External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

Thematic (Sector/Industry)

<ul><li>In 1H25, US policy uncertainty—i.e., potential drug tariffs, the most-favored-nation (MFN) pricing proposal, and Inflation Reduction Act (IRA) drug price negotiations—weighed on the global pharma/biotech sector.</li><li>In 2H25, however, major pharma companies reached agreements on tariffs and drug prices with the US administration, helping to ease uncertainties and lift sentiment.</li><li>Fed rate cut expectations and a pickup in M&amp;A/licensing deals ahead of drug price cuts and patent expirations have also supported a more favorable market environment. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In 1H25, US policy uncertainty—i.e., potential drug tariffs, the most-favored-nation (MFN) pricing proposal, and Inflation Reduction Act (IRA) drug price negotiations—weighed on the global pharma/biotech sector.In 2H25, however, major pharma companies reached agreements on tariffs and drug prices with the US administration, helping to ease uncertainties and lift sentiment.Fed rate cut expectations and a pickup in M&amp;A/licensing deals ahead of drug price cuts and patent expirations have also supported a more favorable market environment. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

[2026 Outlook] Pharma/BiotechIdentifying Leaders Within an Outperforming Sector

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<ul><li>Market uncertainty and further disruptions at health agencies led to continued divergence between SMID-cap and large biopharma, as investors sought shelter in lower- risk, higher-quality names. </li><li>Trump nominees, Martin Makary for the FDA and Jay Bhattacharya for the NIH, appeared on course for Senate confirmations after relatively uncontentious hearings, but both provided little confidence that they would stop or reverse the draconian changes at these agencies.</li><li>NIH grant funding has not resumed despite a judge ruling against the cuts. RFK Jr. changed his stance on the measles outbreak, from not unusual to deeply concerned, as the second death occurred in an unvaccinated adult.</li></ul>

Market uncertainty and further disruptions at health agencies led to continued divergence between SMID-cap and large biopharma, as investors sought shelter in lower- risk, higher-quality names. Trump nominees, Martin Makary for the FDA and Jay Bhattacharya for the NIH, appeared on course for Senate confirmations after relatively uncontentious hearings, but both provided little confidence that they would stop or reverse the draconian changes at these agencies.NIH grant funding has not resumed despite a judge ruling against the cuts. RFK Jr. changed his stance on the measles outbreak, from not unusual to deeply concerned, as the second death occurred in an unvaccinated adult.

Biopharma Week in Review - March 10, 2025

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Cross Asset Strategy

<ul>
<li>With nominal GDP growing 6%YoY in the latest 3 quarters, Japanese interest rates will be gradually normalized. The JPY rebound, however, precludes the need for rapid BoJ hikes. </li>
<li>Unwinding of Yen carry-trades should take JPY to ¥125/US$ by end-2024, which will contribute to tightening monetary conditions sufficiently, further slowing inflation (from 2.85%YoY in May-Jun'24). </li>
<li>Appreciating JPY is bad for Japanese equities, so stay Underweight, with a defensive portfolio comprising utilities, pharmaceuticals and consumer staples. </li>
</ul>


With nominal GDP growing 6%YoY in the latest 3 quarters, Japanese interest rates will be gradually normalized. The JPY rebound, however, precludes the need for rapid BoJ hikes. 
Unwinding of Yen carry-trades should take JPY to ¥125/US$ by end-2024, which will contribute to tightening monetary conditions sufficiently, further slowing inflation (from 2.85%YoY in May-Jun'24). 
Appreciating JPY is bad for Japanese equities, so stay Underweight, with a defensive portfolio comprising utilities, pharmaceuticals and consumer staples. 


Japan: Normalizing Interest Rates as Nominal GDP Surges, Ending Deflation Era

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> Postpones <a href="https://www.smartkarma.com/entities/novelis-corporation" target="_blank" data-smartkarma-citation="entities:39969:1" rel="noopener">Novelis Corporation (0620365D US)</a> IPO Amid Market Considerations</li>
<li>
<a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a>'s Tata Motors Finance to Merge with Tata Capital</li>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> Sets World Record for Highest Number of Transactions in a Single Day</li>
</ul>



Hindalco Industries (HNDL IN) Postpones Novelis Corporation (0620365D US) IPO Amid Market Considerations

Tata Motors Ltd (TTMT IN)'s Tata Motors Finance to Merge with Tata Capital

National Stock Exchange (NSEIN IN) Sets World Record for Highest Number of Transactions in a Single Day


#8 India Insight: Novelis IPO Postponed, TMFL Merger, Angle One Client Growth, NSE World Record

Independent Sell Side Equity Research Analyst, ChartSmarter

Douglas Busch

Independent Sell Side Equity Research Analyst

ChartSmarter

ChartSmarter is a service dedicated to the art of technical analysis.

