Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/chugai-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:4489:1" rel="noopener">Chugai Pharmaceutical (4519 JP)</a> shares declined 2% since we published our bearish note on the company in December. We remain bearish on the name.</li>
<li>Chugai is betting big on Actemra, Hemlibra, and Ronapreve for achieving 2022 revenue target. However, these have bleak outlook due to competition and uncertainty regarding COVID-19 prevalence globally.</li>
<li>Chugai does not have any big launches expected this year. Pipeline has less visibility for compensating the revenue loss from the patent expired products.</li>
</ul>



Chugai Pharmaceutical (4519 JP) shares declined 2% since we published our bearish note on the company in December. We remain bearish on the name.
Chugai is betting big on Actemra, Hemlibra, and Ronapreve for achieving 2022 revenue target. However, these have bleak outlook due to competition and uncertainty regarding COVID-19 prevalence globally.
Chugai does not have any big launches expected this year. Pipeline has less visibility for compensating the revenue loss from the patent expired products.


Chugai Pharmaceutical (4519 JP): Key Drugs Are Facing Competition; 2022 Target Seems Aggressive

<p>Otsuka has a leadership position in atypical antipsychotic drugs. The company is successfully diversifying its revenue stream in order to mend the hole created by patent expiry of its erstwhile flagship drug Abilify (accounted for ~25% of total revenue). Four global products, including Abilify Maintena, Rexulti, Samsca, and Lonsurf currently contribute more than 30% of total revenue. Better-than-expected revenue from these four global products led to record high business profit in 2020. The performance continued in this year and the company reported 8% y/y revenue growth in H1, leading to 2021 guidance raise. This insight analyses the potential of Otsuka’s global products, which have leading market positioning amid large addressable patient population. Four global products are expected to achieve revenue of ¥480 billion (20% CAGR during 2018–2021) in 2021, two years ahead of schedule, driven by indication and geography expansion. These products should play a crucial role in achieving the medium-term management plan (2019–2023), which calls for average annual revenue growth of 10% or higher to reach revenue of ¥1,700 billion and ROE of 8% of higher in 2023. Otsuka has a rich pipeline of late-stage (phase II/III) programs to compensate for the upcoming patent cliff for its mainstay products.    </p>

Otsuka has a leadership position in atypical antipsychotic drugs. The company is successfully diversifying its revenue stream in order to mend the hole created by patent expiry of its erstwhile flagship drug Abilify (accounted for ~25% of total revenue). Four global products, including Abilify Maintena, Rexulti, Samsca, and Lonsurf currently contribute more than 30% of total revenue. Better-than-expected revenue from these four global products led to record high business profit in 2020. The performance continued in this year and the company reported 8% y/y revenue growth in H1, leading to 2021 guidance raise. This insight analyses the potential of Otsuka’s global products, which have leading market positioning amid large addressable patient population. Four global products are expected to achieve revenue of ¥480 billion (20% CAGR during 2018–2021) in 2021, two years ahead of schedule, driven by indication and geography expansion. These products should play a crucial role in achieving the medium-term management plan (2019–2023), which calls for average annual revenue growth of 10% or higher to reach revenue of ¥1,700 billion and ROE of 8% of higher in 2023. Otsuka has a rich pipeline of late-stage (phase II/III) programs to compensate for the upcoming patent cliff for its mainstay products.    

Otsuka Holdings (4578 JP): Well-Diversified Portfolio to Augment Revenue Growth

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Simplex Holdings / Equity Capital Markets

<p>Simplex Holding’s shareholders aim to raise around US$300m via selling some of their stake in the company. Simplex has consistently been ranked among the top companies in IDC Fintech rankings over the past nine years.</p><p>Simplex provides consulting, system development, maintenance and operations to banks, asset managers and insurance companies in Asia. Simplex was established in Sep 97. It was listed on JASDAQ in Feb 2002 and progressed to the First Section in Sep 2005. The company undertook an MBO, in Apr 2013 and was delisted in Oct 2013.</p><p>Since delisting, Simplex has expanded its product offering further to cover life insurance and non-life insurance companies as well, along with crypto exchanges. It has been reporting steady revenue growth over the past few years, although its margins have been volatile. Its performance prior to delisting wasn’t great, as it missed its medium term targets, and it now appears to be at peak margins.</p><p>We have looked at the company’s past performance in our earlier note, <a href="https://www.smartkarma.com/insights/simplex-holdings-pre-ipo-steady-topline-growth-but-appears-to-be-at-peak-margins" target="_blank" rel="noopener">Simplex Holdings Pre-IPO - Steady topline growth but appears to be at peak margins</a>.</p><p>In this note we will undertake a peer comparison and talk about valuations.</p>

