In today’s briefing:
- 4 Key Movers in TIGER Top 10 in June Reshuffle
- Rigaku IPO Lockup – Large PE Investors Can Still Break Even
- Liquid Universe of European Ordinary and Preferred Shares: April ’25 Report
- MTVA: Positive Phase 1 MAD Data for DA-1726 Excellent Tolerability Profile and Mean Day 26 Weight Loss of 4.3%
- MIRA: Tests Show Positive Results
- Pre-IPO TCMTech – The Business Model and the Outlook
4 Key Movers in TIGER Top 10 in June Reshuffle
- Korea’s battery sector got wrecked, crushing POSCO and Samsung SDI’s caps. Shakeup incoming: Hanwha Aerospace locks in, and Samsung Biologics is also a strong contender.
- Low pre-positioning leads to highly correlated moves on rebalance day; last June, KB and Shinhan got in while LG Chem and Energy got cut with similar impact, netting ~3% yield.
- Given the track record, it makes sense to trim the holding window on rebalance day and deploy a long-short strategy.
Rigaku IPO Lockup – Large PE Investors Can Still Break Even
- Rigaku Holdings (268A JP) raised around US$750m in its Japan IPO in October 2024. The lockup on its pre-IPO investors is set to expire soon.
- Rigaku engages in developing, manufacturing, sales and servicing scientific instruments specializing in X-ray technologies.
- In this note, we will talk about the lockup dynamics and possible placement.
Liquid Universe of European Ordinary and Preferred Shares: April ’25 Report
- Since mid-March, amid sessions of significant volatility, share-price spreads have generally tightened across the European liquid universe of ordinary and preferred shares, with 10 tightening and 9 widening.
- The discount of Grifols B has widened although Brookfield is again knocking at the door; Handelsbanken B shares trade at 48% premium to A shares.
- Recommended trades long preferred/short ords: Atlas Copco, Grifols. Recommended trades long ordinary / short preferred shares: Henkel, SSAB Svenska Stal.
MTVA: Positive Phase 1 MAD Data for DA-1726 Excellent Tolerability Profile and Mean Day 26 Weight Loss of 4.3%
- On April 15, 2025, MetaVia Inc. (MTVA) announced positive results from the 4-week Phase 1 multiple ascending dose (MAD) trial of DA-1726 for the treatment of obesity.
- The results showed a mean weight loss of 4.3% at Day 26 in the 32 mg dose with only mild gastrointestinal (GI) adverse events reported in 4/6 subjects, most of which resolved within 24 hours.
- In addition, a mean reduction in waist circumference of 1.6 inches was demonstrated along with a mean lowering of -5.3 mg/dL in fasting blood glucose.
MIRA: Tests Show Positive Results
- MIRA Pharmaceuticals(MIRA) Company Sponsored Research Report
Pre-IPO TCMTech – The Business Model and the Outlook
- TCMTech’s business model is directly targeted at industry pain points.The innovation point lies in using AI technology and offline clinics to break the time/space limitations of traditional TCM business model.
- The current revenue scale is small. We have already seen a sharp decline of YoY revenue growth in 24Q1-Q3, thus raising questions about the sustainability of future growth momentum.
- Considering Gushengtang’s scale, business model, and the control of core renowned physician resources have been validated by the market, we think that TCMTech’s reasonable valuation should be lower than Gushengtang.
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