In today’s briefing:
- Japan Weekly Strategy | Bonds Buckle, Yen Rebounds and Equities Dip
- APAC Healthcare Weekly (Sept 6) – Simcere, Hutchmed, Akeso, Daiichi Sankyo, Alteogen, Pharmaessentia
- China Healthcare Weekly Wrap (31 Aug – 4 Sep)
- Companies Benefiting in India’s Construction Equipment: Export Growth Vs Domestic Slump
- UltraTech’s Ultravolt Entry: A Margin Threat in Entire Wire & Cable Industry
Japan Weekly Strategy | Bonds Buckle, Yen Rebounds and Equities Dip
- JGB yields surged: The 10-year yield breached 3.0%, driven by oil prices, fiscal concerns and rising expectations of a BOJ rate hike.
- Yen reversed sharply: The currency strengthened to ¥156.25/$ amid intervention speculation and broad dollar weakness, despite earlier falling towards ¥160/$.
- Equities whipsawed: The Nikkei fell 2.1% as higher yields and a stronger yen pressured growth stocks, while strong domestic data offered some support.
APAC Healthcare Weekly (Sept 6) – Simcere, Hutchmed, Akeso, Daiichi Sankyo, Alteogen, Pharmaessentia
- Simcere inks outlicensing agreement with Roche for tri-specific antibody in total deal value of $2B+. Hutchmed enters outlicense agreement with GSK for first-in-class drug candidate for upfront payment of $110M.
- Akeso’s ivonescimab demonstrates significant overall survival benefit in Keytruda head-to-head trial in NSCLC. Daiichi Sankyo’s Enhertu has been approved in EU for the first-line treatment of HER2 positive breast cancer.
- Alteogen inked agreement with Novartis for the development and commercialization of subcutaneous products utilizing ALT-B4. Pharmaessentia secured FDA approval of Besremi for the treatment of essential thrombocythemia.
China Healthcare Weekly Wrap (31 Aug – 4 Sep)
- Hutchmed licensed out ex-China rights of KRAS-EGFR cancer asset to GSK for US$1.3bn and Simcere licensed out a B-cell targeting trispecific to Roche for US$1.5bn. Both assets are preclinical
- Hengrui presented phase 3 results of SHR-1918 (ANGPTL3) and phase 2 results of HRS-5346 (Lp(a)) at ESC Congress. Separately, for Lp(a), Novartis yesterday said pelacarsen failed in a phase 3
- Other updates/news include BeOne, Sino Biopharma, Genscript, Akeso, Hansoh, MediLink…
Companies Benefiting in India’s Construction Equipment: Export Growth Vs Domestic Slump
- FY26 Construction Equipment exports rose 31.5% to 17,394 units even as domestic volumes fell 6.7% to 113,229 units.
- CEV Stage V compliance and lower trade barriers widen India’s addressable market beyond price-sensitive emerging economies.
- Action Construction Equipment (ACCE IN) and Carraro India (CARRARO IN) offer the clearest export-leverage; Escorts Kubota Limited (ESCORTS IN) and Beml Ltd (BEML IN) retain stronger domestic or segment-mix dependence.
UltraTech’s Ultravolt Entry: A Margin Threat in Entire Wire & Cable Industry
- UltraTech has launched Ultravolt from a 10.98 lakh-km Gujarat facility, backed by Rs. 1,800 crore and a top-two ambition within five years.
- The entrant can fund channel incentives, advertising and rapid distribution without depending on early profitability, raising competitive intensity in retail wires.
- Polycab’s leadership remains defensible, but its margin-of-safety narrows: future share gains may require higher dealer support and brand spending.
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