In today’s briefing:
- The Guzzler Chronicles: As Good As It Gets
- China Healthcare Weekly Wrap (28 Sep – 2 Oct)
- Korea Sector ETFs Bi-Weekly #5: [18 Sept – 2 Oct 2026] Plus Solar & Ess ETF (Top Performer)
- APAC Healthcare Weekly (Oct 4) – Hengrui, Hansoh, Chugai Pharma, Daiichi Sankyo, Otsuka, Sun Pharma
The Guzzler Chronicles: As Good As It Gets
- Yields above 5%, an AI-only earnings story, and the CPI print that decides November?
- October and November 2026 are probably “As Good As It Gets”. Pushing higher requires exceptional, unlikely growth. Consequently, any disappointing results or unexpected shocks could trigger a sharp sell-off.
- Bottom-Up, the AI complex accounts for more than half of expected earnings growth. The leaders are technically stretched. I would use any results-driven rally to recaliberate, not to chase
China Healthcare Weekly Wrap (28 Sep – 2 Oct)
- Strong deal flows this week: 1) Abogen/Novartis on autoimmune TCE and RNA platform; 2) Scibrunch/Merck on preclinical Kras G12D, 3) Hengrui/Novo on weekly oral GLP-1/GIP, 4) Nhwa/Newco on sleep disorder
- Akeso’s partner Summit announced US$2bn investment from AstraZeneca and clinical collaborations for ivonescimab with CLDN18.2 ADC sone-ve and TROP-2 ADC Datroway
- Other updates from Hansoh’s EU setback, Hutchmed’s US NDA filing, Frontier Biotech’s dual-targeting siRNA, Mindrank/3SBio deal, Beam vs. YolTech/Serapha…
Korea Sector ETFs Bi-Weekly #5: [18 Sept – 2 Oct 2026] Plus Solar & Ess ETF (Top Performer)
- The 30 key sector ETFs in Korea were down on average 0.5% in the past two weeks, underperforming KOSPI which was up 1.6% in the same period.
- There were 10 sector ETFs (out of 30) that outperformed KOSPI in the past two weeks including Plus Solar & ESS ETF, Tiger Semiconductor Top10 ETF, and KODEX Bio ETF.
- Semiconductor exports surged 262.8% YoY to a massive $60.3 billion in September.
APAC Healthcare Weekly (Oct 4) – Hengrui, Hansoh, Chugai Pharma, Daiichi Sankyo, Otsuka, Sun Pharma
- Hengrui outlicenses once-weekly oral obesity drug candidate HRS-1596, to Novo for total deal value of $2.6B. EC revoked the EU marketing authorization for Hansoh’s lung cancer drug aumolertinib.
- Roche halts development of obesity drug candidate emugrobart and returns all rights to Chugai. Daiichi Sankyo has withdrawn the BLA seeking accelerated approval in the U.S. for I-DXd for ES-SCLC.
- Otsuka initiates NDA submission to the FDA for zipalertinib for the treatment of NSCLC. Sun Pharma inlicenses hypercholesterolaemia and dyslipidaemia drug lerodalcibep from LIB Therapeutics.
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