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.

Event-Driven

<ul>
<li>Samsung Biologics is spinning off Samsung Bio Holdings, transferring full Samsung Bioepis shares; shareholders keep stakes in both, with an expected 70:30 split favoring Biologics.</li>
<li>Post-Split, major shareholders keep stakes; they’ll transfer Biologics shares to Bio Holdings, which becomes parent owning 74.34% Biologics and 100% Bioepis, meeting holding company rules.</li>
<li>Samsung C&amp;T’s restructuring carves out Biologics into a holdco, lowering valuation to avoid forced holding company conversion and enabling future Samsung Electronics share acquisition.</li>
</ul>


Samsung Biologics is spinning off Samsung Bio Holdings, transferring full Samsung Bioepis shares; shareholders keep stakes in both, with an expected 70:30 split favoring Biologics.
Post-Split, major shareholders keep stakes; they’ll transfer Biologics shares to Bio Holdings, which becomes parent owning 74.34% Biologics and 100% Bioepis, meeting holding company rules.
Samsung C&amp;T’s restructuring carves out Biologics into a holdco, lowering valuation to avoid forced holding company conversion and enabling future Samsung Electronics share acquisition.


Intel Summary on Samsung Biologics Split and Samsung C&T’s Acquisition of Samsung Electronics Shares

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of May 2nd which has an aggregated holding worth USD497.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD580mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Daewoo Shipbuilding, Kakao, Samsung Electronics, Hanwha Aerospace.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 2nd which has an aggregated holding worth USD497.4bn.
We estimate that foreign flows to be inflows of USD580mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Daewoo Shipbuilding, Kakao, Samsung Electronics, Hanwha Aerospace.


KRX Foreign Holding Weekly (May 2nd): Daewoo Shipbuilding, Kakao, Samsung Electronics

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Prescription drug sales in Japan in FY25 increased 0.6% YoY to ¥10.8T on an NHI price basis. Takeda Pharmaceutical and Daiichi Sankyo remained the top 2 pharmaceutical companies.</li>
<li>Samsung Biologics signed $514M CDMO deal with an undisclosed U.S.-based pharmaceutical company. Celltrion has received approval in Korea to conduct phase 3 clinical trial for its Keytruda biosimilar candidate CT-P51.</li>
<li>Dr. Reddy’s Laboratories expands its strategic partnership with Sanofi to introduce RSV drug, Beyfortus in India. Medanta is entering North-East India by building a 400-bed super specialty hospital in Guwahati.</li>
</ul>


Prescription drug sales in Japan in FY25 increased 0.6% YoY to ¥10.8T on an NHI price basis. Takeda Pharmaceutical and Daiichi Sankyo remained the top 2 pharmaceutical companies.
Samsung Biologics signed $514M CDMO deal with an undisclosed U.S.-based pharmaceutical company. Celltrion has received approval in Korea to conduct phase 3 clinical trial for its Keytruda biosimilar candidate CT-P51.
Dr. Reddy’s Laboratories expands its strategic partnership with Sanofi to introduce RSV drug, Beyfortus in India. Medanta is entering North-East India by building a 400-bed super specialty hospital in Guwahati.


APAC Healthcare Weekly (May 4)- Takeda Pharma, Samsung Biologics, Celltrion, Dr. Reddy’s, Medanta

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanmi-pharm-co-ltd" target="_blank" data-smartkarma-citation="entities:12476:1" rel="noopener">Hanmi Pharm (128940 KS)</a> recorded 7% YoY growth in standalone revenue in 1Q25, driven by 47% YoY jump in export revenue to KRW68B due to increased clinical supply to Merck.</li>
<li>Despite high base effect caused by respiratory outbreak in China, revenue and operating profit of Beijing Hanmi jumped 29% and 168%, QoQ, respectively, indicating continuous business recovery.</li>
<li>Hanmi Pharm is expected to launch next-generation low dose triple antihypertensive, Amosartan-L in 2H25. The company expects Amosartan-L to replicate the success of dual combo, Rosuzet.</li>
</ul>



Hanmi Pharm (128940 KS) recorded 7% YoY growth in standalone revenue in 1Q25, driven by 47% YoY jump in export revenue to KRW68B due to increased clinical supply to Merck.
Despite high base effect caused by respiratory outbreak in China, revenue and operating profit of Beijing Hanmi jumped 29% and 168%, QoQ, respectively, indicating continuous business recovery.
Hanmi Pharm is expected to launch next-generation low dose triple antihypertensive, Amosartan-L in 2H25. The company expects Amosartan-L to replicate the success of dual combo, Rosuzet.


