Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>The global pharma and biotech sector has underperformed by about four points this year, and five over three years – the divergence with other R&amp;D intensive, knowledge based sectors is stark.</li>
<li>I went short US biotech in mid-2015, when the global sector saw a burst of euphoric optimism – ex Japan pharma, most sub-indices haven’t regained those levels since.</li>
<li>Despite the assumed demographic tailwind, a declining R&amp;D productivity trend has been an issue since the late 1990s - a major new drug launch…</li>
</ul>


The global pharma and biotech sector has underperformed by about four points this year, and five over three years – the divergence with other R&amp;D intensive, knowledge based sectors is stark.
I went short US biotech in mid-2015, when the global sector saw a burst of euphoric optimism – ex Japan pharma, most sub-indices haven’t regained those levels since.
Despite the assumed demographic tailwind, a declining R&amp;D productivity trend has been an issue since the late 1990s - a major new drug launch…


Drugs Evolving Into 'Biological Software' to Boost Moribund Pharma Sector?

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Equity Bottom-Up

Last week, <a href="https://www.smartkarma.com/entities/3014" target="_blank" data-smartkarma-citation="entities:3014:1">Daiichi Sankyo (4568 JP)</a> announced that its highly promising anti-cancer drug, DS-8201, has a second pivotal trial, this time moving to Phase II for gastric cancer (GC). Earlier in the year, DS-8201 moved to Phase II for its key indication for metastatic breast cancer (mBC). Since publication of the disappointing clinical trial data for mirogabalin, DS-8201 has taken on massive importance for DSK. This is not just because it is now the drug with the most upside potential in DSK’s…

Last week, Daiichi Sankyo (4568 JP) announced that its highly promising anti-cancer drug, DS-8201, has a second pivotal trial, this time moving to Phase II for gastric cancer (GC). Earlier in the year, DS-8201 moved to Phase II for its key indication for metastatic breast cancer (mBC). Since publication of the disappointing clinical trial data for mirogabalin, DS-8201 has taken on massive importance for DSK. This is not just because it is now the drug with the most upside potential in DSK’s…

Daiichi Sankyo (4568) - DS-8201 Moves to Phase 2 for Gastric Cancer

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Genomics as an investment theme<ul><li>Costs of sequencing a human genome have fallen to less than $1,000</li><li>China leads the world in gene sequencing</li><li>The private sector is where the most interesting MedTech companies can be found</li></ul>

Genomics as an investment themeCosts of sequencing a human genome have fallen to less than $1,000China leads the world in gene sequencingThe private sector is where the most interesting MedTech companies can be found

A story run by Nikkei Business that AstraZeneca (AZN LN) offered to buy Daiichi Sankyo (DSK) last year provided a frisson of excitement in the Tokyo market with DSK’s stock hitting a 52-week intraday high of ¥2,800.5, as according to the report, although the bid was rejected, AZN indicated that it may bid again. In a press release, DSK tersely denied that it had received a bid, which ought to have put paid to the story, but as of Friday's close the shares were still 15% higher than where they…

A story run by Nikkei Business that AstraZeneca (AZN LN) offered to buy Daiichi Sankyo (DSK) last year provided a frisson of excitement in the Tokyo market with DSK’s stock hitting a 52-week intraday high of ¥2,800.5, as according to the report, although the bid was rejected, AZN indicated that it may bid again. In a press release, DSK tersely denied that it had received a bid, which ought to have put paid to the story, but as of Friday's close the shares were still 15% higher than where they…

Did AstraZeneca Really Bid for Daiichi Sankyo, Did Daiichi Sankyo Really Turn Them Down?

<a href="https://www.smartkarma.com/entities/18055" target="_blank" data-smartkarma-citation="entities:18055:1">Kyowa Hakko Kirin's (4151 JP)</a> announcement that “moga” – mogamulizumab (KW-0761) – has met its primary endpoint (PFS) in Phase III trials for Cutaneous T-cell Lymphoma (CTCL, a variation of NHL), is of greater long-term significance than it is in the short term. CTCL is a minor indication and ATL (adult T-cell leukemia/lymphoma) which moga is in Phase II for isn’t much bigger. However, while the CC chemokine receptor 4 (CCR4) targeted by mogamulizumab is primarily expressed on leukemic cells…

Kyowa Hakko Kirin's (4151 JP) announcement that “moga” – mogamulizumab (KW-0761) – has met its primary endpoint (PFS) in Phase III trials for Cutaneous T-cell Lymphoma (CTCL, a variation of NHL), is of greater long-term significance than it is in the short term. CTCL is a minor indication and ATL (adult T-cell leukemia/lymphoma) which moga is in Phase II for isn’t much bigger. However, while the CC chemokine receptor 4 (CCR4) targeted by mogamulizumab is primarily expressed on leukemic cells…

Sosei & Kyowa Hakko Kirin: Positive News on GPCR Drugs

United Kingdom

AstraZeneca PLC operates as a holding company. The Company, through its subsidiaries, researches, manufactures, and sells pharmaceutical and medical products. AstraZeneca focuses its operations on eight therapeutic areas, including gastrointestinal, oncology, cardiovascular, respiratory, central nervous system, pain control, anaesthesia, and infection.

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AstraZeneca PLC (AZN LN)

Drugs Evolving Into 'Biological Software' to Boost Moribund Pharma Sector?

The global pharma and biotech sector has underperformed by about four points this year, and five over three years – the divergence with other...

Sean Maher

Daiichi Sankyo (4568) - DS-8201 Moves to Phase 2 for Gastric Cancer

Last week, Daiichi Sankyo (4568 JP) announced that its highly promising anti-cancer drug, DS-8201, has a second pivotal trial, this time moving to...

Pelham Smithers Associates

Genomics as an Investment Theme

Genomics as an investment theme Costs of sequencing a human genome have fallen to less than $1,000 China leads the world in gene sequencing The...

CM Research

Did AstraZeneca Really Bid for Daiichi Sankyo, Did Daiichi Sankyo Really Turn Them Down?

A story run by Nikkei Business that AstraZeneca (AZN LN) offered to buy Daiichi Sankyo (DSK) last year provided a frisson of excitement in the...

Pelham Smithers Associates

Sosei & Kyowa Hakko Kirin: Positive News on GPCR Drugs

Kyowa Hakko Kirin's (4151 JP) announcement that “moga” – mogamulizumab (KW-0761) – has met its primary endpoint (PFS) in Phase III trials for...

Pelham Smithers Associates

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