Simplex Holding’s shareholders aim to raise around US$300m via selling some of their stake in the company. Simplex has consistently been ranked among the top companies in IDC Fintech rankings over the past nine years.Simplex provides consulting, system development, maintenance and operations to banks, asset managers and insurance companies in Asia. Simplex was established in Sep 97. It was listed on JASDAQ in Feb 2002 and progressed to the First Section in Sep 2005. The company undertook an MBO, in Apr 2013 and was delisted in Oct 2013.Since delisting, Simplex has expanded its product offering further to cover life insurance and non-life insurance companies as well, along with crypto exchanges. It has been reporting steady revenue growth over the past few years, although its margins have been volatile. Its performance prior to delisting wasn’t great, as it missed its medium term targets, and it now appears to be at peak margins.We have looked at the company’s past performance in our earlier note, Simplex Holdings Pre-IPO - Steady topline growth but appears to be at peak margins.In this note we will undertake a peer comparison and talk about valuations.

Simplex Holdings Pre-IPO - Peer Comp, Valuation - Lagging in Size but Leading in Growth and Margins

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<p style="text-align: center;"><strong>• EARNINGS MOMENTUM TURNS POSITIVE •</strong></p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/535/original/2021-02-14_09-01-24.png?1613260898" class="editor-image img-responsive" data-smartkarma-image-id="188535"></figure><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div></section><p><strong>POSITIVE EARNINGS MOMENTUM</strong> - For the first time in just over one year and driven by a strong recovery in the index-heavy <strong>Auto</strong> Sector, our Market Composite Results &amp; Revision Score - a measure of earnings momentum - has turned positive. Meanwhile, the Cabinet Office Leading Indicator of Business Conditions which is indexed to August 2015, has yet to rise above 100 and declined by 120 basis points for December.</p><section class="figure"><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/537/original/2021-02-14_08-23-29.png?1613262285" class="editor-image img-responsive" data-smartkarma-image-id="188537"></figure></section><p><strong>SECTOR BREAKDOWN</strong> - The leading Sectors, as measured by the change in Results &amp; Revision Score, are<strong> Other Commercial Products</strong>, <strong>Autos</strong>, <strong>Metals</strong>, <strong>Building Materials</strong>, and <strong>Other Consumer Products</strong>. The laggards are <strong>Utilities</strong>, <strong>Internet</strong>, <strong>Food</strong>, <strong>Beverages &amp; Tobacco</strong>, <strong>Retail</strong>, and <strong>Commercial Services</strong>. As in other markets, cyclicals leading the recovery, and, as a result, driving Japan's indices to new multi-decade highs.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/538/original/2021-02-14_08-22-44.png?1613262793" class="editor-image img-responsive" data-smartkarma-image-id="188538"></figure></section><p><strong>FORWARD VALUATIONS</strong> - While the trailing Market Composite PER remain above 30 times,  a ¥7.6 trillion increase in forecast Net Income from the low point if 2020, has reduced the forward multiple to 28.2 times. By the end of May, most March year-end companies will have made forecasts for the year to March 2022 - a decline to below 25 times is likely, assuming Total Market Value is at current levels.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/539/original/2021-02-14_08-14-17.png?1613262839" class="editor-image img-responsive" data-smartkarma-image-id="188539"></figure></section><p><strong>ALL-TIME US$ HIGH &lt;10% AWAY</strong> - While much is being written about the new thirty-year high for the TOPIX index, many will have missed the proximity of TOPIX in US dollars terms to a new all-time high, which would occur with a combined 9.5% increase in the equity market and the Yen. A 4.3% rise in TOPIX and a USDJPY rate of 100 is all that is required and would be a welcome feather in the cap of the recently beleaguered PM Suga's cap. </p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/540/original/2021-02-14_10-05-46.png?1613264814" class="editor-image img-responsive" data-smartkarma-image-id="188540"></figure></section><p><strong>RSI &gt;80</strong> - Tempering the current bullishness are the RSI of over 80 and a Toraku index close to 120. Both suggest near-term caution is warranted.