Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.</li>
<li>Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter.  </li>
<li>Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.</li>
</ul>


We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.
Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter.  
Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.


Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> signed a contract manufacturing agreement worth KRW1.7T ($1.2B) with an Asian pharmaceutical company. <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> has announced KRW100B ($72M) share buyback, starting October 28.</li>
<li>
<a href="https://www.smartkarma.com/entities/astellas-pharma-inc" target="_blank" data-smartkarma-citation="entities:6091:1" rel="noopener">Astellas Pharma (4503 JP)</a> received FDA approval for Vyloy for gastric cancer. <a href="https://www.smartkarma.com/entities/shionogi-co-ltd" target="_blank" data-smartkarma-citation="entities:19535:1" rel="noopener">Shionogi &amp; Co (4507 JP)</a> received FDA Fast Track designation for its RSV drug candidate, S-337395.</li>
<li>
<a href="https://www.smartkarma.com/entities/zai-lab-ltd-94df40cf-c15e-462f-b3de-8d2d434ae935" target="_blank" data-smartkarma-citation="entities:36261:1" rel="noopener">Zai Lab (9688 HK)</a> announced positive topline data from global Phase 1a/1b study of ZL-1310 in small cell lung cancer. <a href="https://www.smartkarma.com/entities/legend-biotech-corp" target="_blank" data-smartkarma-citation="entities:28963:1" rel="noopener">Legend Biotech Corp (LEGN US)</a> sheds Genscript Biotech as its majority shareholder.</li>
</ul>



Samsung Biologics (207940 KS) signed a contract manufacturing agreement worth KRW1.7T ($1.2B) with an Asian pharmaceutical company. Celltrion Inc (068270 KS) has announced KRW100B ($72M) share buyback, starting October 28.

Astellas Pharma (4503 JP) received FDA approval for Vyloy for gastric cancer. Shionogi &amp; Co (4507 JP) received FDA Fast Track designation for its RSV drug candidate, S-337395.

Zai Lab (9688 HK) announced positive topline data from global Phase 1a/1b study of ZL-1310 in small cell lung cancer. Legend Biotech Corp (LEGN US) sheds Genscript Biotech as its majority shareholder.


APAC Healthcare Weekly (Oct 27)- Samsung Biologics, Celltrion, Astellas, Otsuka, Legend, and Zai Lab

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>JPX has commenced a market consultation on changes to the <a href="https://www.smartkarma.com/entities/tokyo-stock-exchange-tokyo-price-index-topix" target="_blank" data-smartkarma-citation="entities:22910:1" rel="noopener">TSE Tokyo Price Index TOPIX (TPX INDEX)</a> including expansion of the universe and periodic stock selection.</li>
<li>Based on current market cap/ liquidity, there could be 38 adds and 447 deletions for the <a href="https://www.smartkarma.com/entities/tokyo-stock-exchange-tokyo-price-index-topix" target="_blank" data-smartkarma-citation="entities:22910:1" rel="noopener">TSE Tokyo Price Index TOPIX</a>, though the changes only start in October 2026. </li>
<li>The deletions will be phased out of the index in 8 steps that will end in July 2028 and most of the stocks will move to the TOPIX Next-tier. </li>
</ul>


JPX has commenced a market consultation on changes to the TSE Tokyo Price Index TOPIX (TPX INDEX) including expansion of the universe and periodic stock selection.
Based on current market cap/ liquidity, there could be 38 adds and 447 deletions for the TSE Tokyo Price Index TOPIX, though the changes only start in October 2026. 
The deletions will be phased out of the index in 8 steps that will end in July 2028 and most of the stocks will move to the TOPIX Next-tier. 


TOPIX Market Consultation: Wider Next-Gen Universe in a Couple of Years; But Stocks Moving Already

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani Inc (7730 JP)</a> shares have plunged 19% since we have published our bearish insight on the company on January 13.</li>
<li>FY22 guidance implies 22% and 56%, y/y, decline in operating profit and profit attributable to owners of parent, respectively, in Q2FY22.</li>
<li>We are cautious on H2FY22 recovery and financial performance of Mani due to worsening COVID-19 condition in China, which is one of its major markets.</li>
</ul>



Mani Inc (7730 JP) shares have plunged 19% since we have published our bearish insight on the company on January 13.
FY22 guidance implies 22% and 56%, y/y, decline in operating profit and profit attributable to owners of parent, respectively, in Q2FY22.
We are cautious on H2FY22 recovery and financial performance of Mani due to worsening COVID-19 condition in China, which is one of its major markets.


Mani (7730 JP): Profit to Decline in Q2; China’s Worsening COVID Outbreak to Weigh on H2 Performance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mani-inc" target="_blank" data-smartkarma-citation="entities:6534:1" rel="noopener">Mani Inc (7730 JP)</a> offers medical devices, which are mainly used in the elective procedures including cataract surgery and dental procedures.</li>
<li>In FY21, the company missed its guidance for both revenue and operating income by 2% and 5%, respectively, due to higher-than-expected impact of the COVID-19.</li>
<li>With the rising cases of highly infectious Omicron variant of the COVID-19 in major operating regions, the company is expected to miss or lower its FY22 guidance.</li>
</ul>



Mani Inc (7730 JP) offers medical devices, which are mainly used in the elective procedures including cataract surgery and dental procedures.
In FY21, the company missed its guidance for both revenue and operating income by 2% and 5%, respectively, due to higher-than-expected impact of the COVID-19.
With the rising cases of highly infectious Omicron variant of the COVID-19 in major operating regions, the company is expected to miss or lower its FY22 guidance.


Mani Inc (7730 JP): No Immediate Respite Seen

Japan

FUKUDA DENSHI CO., LTD. manufactures and wholesales electronic equipment for medical use.  The Company's products include electrocardiograph, phonocardiogram, ultrasonic diagnosis systems, physical condition monitoring systems, pacemakers, and respirators.

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Fukuda Denshi (6960 JP)

Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener

We have screened APAC (ex-China) healthcare companies with market cap≥$800M using Smartkarma’s Smart Score and picked up 2 investable ideas by...

Tina Banerjee

APAC Healthcare Weekly (Oct 27)- Samsung Biologics, Celltrion, Astellas, Otsuka, Legend, and Zai Lab

Samsung Biologics secures largest ever contract, Celltrion announced KRW100B buyback, Astellas Pharma got label expansion approval for Vyloy,...

Tina Banerjee

TOPIX Market Consultation: Wider Next-Gen Universe in a Couple of Years; But Stocks Moving Already

JPX has commenced a market consultation that could result in 38 adds and 447 deletions for the index in Oct 2026. There are a lot of high impact...

Brian Freitas

Mani (7730 JP): Profit to Decline in Q2; China’s Worsening COVID Outbreak to Weigh on H2 Performance

China's worsening COIVD-19 outbreak and consequent lockdowns will negatively impact Mani's financial performance in H2FY22, as China is one of the...

Tina Banerjee

Mani Inc (7730 JP): No Immediate Respite Seen

Despite reporting double-digit revenue and operating profit growth in Q1, the company is expected to be negatively impacted by the resurgence of...

Tina Banerjee

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