Hanmi Pharm (128940 KS): Export Drives 1Q25 Performance; China Business Is Recovering

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

Index Rebalance

<ul>
<li>The <a href="https://www.smartkarma.com/entities/mirae-asset-tiger-top-10-etf" target="_blank" data-smartkarma-citation="entities:36042:1" rel="noopener">Mirae Asset Tiger Top 10 ETF (292150 KS)</a> tracks the FnGuide Top 10 Index and has an AUM of around US$660m.</li>
<li>We currently forecast two potential changes at the next rebalance in June - both are high probability changes.</li>
<li>The trade has performed well historically with positive performance till implementation followed by reversion post implementation in most cases.</li>
</ul>


The Mirae Asset Tiger Top 10 ETF (292150 KS) tracks the FnGuide Top 10 Index and has an AUM of around US$660m.
We currently forecast two potential changes at the next rebalance in June - both are high probability changes.
The trade has performed well historically with positive performance till implementation followed by reversion post implementation in most cases.


FnGuide Top10 Index Rebalance Preview: Big Flow in Large Cap Stocks

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)

Intel Summary on Samsung Biologics Split and Samsung C&T’s Acquisition of Samsung Electronics Shares

This post breaks down the latest intel on Samsung Biologics’ split and Samsung C&T’s move to snap up Samsung Electronics shares.

Sanghyun Park

KRX Foreign Holding Weekly (May 2nd): Daewoo Shipbuilding, Kakao, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Daewoo Shipbuilding, Kakao, Samsung Electronics,...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (May 4)- Takeda Pharma, Samsung Biologics, Celltrion, Dr. Reddy’s, Medanta

Takeda retained top slot in domestic market. Samsung Biologics signed major CDMO deal with US client. Celltrion got approval to start trial of...

Tina Banerjee

Hanmi Pharm (128940 KS): Export Drives 1Q25 Performance; China Business Is Recovering

Hanmi Pharm recorded 47% YoY jump in export revenue to KRW68B in 1Q25. Beijing Hanmi shows recovery with 29% QoQ sales jump . Next-gen...

Tina Banerjee

FnGuide Top10 Index Rebalance Preview: Big Flow in Large Cap Stocks

There could be two changes for the FnGuide Top 10 Index in June. The forecast adds have outperformed the forecast deletes and history indicates...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Intel Summary on Samsung Biologics Split and Samsung C&T’s Acquisition of Samsung Electronics Shares

This post breaks down the latest intel on Samsung Biologics’ split and Samsung C&T’s move to snap up Samsung Electronics shares.

Sanghyun Park

KRX Foreign Holding Weekly (May 2nd): Daewoo Shipbuilding, Kakao, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Daewoo Shipbuilding, Kakao, Samsung Electronics,...

Ke Yan, CFA, FRM

APAC Healthcare Weekly (May 4)- Takeda Pharma, Samsung Biologics, Celltrion, Dr. Reddy’s, Medanta

Takeda retained top slot in domestic market. Samsung Biologics signed major CDMO deal with US client. Celltrion got approval to start trial of...

Tina Banerjee

Hanmi Pharm (128940 KS): Export Drives 1Q25 Performance; China Business Is Recovering

​Hanmi Pharm recorded 47% YoY jump in export revenue to KRW68B in 1Q25. Beijing Hanmi shows recovery with 29% QoQ sales jump . Next-gen...

Tina Banerjee

FnGuide Top10 Index Rebalance Preview: Big Flow in Large Cap Stocks

There could be two changes for the FnGuide Top 10 Index in June. The forecast adds have outperformed the forecast deletes and history indicates...

Brian Freitas

Hanmi Pharm recorded 47% YoY jump in export revenue to KRW68B in 1Q25. Beijing Hanmi shows recovery with 29% QoQ sales jump . Next-gen...