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/541/original/2021-02-14_10-15-17.png?1613265332" class="editor-image img-responsive" data-smartkarma-image-id="188541"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/542/original/2021-02-14_10-20-42.png?1613265721" class="editor-image img-responsive" data-smartkarma-image-id="188542"></figure></section><hr></section><p style="text-align: center;"><br><strong>• RESULTS &amp; REVISIONS SUMMARY - 12th FEBRUARY •</strong></p><div><p>Of Friday's 723 results announcements, 64% scored positively for earnings momentum despite trailing revenues falling by 3% on average and a 3.9 point decline in operating margins. 17% of companies were in the red for the quarter.  63% of the 360 annual forecasts/revision announcements scored positively, and the average Forecast/Revision score was +10.3 points.</p></div><div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><div>
<p>The 'best' larger-cap announcements came from <a href="https://www.smartkarma.com/entities/yamaha-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:7411:1" rel="noopener">Yamaha Motor (7272 JP)</a>,  <a href="https://www.smartkarma.com/entities/japan-post-bank-co-ltd" target="_blank" data-smartkarma-citation="entities:838:1" rel="noopener">Japan Post Bank (7182 JP)</a>, and <a href="https://www.smartkarma.com/entities/toppan-printing-co-ltd" target="_blank" data-smartkarma-citation="entities:11875:1" rel="noopener">Toppan Printing (7911 JP)</a>; the 'worst' were from <a href="https://www.smartkarma.com/entities/otsuka-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:12292:1" rel="noopener">Otsuka Holdings (4578 JP)</a>, <a href="https://www.smartkarma.com/entities/sumitomo-dainippon-pharma-co" target="_blank" data-smartkarma-citation="entities:1935:1" rel="noopener">Sumitomo Dainippon Pharma (4506 JP)</a>, and <a href="https://www.smartkarma.com/entities/lion-corp" target="_blank" data-smartkarma-citation="entities:16576:1" rel="noopener">Lion (4912 JP)</a>.  <a href="https://www.smartkarma.com/entities/pola-orbis-holdings-inc" target="_blank" data-smartkarma-citation="entities:2287:1" rel="noopener">Pola Orbis (4927 JP)</a> and <a href="https://www.smartkarma.com/entities/asahi-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10482:1" rel="noopener">Asahi Group (2502 JP)</a> take the prizes for optimism.  For more, see the <strong>DETAIL</strong> section below.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/605/original/2021-02-15_06-00-48.png?1613336460" class="editor-image img-responsive" data-smartkarma-image-id="188605"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/606/original/2021-02-15_06-01-37.png?1613336511" class="editor-image img-responsive" data-smartkarma-image-id="188606"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/608/original/2021-02-15_06-05-12.png?1613336726" class="editor-image img-responsive" data-smartkarma-image-id="188608"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/610/original/2021-02-15_06-05-57.png?1613336771" class="editor-image img-responsive" data-smartkarma-image-id="188610"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/611/original/2021-02-15_06-06-35.png?1613336808" class="editor-image img-responsive" data-smartkarma-image-id="188611"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/612/original/2021-02-15_06-07-12.png?1613336846" class="editor-image img-responsive" data-smartkarma-image-id="188612"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/613/original/2021-02-15_06-10-36.png?1613337047" class="editor-image img-responsive" data-smartkarma-image-id="188613"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/188/615/original/2021-02-15_06-11-21.png?1613337091" class="editor-image img-responsive" data-smartkarma-image-id="188615"></figure></section><p></p>
</div>

