drive Near-Term Growth

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

Hua Nan Financial Holdings Co Ltd. / Index Rebalance

Hua Nan Financial Holdings Co Ltd. (2880 TT)

<ul>
<li>The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 5th September 2025.</li>
<li>There will be two ADD/DEL for T50, five separate ADDs/DELs for T100, and no changes for TDIV.</li>
<li>All of these are exactly in line with our final expectations.</li>
</ul>


The index changes for the T50/100 index family and the TDIV index were confirmed after market close on Friday 5th September 2025.
There will be two ADD/DEL for T50, five separate ADDs/DELs for T100, and no changes for TDIV.
All of these are exactly in line with our final expectations.


Quiddity T50/100/DIV Sep25 Results: 100% Hit Rate; M&A DEL King's Town to Trigger Intra-Review Flows

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

Caliway Biopharmaceuticals / Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/caliway-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44038:1" rel="noopener">Caliway Biopharmaceuticals (6919 TT)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> replace <a href="https://www.smartkarma.com/entities/taiwan-cement" target="_blank" data-smartkarma-citation="entities:19736:1" rel="noopener">Taiwan Cement (1101 TT)</a> and <a href="https://www.smartkarma.com/entities/pharmaessentia-corp" target="_blank" data-smartkarma-citation="entities:16461:1" rel="noopener">Pharmaessentia Corp (6446 TT)</a> in the Yuanta/P-Shares Taiwan Top 50 ETF in September.</li>
<li>
<a href="https://www.smartkarma.com/entities/caliway-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44038:1" rel="noopener">Caliway Biopharmaceuticals (6919 TT)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> were added to a global index in August and that resulted in a large percentage of float being bought.</li>
<li>
<a href="https://www.smartkarma.com/entities/caliway-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44038:1" rel="noopener">Caliway Biopharmaceuticals (6919 TT)</a> will be added to another global index in September and that will further reduce the real float of the stock.</li>
</ul>



Caliway Biopharmaceuticals (6919 TT) and King Slide Works (2059 TT) replace Taiwan Cement (1101 TT) and Pharmaessentia Corp (6446 TT) in the Yuanta/P-Shares Taiwan Top 50 ETF in September.

Caliway Biopharmaceuticals (6919 TT) and King Slide Works (2059 TT) were added to a global index in August and that resulted in a large percentage of float being bought.

Caliway Biopharmaceuticals (6919 TT) will be added to another global index in September and that will further reduce the real float of the stock.


Taiwan Top 50 ETF Rebalance: Another Inclusion for Caliway Biopharma & King Slide

<ul>
<li>There could be 2 changes for the Yuanta/P-Shares Taiwan Top 50 ETF in September - both changes are high probability.</li>
<li>
<a href="https://www.smartkarma.com/entities/caliway-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44038:1" rel="noopener">Caliway Biopharmaceuticals (6919 TT)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> are being added to a global index at the close today and are potential inclusions to the ETF in September.</li>
<li>
<a href="https://www.smartkarma.com/entities/caliway-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:44038:1" rel="noopener">Caliway Biopharmaceuticals (6919 TT)</a> will also be added to another global index at the close on 19 September, so more passive inflows for the stock. Reversion thereafter?</li>
</ul>


There could be 2 changes for the Yuanta/P-Shares Taiwan Top 50 ETF in September - both changes are high probability.

Caliway Biopharmaceuticals (6919 TT) and King Slide Works (2059 TT) are being added to a global index at the close today and are potential inclusions to the ETF in September.

Caliway Biopharmaceuticals (6919 TT) will also be added to another global index at the close on 19 September, so more passive inflows for the stock. Reversion thereafter?


Taiwan Top 50 ETF Rebalance Preview: Hat Trick for Caliway Biopharma?

<ul>
<li>The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the <em>next</em> 100 largest names (51-150 ranks).</li>
<li>Today is the base date for the September 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.</li>
<li>We expect two changes for T50 and five changes for the T100 index for the September 2025 rebal.</li>
</ul>


The T50 index represents the top 50 largest stocks by market capitalization in the Taiwan Stock Exchange (TWSE). The T100 index represents the next 100 largest names (51-150 ranks).
Today is the base date for the September 2025 index rebal event and the expected ADDs/DELs discussed in this insight are our final index change expectations.
We expect two changes for T50 and five changes for the T100 index for the September 2025 rebal.


Quiddity Leaderboard T50/​​​100 Sep25: Final Expectations; Tung Ho Steel Safe from TDIV Deletion

Taiwan

PharmaEssentia Corporation develops and distributes therapeutic products for treatment in human disease. The Company develops drugs to treat hepatitis, chronic myeloid leukemia (CML), essential thrombocythemia (ET), myeloid fibrosis (MF), polycythemia vera (PV), hepatitis and cancer.

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Pharmaessentia Corp (6446 TT)