In today’s briefing:
- Longs on Next Low
- SanBio (4592 JP): Better-Than-Expected Operating Loss in FY23; Product Approval Expected in FY24
- Sustainability Reporting Is Expected to Share Valuable Information, Not PR Magazine Type Information
Longs on Next Low
- SPX and NKY top short picks near term but new low attempts will see the immediate down leg exhaust. Yield decline is exhausting.
- Increasing oversold readings set the stage for some key low on weakness. Euro bank range is 92 to 108.
- Taiwan remains our top long in Asia. Trading bounce lows in ASX, Korea and Europe look attractive/viable.
SanBio (4592 JP): Better-Than-Expected Operating Loss in FY23; Product Approval Expected in FY24
- SanBio Co Ltd (4592 JP) recorded operating loss of ¥7.9B for FY23, better than guidance of ¥8.1B. For FY24, the company guided for operating loss of ¥4.6B, in-line with consensus.
- SanBio’s cash position improved with cash and cash equivalents of ¥6.7B at the end of FY23, up from ¥4.6B at the end of the previous fiscal year.
- The company aims to obtain approval of its lead candidate SB623 as a treatment for chronic motor deficit from traumatic brain injury during the current fiscal year.
Sustainability Reporting Is Expected to Share Valuable Information, Not PR Magazine Type Information
- Japanese companies are keen on obtaining ISO certifications, so it’s relatively easy for companies that have obtained these certifications to ensure the comprehensiveness of sustainability information by disclosing such information.
- It’s useful to know the degree to which management recognized the challenges and the leadership that management could exercise in solving those challenges, rather than laundry list of self-praise information.
- For management to recognize issues and implement initiatives at global level, it’s expected to hire a head who is sensitive to global initiatives and work with him/her to resolve issues.
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