• EARNINGS MOMENTUM TURNS POSITIVE •Source for all charts &amp; tables: Japan AnalyticsPOSITIVE EARNINGS MOMENTUM - For the first time in just over one year and driven by a strong recovery in the index-heavy Auto Sector, our Market Composite Results &amp; Revision Score - a measure of earnings momentum - has turned positive. Meanwhile, the Cabinet Office Leading Indicator of Business Conditions which is indexed to August 2015, has yet to rise above 100 and declined by 120 basis points for December.SECTOR BREAKDOWN - The leading Sectors, as measured by the change in Results &amp; Revision Score, are Other Commercial Products, Autos, Metals, Building Materials, and Other Consumer Products. The laggards are Utilities, Internet, Food, Beverages &amp; Tobacco, Retail, and Commercial Services. As in other markets, cyclicals leading the recovery, and, as a result, driving Japan's indices to new multi-decade highs.
FORWARD VALUATIONS - While the trailing Market Composite PER remain above 30 times,  a ¥7.6 trillion increase in forecast Net Income from the low point if 2020, has reduced the forward multiple to 28.2 times. By the end of May, most March year-end companies will have made forecasts for the year to March 2022 - a decline to below 25 times is likely, assuming Total Market Value is at current levels.
ALL-TIME US$ HIGH &lt;10% AWAY - While much is being written about the new thirty-year high for the TOPIX index, many will have missed the proximity of TOPIX in US dollars terms to a new all-time high, which would occur with a combined 9.5% increase in the equity market and the Yen. A 4.3% rise in TOPIX and a USDJPY rate of 100 is all that is required and would be a welcome feather in the cap of the recently beleaguered PM Suga's cap. 
RSI &gt;80 - Tempering the current bullishness are the RSI of over 80 and a Toraku index close to 120. Both suggest near-term caution is warranted.
 • RESULTS &amp; REVISIONS SUMMARY - 12th FEBRUARY •Of Friday's 723 results announcements, 64% scored positively for earnings momentum despite trailing revenues falling by 3% on average and a 3.9 point decline in operating margins. 17% of companies were in the red for the quarter.  63% of the 360 annual forecasts/revision announcements scored positively, and the average Forecast/Revision score was +10.3 points.• BEST &amp; WORST •
The 'best' larger-cap announcements came from Yamaha Motor (7272 JP),  Japan Post Bank (7182 JP), and Toppan Printing (7911 JP); the 'worst' were from Otsuka Holdings (4578 JP), Sumitomo Dainippon Pharma (4506 JP), and Lion (4912 JP).  Pola Orbis (4927 JP) and Asahi Group (2502 JP) take the prizes for optimism.  For more, see the DETAIL section below.



🇯🇵 JAPAN • Market & Results & Revisions Update 02/12 • Yamaha Motor, J Post Bank, Otsuka & Lion

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Quantitative Analysis

<div><p>The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.</p></div><div><p>Hong Kong saw shorts rise on <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing (981 HK)</a>, <a href="https://www.smartkarma.com/entities/ping-an-insurance-grp-co-of-china-ltd" target="_blank" data-smartkarma-citation="entities:12880:1" rel="noopener">Ping An Insurance (H) (2318 HK)</a>, <a href="https://www.smartkarma.com/entities/zhaojin-mining-industry-company-ltd-h" target="_blank" data-smartkarma-citation="entities:4626:1" rel="noopener">Zhaojin Mining Industry H (1818 HK)</a> and <a href="https://www.smartkarma.com/entities/longfor-properties" target="_blank" data-smartkarma-citation="entities:8149:1" rel="noopener">Longfor Properties (960 HK)</a>, while there was short covering on <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>, <a href="https://www.smartkarma.com/entities/meituan-dianping" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan Dianping (3690 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com (HK) (9618 HK)</a> and <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>. Shorts increased in Information Technology and Materials and were covered in Consumer Discretionary, Communication Services and Financials.</p></div><div><p>Japan saw big increases and decreases in short interest across stocks in a short trading week with the markets closed on Monday and Tuesday. With the large increase and decrease in short interest across stocks linked to the same market participant, we would assume that there are positions linked to funding/ dividend trades being switched ahead of the September ex-dividend date.</p></div><div><p>Stocks in Korea that saw the most shorts were <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>, <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen Inc (196170 KS)</a>, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> and <a href="https://www.smartkarma.com/entities/celltrion-pharm-inc" target="_blank" data-smartkarma-citation="entities:992:1" rel="noopener">Celltrion Pharm (068760 KS)</a>, while there was short covering on <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a>.</p></div><div><p>Stocks in Taiwan that saw the highest increase in shorts were <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/evergreen-marine-corp-ltd" target="_blank" data-smartkarma-citation="entities:15428:1" rel="noopener">Evergreen Marine Corp (2603 TT)</a>, <a href="https://www.smartkarma.com/entities/genius-electronic-optical-co-ltd" target="_blank" data-smartkarma-citation="entities:9632:1" rel="noopener">Genius Electronic Optical (3406 TT)</a> and <a href="https://www.smartkarma.com/entities/shin-kong-financial-holding" target="_blank" data-smartkarma-citation="entities:15351:1" rel="noopener">Shin Kong Financial Holding (2888 TT)</a> while shorts were covered on <a href="https://www.smartkarma.com/entities/chung-hsin-electric-machinery-mfg-corp" target="_blank" data-smartkarma-citation="entities:3380:1" rel="noopener">Chung Hsin Electric &amp; Machinery Mfg (1513 TT)</a>, <a href="https://www.smartkarma.com/entities/macronix-international" target="_blank" data-smartkarma-citation="entities:3247:1" rel="noopener">Macronix International (2337 TT)</a>, <a href="https://www.smartkarma.com/entities/yageo-corporation" target="_blank" data-smartkarma-citation="entities:13212:1" rel="noopener">Yageo Corporation (2327 TT)</a> and <a href="https://www.smartkarma.com/entities/nan-ya-printed-circuit-board-corporation" target="_blank" data-smartkarma-citation="entities:2699:1" rel="noopener">Nan Ya Printed Circuit Board (8046 TT)</a>.</p></div>