On a daily basis we write up actionable ideas on a specific, major S&P sector on both the long and short side, in an easy yet thorough way. In the notes we give precise entries and exits, while looking to capture the "meat" of a trend.

Technical Analysis.

Technical Analysis

<ul>
<li>S&amp;P 500 looks vulnerable. Maintain large cash positions for forseeable future.</li>
<li>US Dollar bull flagging and may put pressure on equities in near term.</li>
<li>Nikkei at inflection point. Bulls must stand up here to defend.</li>
</ul>


S&amp;P 500 looks vulnerable. Maintain large cash positions for forseeable future.
US Dollar bull flagging and may put pressure on equities in near term.
Nikkei at inflection point. Bulls must stand up here to defend.


Japan

Takeda Pharmaceutical Company Limited is engaged in research and development, manufacturing, sales and marketing, and import and export of pharmaceutical drugs. The Company focuses on the core therapeutic areas of oncology, gastrointestinal, and central nervous system disease.

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Takeda Pharmaceutical (TAK US)

[2026 Outlook] Pharma/BiotechIdentifying Leaders Within an Outperforming Sector

In 1H25, US policy uncertainty—i.e., potential drug tariffs, the most-favored-nation (MFN) pricing proposal, and Inflation Reduction Act (IRA) drug...

Mirae Asset Securities

Biopharma Week in Review - March 10, 2025

Market uncertainty and further disruptions at health agencies led to continued divergence between SMID-cap and large biopharma, as investors sought...

Water Tower Research

Japan: Normalizing Interest Rates as Nominal GDP Surges, Ending Deflation Era

Japanese interest rates are set to normalize amid robust nominal GDP. But a rebounding JPY (at ¥125/US$ by end'24) precludes further BoJ hikes,...

Prasenjit K. Basu

#8 India Insight: Novelis IPO Postponed, TMFL Merger, Angle One Client Growth, NSE World Record

Hindalco Industries postpones Novelis Corporation IPO, Tata Motors Finance to merge with Tata Capital, NSE sets world record for transactions in a...

Sudarshan Bhandari

Silver Measured Move to 35.50

Gold looks a bit fatigued and silver likely to play catch up. Greenback could present headwinds for equities. Japan reverses big gains in 2024.

Douglas Busch

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[2026 Outlook] Pharma/BiotechIdentifying Leaders Within an Outperforming Sector

In 1H25, US policy uncertainty—i.e., potential drug tariffs, the most-favored-nation (MFN) pricing proposal, and Inflation Reduction Act (IRA) drug...

Mirae Asset Securities

Biopharma Week in Review - March 10, 2025

Market uncertainty and further disruptions at health agencies led to continued divergence between SMID-cap and large biopharma, as investors sought...

Water Tower Research

Japan: Normalizing Interest Rates as Nominal GDP Surges, Ending Deflation Era

​Japanese interest rates are set to normalize amid robust nominal GDP. But a rebounding JPY (at ¥125/US$ by end'24) precludes further BoJ hikes,...

Prasenjit K. Basu

#8 India Insight: Novelis IPO Postponed, TMFL Merger, Angle One Client Growth, NSE World Record

​Hindalco Industries postpones Novelis Corporation IPO, Tata Motors Finance to merge with Tata Capital, NSE sets world record for transactions in a...

Sudarshan Bhandari

Silver Measured Move to 35.50

Gold looks a bit fatigued and silver likely to play catch up. Greenback could present headwinds for equities. Japan reverses big gains in 2024.

Douglas Busch

Japanese interest rates are set to normalize amid robust nominal GDP. But a rebounding JPY (at ¥125/US$ by end'24) precludes further BoJ hikes,...

Hindalco Industries postpones Novelis Corporation IPO, Tata Motors Finance to merge with Tata Capital, NSE sets world record for transactions in a...