Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Samsung Bioepis Holdings and Samsung Biologics will start to trade on 24 November. We remain positive on Samsung Biologics/Samsung Bioepis Holdings.</li>
<li>Operating profit more than doubled, up 115.3% YoY in 3Q25, indicating significant operating leverage. The company's excellent results in 3Q25 is likely to positive impact the newly listed shares. </li>
<li>Biologics division achieved 1.26 trillion won in sales with a 50% operating margin, while the Bioepis unit generated sales of 441 billion won with a 29% operating margin in 3Q25.</li>
</ul>


Samsung Bioepis Holdings and Samsung Biologics will start to trade on 24 November. We remain positive on Samsung Biologics/Samsung Bioepis Holdings.
Operating profit more than doubled, up 115.3% YoY in 3Q25, indicating significant operating leverage. The company's excellent results in 3Q25 is likely to positive impact the newly listed shares. 
Biologics division achieved 1.26 trillion won in sales with a 50% operating margin, while the Bioepis unit generated sales of 441 billion won with a 29% operating margin in 3Q25.


Samsung Bioepis Holdings and Samsung Biologics to Start Trading on 24 November

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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> reported revenue of KRW1,660B (up 40% YoY and 29% QoQ) and operating profit of KRW729B (up 115% YoY and 53% QoQ) in 3Q25.</li>
<li>In 3Q25, the company continued to secure new manufacturing and development contracts with global pharmaceutical partners, bringing its cumulative contract volume to over $20B since its founding. </li>
<li>Amid steady client demand and efficient capacity utilization, Samsung Biologics is confident on achieving full-year revenue growth guidance of 25–30% YoY, as revised upward in last quarter.</li>
</ul>



Samsung Biologics (207940 KS) reported revenue of KRW1,660B (up 40% YoY and 29% QoQ) and operating profit of KRW729B (up 115% YoY and 53% QoQ) in 3Q25.
In 3Q25, the company continued to secure new manufacturing and development contracts with global pharmaceutical partners, bringing its cumulative contract volume to over $20B since its founding. 
Amid steady client demand and efficient capacity utilization, Samsung Biologics is confident on achieving full-year revenue growth guidance of 25–30% YoY, as revised upward in last quarter.


Samsung Biologics (207940 KS): Momentum Accelerates in 3Q; Solid Order Book; Reaffirms FY Guidance

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

<ul>
<li>KRX’s prelim review forced Biologics into tough commitments: no share swaps or carve-out IPOs for three years, effectively blocking any Samsung C&amp;T stake sell-down and overlapping-listing risks.</li>
<li>FSS appears satisfied with Biologics’ aggressive commitments, but may push for more—most likely a lock-up from Samsung C&amp;T preventing share sales in both parent and spinco for a set period.</li>
<li>Trading setup remains short Samsung C&amp;T; recent Life bill chatter is noise. Samsung governance reform is low-priority, and Biologics’ aggressive spinco lock-ups reinforce C&amp;T as the near-term underperformer.</li>
</ul>


KRX’s prelim review forced Biologics into tough commitments: no share swaps or carve-out IPOs for three years, effectively blocking any Samsung C&amp;T stake sell-down and overlapping-listing risks.
FSS appears satisfied with Biologics’ aggressive commitments, but may push for more—most likely a lock-up from Samsung C&amp;T preventing share sales in both parent and spinco for a set period.
Trading setup remains short Samsung C&amp;T; recent Life bill chatter is noise. Samsung governance reform is low-priority, and Biologics’ aggressive spinco lock-ups reinforce C&amp;T as the near-term underperformer.


Biologics Spinco Filing: Posts Far More Aggressive Post-Listing Share Swap Lock-Up Than Expected

<ul>
<li>One of the hottest local plays is gauging KRX and FSS leanings on Biologics split, which could drive short-term alpha across the three Samsung names alongside battery and HBM flows.</li>
<li>Short-Term focus is KRX pre-listing review and FSS registration window. Once approval and lock-up kick in, Biologics and Samsung Electronics could outperform Samsung C&amp;T.</li>
<li>From a risk-hedge angle, this is a long-short alpha setup: if the split fails, Samsung C&amp;T likely takes the hit, offering alpha potential both ways.</li>
</ul>


One of the hottest local plays is gauging KRX and FSS leanings on Biologics split, which could drive short-term alpha across the three Samsung names alongside battery and HBM flows.
Short-Term focus is KRX pre-listing review and FSS registration window. Once approval and lock-up kick in, Biologics and Samsung Electronics could outperform Samsung C&amp;T.
From a risk-hedge angle, this is a long-short alpha setup: if the split fails, Samsung C&amp;T likely takes the hit, offering alpha potential both ways.


Current Samsung Biologics Split Dynamics with Alpha Potential Both Ways

<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> maintained positive momentum in 2Q25, with consolidated revenue and operating profit rising 11% and 9%, YoY, respectively. </li>
<li>Leveraging on strong 2Q result and successful ramp-up of Plant 4 providing additional momentum, the company has revised annual revenue growth guidance upward to 25–30% YoY from 20–25%.</li>
<li>Going ahead, the company is planning to shed its biosimilars subsidiary, Samsung Bioepis, to “focus on strengthening its core capabilities as a pure-play CDMO.”</li>
</ul>



Samsung Biologics (207940 KS) maintained positive momentum in 2Q25, with consolidated revenue and operating profit rising 11% and 9%, YoY, respectively. 
Leveraging on strong 2Q result and successful ramp-up of Plant 4 providing additional momentum, the company has revised annual revenue growth guidance upward to 25–30% YoY from 20–25%.
Going ahead, the company is planning to shed its biosimilars subsidiary, Samsung Bioepis, to “focus on strengthening its core capabilities as a pure-play CDMO.”


Samsung Biologics (207940 KS): Bumps up Full Year Guidance Amid Strong 2Q Show and Plant 4 Ramp-Up

South Korea

Samsung Biologics Co.,Ltd. manufactures bio-healthcare products. The Company develops, refines, and distributes biopharmaceutical products.

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Samsung Biologics (207940 KS)

Samsung Bioepis Holdings and Samsung Biologics to Start Trading on 24 November

Samsung Biologics and Samsung Bioepis Holdings will start trading on 24 November with positive outlook due to improving operating leverage and...

Douglas Kim