In today’s briefing:
- Last Week in Event SPACE: Nippon Yusen, Takara, Kawasaki Kisen Kaisha, PCCW/HKT, ANZ
- Index Rebalance & ETF Flow Recap: NKY, STAR50, NIFTY NEXT50, SF Holding
- Eisai Co (4523 JP): Better-Than-Expected Q1FY24 Result; Reaffirmed FY24 Guidance
Last Week in Event SPACE: Nippon Yusen, Takara, Kawasaki Kisen Kaisha, PCCW/HKT, ANZ
- This may get squeezy after Nippon Yusen Kk (9101 JP) announced a ¥200bn over 9mos. Do not be short. Be long.
- On an implied stub and simple ratio, Takara Holdings (2531 JP) is trading rich to 60.9%-held Takara Bio Inc (4974 JP).
- Remain bullish Kawasaki Kisen Kaisha (9107 JP) vs TOPIX, especially near-term. But this is a much less exciting and squeeze-able opportunity than before,
Index Rebalance & ETF Flow Recap: NKY, STAR50, NIFTY NEXT50, SF Holding
- The review period for a bunch of indices ended early last week and the announcement of the changes will be made in the next few weeks.
- Hydro Lithium (101670 KS) will replace Nice Information Service Co (030190 KS) in the KOSDAQ 150 Index (KOSDQ150 INDEX EQUITY) at the close on Monday.
- There have been big net inflows into China focused ETFs and outflows from Taiwan focused ETFs during the week.
Eisai Co (4523 JP): Better-Than-Expected Q1FY24 Result; Reaffirmed FY24 Guidance
- Eisai Co Ltd (4523 JP) reported 7% YoY revenue growth in Q1FY24, due to the growth of anticancer agent Lenvima mainly in the U.S. and insomnia treatment Dayvigo in Japan.
- The company has reiterated FY24 guidance, which calls for 4% YoY revenue decline, 25% YoY growth in operating profit, and 31% YoY decline in net profit.
- On July 6, 2023, Eisai received full FDA approval for Leqembi (lecanemab) injection for the treatment of Alzheimer’s disease. Leqembi is progressing steadily toward treating 10K U.S. patients in FY24.
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