Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Now that Lee Jae-Yong's legal problems appear to have finally have been resolved, it could positively impact Samsung C&amp;T, Samsung Electronics, and Samsung Biologics.</li>
<li>Given the fact that Samsung Electronics and Samsung Biologics are the two most important drivers of Samsung C&amp;T, this could positively benefit the valuation of Samsung C&amp;T. </li>
<li>Our NAV analysis of Samsung C&amp;T suggests NAV of 38.7 trillion won or NAV per share of 217,747 won which is 84% higher from current levels.</li>
</ul>


Now that Lee Jae-Yong's legal problems appear to have finally have been resolved, it could positively impact Samsung C&amp;T, Samsung Electronics, and Samsung Biologics.
Given the fact that Samsung Electronics and Samsung Biologics are the two most important drivers of Samsung C&amp;T, this could positively benefit the valuation of Samsung C&amp;T. 
Our NAV analysis of Samsung C&amp;T suggests NAV of 38.7 trillion won or NAV per share of 217,747 won which is 84% higher from current levels.


Acquittal of Lee Jae-Yong and Impact on Samsung C&T

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 review period for the March rebalance ended on 31 January, changes will be announced first week of March and implemented at the close of trading on 13 March.</li>
<li>We forecast two changes for the Bio Index and one change for the Internet Index. Plus there will be capping changes for all indices.</li>
<li>The largest flows will be in <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI</a>, <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution</a>, <a href="https://www.smartkarma.com/entities/posco-holdings-inc" target="_blank" data-smartkarma-citation="entities:208:1" rel="noopener">POSCO Holdings</a>, <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen</a>, <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp</a>, <a href="https://www.smartkarma.com/entities/legochem-biosciences-inc" target="_blank" data-smartkarma-citation="entities:19803:1" rel="noopener">Legochem Biosciences</a>, <a href="https://www.smartkarma.com/entities/netmarble-corp" target="_blank" data-smartkarma-citation="entities:22839:1" rel="noopener">Netmarble</a> and <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc</a>.</li>
</ul>


The review period for the March rebalance ended on 31 January, changes will be announced first week of March and implemented at the close of trading on 13 March.
We forecast two changes for the Bio Index and one change for the Internet Index. Plus there will be capping changes for all indices.
The largest flows will be in Samsung SDI, LG Energy Solution, POSCO Holdings, Alteogen, Naver Corp, Legochem Biosciences, Netmarble and Celltrion Inc.


KRX New Deal Index Rebalance Preview: Smaller Deal Than Usual

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Samsung Biologics secured highest ever contract manufacturing order worth KRW2.07T ($1.4B) from a European pharmaceutical company. The cumulative order volume has now surpassed $17.6B.</li>
<li>FDA has accepted Daiichi Sankyo’s revised filing for Dato-DXd for certain types of non-small cell lung cancer (NSCLC) and Eisai’s BLA for Leqembi subcutaneous autoinjector for weekly maintenance dosing.</li>
<li>Sun Pharma is acquiring Canada-based Antibe Therapeutics, a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation. Biocon got FDA clearance for insulin facility in Malaysia.</li>
</ul>


Samsung Biologics secured highest ever contract manufacturing order worth KRW2.07T ($1.4B) from a European pharmaceutical company. The cumulative order volume has now surpassed $17.6B.
FDA has accepted Daiichi Sankyo’s revised filing for Dato-DXd for certain types of non-small cell lung cancer (NSCLC) and Eisai’s BLA for Leqembi subcutaneous autoinjector for weekly maintenance dosing.
Sun Pharma is acquiring Canada-based Antibe Therapeutics, a clinical-stage biotechnological company developing novel drugs primarily focusing on reducing pain and inflammation. Biocon got FDA clearance for insulin facility in Malaysia.


APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<ul>
<li>Politics - where do we go from here and is more uncertainty ahead? </li>
<li>Changes to corporate governance for the better for minority investors? </li>
<li>Can the KOSPI perform if Samsung Electronics continues not to? </li>
</ul>


Politics - where do we go from here and is more uncertainty ahead? 
Changes to corporate governance for the better for minority investors? 
Can the KOSPI perform if Samsung Electronics continues not to? 


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>Some speculate Samsung might delay the value-up announcement until after the February 3 ruling, using it strategically to influence the verdict and align with the appeal's outcome.</li>
<li>Market chatter even surrounds Samsung's HBM test delays with NVIDIA, with some linking it to Lee Jae-yong’s February 3 appeal ruling—though it seems more like speculative conspiracy.</li>
<li>If Lee Jae-yong wins his appeal on February 3, it could trigger key events like value-up disclosure and HBM pass, significantly impacting Samsung's short-term price action and positions.</li>
</ul>


Some speculate Samsung might delay the value-up announcement until after the February 3 ruling, using it strategically to influence the verdict and align with the appeal's outcome.
Market chatter even surrounds Samsung's HBM test delays with NVIDIA, with some linking it to Lee Jae-yong’s February 3 appeal ruling—though it seems more like speculative conspiracy.
If Lee Jae-yong wins his appeal on February 3, it could trigger key events like value-up disclosure and HBM pass, significantly impacting Samsung's short-term price action and positions.


Samsung Electronics' Key Inflection Point: Lee Jae-Yong's Final Appeal Ruling on February 3

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)

Acquittal of Lee Jae-Yong and Impact on Samsung C&T

Now that Lee Jae-Yong's legal problems appear to have finally have been resolved, it could positively impact Samsung C&T, Samsung Electronics, and...

Douglas Kim

KRX New Deal Index Rebalance Preview: Smaller Deal Than Usual

Indications are for a smaller rebalance than usual as index performance suffers and AUM continues to shrink. There are some constituent changes...

Brian Freitas

APAC Healthcare Weekly (Jan 19)- Samsung Biologics, Daiichi Sankyo, Eisai, Sun Pharma, Biocon

APAC healthcare companies got approvals for new products as well as clinical trials. The companies continued with acquisitions and collaborations...

Tina Banerjee

2025 Korea

What to expect in Korea for 2025 after a doldrum 2024? Korea has been one of the better performers to start 2025...can it continue?

Ken S. Kim

Samsung Electronics' Key Inflection Point: Lee Jae-Yong's Final Appeal Ruling on February 3

If Lee Jae-yong wins his appeal on February 3, it could trigger events like value-up disclosure and HBM pass, impacting Samsung's short-term price...

Sanghyun Park

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