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

Equity Bottom-Up

The announcement by the Japan Society of Medical Oncology (JSMO) urging patients to take caution over usage of immune checkpoint inhibitors, such as Opdivo, is entirely understandable in news that three of seven patients observed with interstitial lung disease following cancer treatment with Opdivo in combination therapy had died. However, it is unusual for the JSMO to act so quickly, and it is hard not to think that the government and costs are behind the announcement. In April, a cost estimate…

The announcement by the Japan Society of Medical Oncology (JSMO) urging patients to take caution over usage of immune checkpoint inhibitors, such as Opdivo, is entirely understandable in news that three of seven patients observed with interstitial lung disease following cancer treatment with Opdivo in combination therapy had died. However, it is unusual for the JSMO to act so quickly, and it is hard not to think that the government and costs are behind the announcement. In April, a cost estimate…

Ono & Opdivo: Is the Backlash Orchestrated?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Sosei Group plans to raise US$78m through an issuance of primary shares.&nbsp;We would be inclined to avoid the deal, given: 1) Proceeds from the share issuance will be used to repay short-term debt incurred for the acquisition of Heptares Therapeutics in Feb-15, and hence, in the near term the share issuance will be dilutive to earnings as the acquisition has long being factored in; 2) Past financial performance of the company has been less than stellar with earning remaining volatile; 3) Future projections by the company point towards a decline in earnings till Mar-19 and hence, investors will have to wait a long time for earnings to grow again.&nbsp;Main risks to our call remains that the stock has corrected by 19% since the deal was announced and hence, factors in most of the negatives from the 15.5% dilution. In addition, given that the acquisition was announced in Feb, a share placement for financing might have been expected by shareholders.&nbsp;

Sosei Group plans to raise US$78m through an issuance of primary shares.&nbsp;We would be inclined to avoid the deal, given: 1) Proceeds from the share issuance will be used to repay short-term debt incurred for the acquisition of Heptares Therapeutics in Feb-15, and hence, in the near term the share issuance will be dilutive to earnings as the acquisition has long being factored in; 2) Past financial performance of the company has been less than stellar with earning remaining volatile; 3) Future projections by the company point towards a decline in earnings till Mar-19 and hence, investors will have to wait a long time for earnings to grow again.&nbsp;Main risks to our call remains that the stock has corrected by 19% since the deal was announced and hence, factors in most of the negatives from the 15.5% dilution. In addition, given that the acquisition was announced in Feb, a share placement for financing might have been expected by shareholders.&nbsp;

Volatile earnings with distant prospects of growth 

Japan

Sosei Group Corporation is a holding company which was established through reorganization.  The Group companies are biopharmaceutical companies specializing in drug development.  Sosei Group enters into license agreements primarily with US, EU, and Japanese companies to market the licensed drugs in Japan and find alternative usage on such drugs.

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Sosei Group (4565 JP)

Ono & Opdivo: Is the Backlash Orchestrated?

The announcement by the Japan Society of Medical Oncology (JSMO) urging patients to take caution over usage of immune checkpoint inhibitors, such...

Pelham Smithers Associates

Volatile earnings with distant prospects of growth

Sosei Group plans to raise US$78m through an issuance of primary shares. We would be inclined to avoid the deal, given: 1) Proceeds from the share...

Sumeet Singh

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