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong Kong, Japan, Korea and Taiwan using the last available data published by the relevant authorities.Hong Kong saw shorts rise on Semiconductor Manufacturing (981 HK), Ping An Insurance (H) (2318 HK), Zhaojin Mining Industry H (1818 HK) and Longfor Properties (960 HK), while there was short covering on Alibaba Group (9988 HK), Meituan Dianping (3690 HK), JD.com (HK) (9618 HK) and Xiaomi Corp (1810 HK). Shorts increased in Information Technology and Materials and were covered in Consumer Discretionary, Communication Services and Financials.Japan saw big increases and decreases in short interest across stocks in a short trading week with the markets closed on Monday and Tuesday. With the large increase and decrease in short interest across stocks linked to the same market participant, we would assume that there are positions linked to funding/ dividend trades being switched ahead of the September ex-dividend date.Stocks in Korea that saw the most shorts were Shinpoong Pharmaceutical (019170 KS), Alteogen Inc (196170 KS), Samsung Electronics (005930 KS) and Celltrion Pharm (068760 KS), while there was short covering on LG Chem Ltd (051910 KS).Stocks in Taiwan that saw the highest increase in shorts were TSMC (2330 TT), Evergreen Marine Corp (2603 TT), Genius Electronic Optical (3406 TT) and Shin Kong Financial Holding (2888 TT) while shorts were covered on Chung Hsin Electric &amp; Machinery Mfg (1513 TT), Macronix International (2337 TT), Yageo Corporation (2327 TT) and Nan Ya Printed Circuit Board (8046 TT).

Asia Short Interest Weekly: SMIC, Zhaojin, Longfor, JD, Shinpoong, Alteogen, Japan Dividend Ex-Date

Japan

Otsuka Holdings Co Ltd is a pharmaceutical company. The Company manufactures, sells, imports and exports pharmaceutical products, clinical testing, and medical equipment for intractable diseases.

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Otsuka Holdings (4578 JT)

Chugai Pharmaceutical (4519 JP): Key Drugs Are Facing Competition; 2022 Target Seems Aggressive

We remain bearish on Chugai Pharmaceutical as its largest selling drugs are facing competition. For 2022, the company is expecting just 1.4% y/y...

Tina Banerjee

Otsuka Holdings (4578 JP): Well-Diversified Portfolio to Augment Revenue Growth

Otsuka's diversified portfolio is well-positioned to achieve at least 10% average annual revenue growth. Rich pipeline should compensate for the...

Tina Banerjee

Simplex Holdings Pre-IPO - Peer Comp, Valuation - Lagging in Size but Leading in Growth and Margins

Simplex Holding’s shareholders aim to raise around US$300m via selling some of their stake in the company. Simplex has consistently been ranked...

Sumeet Singh

🇯🇵 JAPAN • Market & Results & Revisions Update 02/12 • Yamaha Motor, J Post Bank, Otsuka & Lion

For the first time in just over one year and driven by a strong recovery in the index-heavy Auto Sector, our Market Composite Results & Revision...

Campbell Gunn

Asia Short Interest Weekly: SMIC, Zhaojin, Longfor, JD, Shinpoong, Alteogen, Japan Dividend Ex-Date

The Asia Short Interest weekly looks at moves in market wide short interest and highlights movements in stock specific short interest across Hong...

Brian Freitas

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