Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

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

Research Reinvented

Event-Driven

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,200+ insights published on Smartkarma.</li>
<li>In this cut, we unveil the first wave of 2026 high conviction ideas, break down the risks and rewards of the Meesho IPO and track upcoming lock-up expiries.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,200+ insights published on Smartkarma.
In this cut, we unveil the first wave of 2026 high conviction ideas, break down the risks and rewards of the Meesho IPO and track upcoming lock-up expiries.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kyowa-kirin-co-ltd" target="_blank" data-smartkarma-citation="entities:18055:1" rel="noopener">Kyowa Kirin Co Ltd (4151 JP) </a>announced that ziftomenib is now commercially available in the U.S. Company will be eligible for 50% profit sharing from drug sales in the U.S.</li>
<li>Rocatinlimab, under Phase 3 trials, represents a potentially novel upstream approach for the management of mild to severe atopic dermatitis. It is also undergoing Phase 3 trials for Prurigo nodularis.</li>
<li>2026 will be an inflection point. Ziftomenib results will slowly fall in place. Positive results of rocatinlimab and new manufacturing facilities has potential to play out in long term.</li>
</ul>



Kyowa Kirin Co Ltd (4151 JP) announced that ziftomenib is now commercially available in the U.S. Company will be eligible for 50% profit sharing from drug sales in the U.S.
Rocatinlimab, under Phase 3 trials, represents a potentially novel upstream approach for the management of mild to severe atopic dermatitis. It is also undergoing Phase 3 trials for Prurigo nodularis.
2026 will be an inflection point. Ziftomenib results will slowly fall in place. Positive results of rocatinlimab and new manufacturing facilities has potential to play out in long term.


Kyowa Kirin (4151 JP): Ziftomenib Approval and Commercialization A Positive, What Lies Ahead?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Mandarin Oriental International / Event-Driven

Mandarin Oriental International (MAND SP)

<ul>
<li>It's fair bet <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-ltd" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Matheson (JM SP)</a> opted for a Scheme for <a href="https://www.smartkarma.com/entities/mandarin-oriental-international-ltd" target="_blank" data-smartkarma-citation="entities:4773:1" rel="noopener">Mandarin Oriental (MAND SP)</a> to avoid a repeat of the appraisal rights afforded <a href="https://www.smartkarma.com/entities/jardine-strategic-holdings-ltd" target="_blank" data-smartkarma-citation="entities:15081:1" rel="noopener">Jardine Strategic (JS SP)</a>'s dissentient shareholders.</li>
<li>On <a href="https://www.smartkarma.com/entities/light-wonder-inc-7e7d040f-e811-4fb9-9710-796a39af299e" target="_blank" data-smartkarma-citation="entities:40171:1" rel="noopener">Light &amp; Wonder (LNW AU/LNW US)</a> giving up its US listing, short the Aussie line at A$124+ or the US line at US$79+. Expect more pressure early this week. </li>
<li>Qatar Airways books a loss on its eight-yar investment as <a href="https://www.smartkarma.com/entities/cathay-pacific-airways-ltd" target="_blank" data-smartkarma-citation="entities:243:1" rel="noopener">Cathay Pacific Airways (293 HK)</a> moves to take out its 9.57% stake. </li>
</ul>


It's fair bet Matheson (JM SP) opted for a Scheme for Mandarin Oriental (MAND SP) to avoid a repeat of the appraisal rights afforded Jardine Strategic (JS SP)'s dissentient shareholders.
On Light &amp; Wonder (LNW AU/LNW US) giving up its US listing, short the Aussie line at A$124+ or the US line at US$79+. Expect more pressure early this week. 
Qatar Airways books a loss on its eight-yar investment as Cathay Pacific Airways (293 HK) moves to take out its 9.57% stake. 


