The Point for Japan

Research evidence excerpt

The Point for Japan

JCR Pharmaceuticals (4552.T) - Accelerates plans for domestic development of

DMD treatment givinostat, positive

JCR issued a press release before market open on July 15 updating the

development plan for the in-licensed DMD treatment givinostat. According to the

update, JCR can file for domestic approval in 2026 without clinical trials, and

launch is planned for 2027. We had assumed filing and launch after domestic

trials, so the launch could potentially come two years earlier than anticipated. We

view this development as positive. JCR plans to hold a givinostat briefing at 11:00

today. The company projects peak annual sales of ¥30bn for this drug, while we

assume peak annual sales of ¥7.5bn based on a 50% probability of approval.

Hidemaru Yamaguchi

Mercari (4385.T) - Launches "m department" service for high-value reused

items - could boost GMV

On July 14, Mercari announced the launch of "m department," a service for selling

reused goods with professional quality assurance. The domestic Mercari business

has seen GMV growth from increased high-value item trading, but this new service

is an independent e-commerce site separate from Mercari. All products on the site

are serviced and authenticated by specialists, unlike with Mercari's C2C-centric

model. Since it just launched, the earnings impact of the service remains unclear.

We view it as positive, however, as we believe growth in categories of high-value

items like PCs, home appliances, and watches will contribute to new user

acquisition and GMV expansion.

Keiichi Yoneshima

Industry

Japan Machinery - Our stance as we head into Apr-Jun results announcements

for coverage companies

We summarize here our thoughts on results announcements for coverage

companies.