Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the DAX, MDAX, and SDAX Indices in the September 2023 Rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/software-ag" target="_blank" data-smartkarma-citation="entities:21717:1" rel="noopener">Software AG (SOW GR)</a> was deleted from the MDAX index triggering a couple of interim changes in the last week of July 2023.</li>
<li>Currently, I do not expect any changes for the DAX or MDAX indices in September 2023 but I expect one change for the SDAX index.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the DAX, MDAX, and SDAX Indices in the September 2023 Rebalance.

Software AG (SOW GR) was deleted from the MDAX index triggering a couple of interim changes in the last week of July 2023.
Currently, I do not expect any changes for the DAX or MDAX indices in September 2023 but I expect one change for the SDAX index.


Quiddity Leaderboard-DAX Sep 23: No More Catalyst for the Short Sartorius - LONG Merck Trade

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the DAX, MDAX, and SDAX Indices in the September 2023 Rebalance.</li>
<li>As things stand, I do not see any changes for the DAX index as-is, but there are couple of names requiring only small price gains to trigger Fast Entry changes.</li>
<li>I see one change between MDAX and SDAX and one separate ADD/DEL for the SDAX index in the September 2023 rebalance.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the DAX, MDAX, and SDAX Indices in the September 2023 Rebalance.
As things stand, I do not see any changes for the DAX index as-is, but there are couple of names requiring only small price gains to trigger Fast Entry changes.
I see one change between MDAX and SDAX and one separate ADD/DEL for the SDAX index in the September 2023 rebalance.


Quiddity Leaderboard-DAX Sep 23: SHORT Sartorius LONG Merck Trade STILL Interesting

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sanofi" target="_blank" data-smartkarma-citation="entities:4564:1" rel="noopener">Sanofi (SAN FP)</a> earns more than 20% revenue from its key growth driver, Dupixent. With expanding indications, Dupixent is on track to record €10B revenue in 2023.</li>
<li>The company has added two new drugs in its portfolio this year. Since the beginning of 2023, Sanofi has reported five positive readouts for its pipeline.</li>
<li>Sanofi aims to reach €10B vaccine sales by 2030 from €7B in 2022, fueled by accelerated pace of innovation. The company plans to launch RSV vaccine for infants this winter.</li>
</ul>



Sanofi (SAN FP) earns more than 20% revenue from its key growth driver, Dupixent. With expanding indications, Dupixent is on track to record €10B revenue in 2023.
The company has added two new drugs in its portfolio this year. Since the beginning of 2023, Sanofi has reported five positive readouts for its pipeline.
Sanofi aims to reach €10B vaccine sales by 2030 from €7B in 2022, fueled by accelerated pace of innovation. The company plans to launch RSV vaccine for infants this winter.


Sanofi (SAN FP): It Is Not Just Only Dupixent; New Drugs and Vaccine Launches to Augment Growth

<ul>
<li>In this insight, we take a look at the names leading the race to become ADDs/DELs for the DAX, MDAX, and SDAX Indices in the September 2023 Rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/software-ag" target="_blank" data-smartkarma-citation="entities:21717:1" rel="noopener">Software AG (SOW GR)</a>'s takeover situation could result in intra-review index changes prior to the September 2023 rebalance. </li>
<li>
<a href="https://www.smartkarma.com/entities/fresenius-medical-care-ag-co" target="_blank" data-smartkarma-citation="entities:21622:1" rel="noopener">Fresenius Medical Care (FME GR)</a> and <a href="https://www.smartkarma.com/entities/deutsche-lufthansa-ag" target="_blank" data-smartkarma-citation="entities:21667:1" rel="noopener">Deutsche Lufthansa AG (LHA GR)</a> are close to becoming DAX ADDs as they require very small price gains to trigger Fast Entry additions.</li>
</ul>


In this insight, we take a look at the names leading the race to become ADDs/DELs for the DAX, MDAX, and SDAX Indices in the September 2023 Rebalance.

Software AG (SOW GR)'s takeover situation could result in intra-review index changes prior to the September 2023 rebalance. 

Fresenius Medical Care (FME GR) and Deutsche Lufthansa AG (LHA GR) are close to becoming DAX ADDs as they require very small price gains to trigger Fast Entry additions.


Quiddity Leaderboard-DAX Jun 23: A SHORT Sartorius LONG Merck Trade Might Be Interesting

Shinpoong Pharmaceutical / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shinpoong-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:7296:1" rel="noopener">Shinpoong Pharmaceutical (019170 KS)</a> is re-purposing its existing anti-malarial drug Pyramax as an oral treatment for the COVID-19. The company is conducting phase 3 study in six countries, including Korea.</li>
<li>South Korean oral COVID-19 treatment market is currently dominated by Paxlovid. Other domestic companies are also in race to develop homegrown oral COVID-19 drugs, thereby creating a crowded market.</li>
<li>With declining cases and hospitalizations, Pyramax has muted growth prospect as a treatment for COVID-19. Shinpoong is reporting operating loss due to accelerated R&amp;D expenditures.  </li>
</ul>



Shinpoong Pharmaceutical (019170 KS) is re-purposing its existing anti-malarial drug Pyramax as an oral treatment for the COVID-19. The company is conducting phase 3 study in six countries, including Korea.
South Korean oral COVID-19 treatment market is currently dominated by Paxlovid. Other domestic companies are also in race to develop homegrown oral COVID-19 drugs, thereby creating a crowded market.
With declining cases and hospitalizations, Pyramax has muted growth prospect as a treatment for COVID-19. Shinpoong is reporting operating loss due to accelerated R&amp;D expenditures.  


Shinpoong Pharmaceutical (019170 KS): Late Entry in COVID Drug Market; Legal Overhang Still Persists

Germany

Merck KGaA is a global pharmaceutical and chemicals company. The Company researches drugs in the areas oncology and neurodegenerative as well as autoimmune and inflammatory diseases. Also, it markets cardiovascular, fertility, endocrinology, and over-the-counter products as well as products for flat screens and the pharmaceutical, food, cosmetics, packaging, and coatings.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Merck KGaA (MRK GY)

Quiddity Leaderboard-DAX Sep 23: No More Catalyst for the Short Sartorius - LONG Merck Trade

I do not expect Sartorius to get deleted from DAX in Sep 23. Despite the fundamentals still supporting the Short Sartorius - LONG Merck trade, I do...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard-DAX Sep 23: SHORT Sartorius LONG Merck Trade STILL Interesting

The SHORT Sartorius LONG Merck Trade still seems interesting as the SRT/MRK price ratio is yet to fall to reflect the recent drop in FWD EPS ratios...

Janaghan Jeyakumar, CFA

Sanofi (SAN FP): It Is Not Just Only Dupixent; New Drugs and Vaccine Launches to Augment Growth

Dupixent is now the flagship drug of Sanofi, contributing ~23% of revenue. The company added two new drugs to its portfolio this year. Sanofi...

Tina Banerjee

Quiddity Leaderboard-DAX Jun 23: A SHORT Sartorius LONG Merck Trade Might Be Interesting

Top-ranked DAX potential DEL Sartorius recently published a profit warning. The company is trading at higher multiples than peer Merck and is not...

Janaghan Jeyakumar, CFA

Shinpoong Pharmaceutical (019170 KS): Late Entry in COVID Drug Market; Legal Overhang Still Persists

Shinpoong will face competition from already established foreign and domestic oral COVID-19 drugs. Declining new cases are expected to keep the...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)