Last Week In Event SPACE: Mandarin Oriental, Light & Wonder, Cathay Pacific, DeNA

<ul>
<li>For a change of pace, this insight briefly canvasses a clutch of Holdco's trading at extreme levels, in both "set-up" and "unwind" territory. </li>
<li>Preceding the chart/table-heavy insight are the current setup/unwind tables for Asia-Pacific Holdcos.</li>
<li>These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.</li>
</ul>


For a change of pace, this insight briefly canvasses a clutch of Holdco's trading at extreme levels, in both "set-up" and "unwind" territory. 
Preceding the chart/table-heavy insight are the current setup/unwind tables for Asia-Pacific Holdcos.
These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation &gt;20%.


StubWorld: Sumitomo Chemical/Sumitomo Pharma, Hyundai Motor/ Kia Corp, Ecopro Co/Ecopro BM

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in margin trading positions of JPX stocks as of Sep 12th. The aggregated net margin trading position is USD16,380m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in SoftBank, Advantest, Tokyo Electron, Disco, Sanrio, Mitsubishi Heavy Industries, IHI, Timee, Furukawa Electric, Lasertec, Softbank, Advantest, Tokyo Electron, Disco, Sanrio.</li>
</ul>


We analyzed the changes in margin trading positions of JPX stocks as of Sep 12th. The aggregated net margin trading position is USD16,380m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in SoftBank, Advantest, Tokyo Electron, Disco, Sanrio, Mitsubishi Heavy Industries, IHI, Timee, Furukawa Electric, Lasertec, Softbank, Advantest, Tokyo Electron, Disco, Sanrio.


JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

Japan

Sumitomo Dainippon Pharma Co., Ltd. mainly manufactures and markets pharmaceuticals for human and veterinary use. The Company also produces and sells livestock feeds, food additives, and chemical products, as well as conducts clinical pathology tests for animals. Sumitomo Dainippon Pharma conducts businesses across worldwide.

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

Sumitomo Pharma (4506 JP)

Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

This Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...

Pranav Rao

Kyowa Kirin (4151 JP): Ziftomenib Approval and Commercialization A Positive, What Lies Ahead?

Kyowa Kirin's ziftomenib is now commercially available in the U.S. Rocatinlimab shows promise for atopic dermatitis and Prurigo nodularis in Phase...

Tina Banerjee

Last Week In Event SPACE: Mandarin Oriental, Light & Wonder, Cathay Pacific, DeNA

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

StubWorld: Sumitomo Chemical/Sumitomo Pharma, Hyundai Motor/ Kia Corp, Ecopro Co/Ecopro BM

For a change of pace in my StubWorld insights, this piece briefly canvasses a clutch of Holdco's trading at extreme levels, in both "set-up" and...

David Blennerhassett

JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Curator's Cut: 2026's Top Picks, Unpacking Meesho's IPO & Navigating Lock-Ups

This ​Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...

Pranav Rao

Kyowa Kirin (4151 JP): Ziftomenib Approval and Commercialization A Positive, What Lies Ahead?

​Kyowa Kirin's ziftomenib is now commercially available in the U.S. Rocatinlimab shows promise for atopic dermatitis and Prurigo nodularis in Phase...

Tina Banerjee

Last Week In Event SPACE: Mandarin Oriental, Light & Wonder, Cathay Pacific, DeNA

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

StubWorld: Sumitomo Chemical/Sumitomo Pharma, Hyundai Motor/ Kia Corp, Ecopro Co/Ecopro BM

For a change of pace in my StubWorld insights, this piece briefly canvasses a clutch of Holdco's trading at extreme levels, in both "set-up" and...

David Blennerhassett

JPX Margin Trading Weekly (Sep 12th): SoftBank, Advantest, Tokyo Electron, Disco, Sanrio

We analyzed JPX margin trading positions report for the past week and highlighted SoftBank (9984 JP), Advantest (6857 JP), Tokyo Electron (8035...

Ke Yan, CFA, FRM

This Curator's Cut issue highlights 2026's high conviction ideas, analyzes Meesho IPO risks/rewards, and tracks upcoming lock-up expiries on...

Kyowa Kirin's ziftomenib is now commercially available in the U.S. Rocatinlimab shows promise for atopic dermatitis and Prurigo nodularis in Phase...