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 short interest of KRX stocks as of Jan 3rd which has an aggregated short interest worth USD3.5bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung Biologics (207940 KS).</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jan 3rd which has an aggregated short interest worth USD3.5bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Samsung Biologics (207940 KS).


KRX Short Interest Weekly (Jan 3rd): Samsung Biologics

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 1Q 2025.</li>
<li>The recent martial law cancellation and numerous impeachments of acting Presidents have raised political uncertainty in Korea resulting in widening of some gaps among numerous holdcos and opcos in Korea.</li>
<li>Of the 38 pair trades, 25 of them involved holdcos outperforming opcos in the past six months and the other 13 opcos outperforming holdcos in the same period.</li>
</ul>


In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 1Q 2025.
The recent martial law cancellation and numerous impeachments of acting Presidents have raised political uncertainty in Korea resulting in widening of some gaps among numerous holdcos and opcos in Korea.
Of the 38 pair trades, 25 of them involved holdcos outperforming opcos in the past six months and the other 13 opcos outperforming holdcos in the same period.


Korean Holdcos Vs Opcos Gap Trading Opportunities in 1Q 2025

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>After two rejections, Mesoblast has finally received FDA approval for its first drug. Celltrion has received FDA approval for its Stelara biosimilar, which will be launched in February 2025.</li>
<li>Peptidream has become eligible for a milestone payment. Sumitomo Pharma is strengthening R&amp;D for regenerative medicine and cell therapy business. Astellas Pharma in-licenses technology for developing neurology drugs.</li>
<li>Hansoh Pharmaceutical granted an exclusive global license to Merck for its pre-clinical drug candidate. Lupin received FDA approval to market generic version of blockbuster Descovy tablets.</li>
</ul>


After two rejections, Mesoblast has finally received FDA approval for its first drug. Celltrion has received FDA approval for its Stelara biosimilar, which will be launched in February 2025.
Peptidream has become eligible for a milestone payment. Sumitomo Pharma is strengthening R&amp;D for regenerative medicine and cell therapy business. Astellas Pharma in-licenses technology for developing neurology drugs.
Hansoh Pharmaceutical granted an exclusive global license to Merck for its pre-clinical drug candidate. Lupin received FDA approval to market generic version of blockbuster Descovy tablets.


APAC Healthcare Weekly (Dec 22)- Mesoblast, Celltrion, Peptidream, Astellas, Hansoh, Lupin

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Dec 13th which has an aggregated holding worth USD469.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD582mln. 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 Naver, Samsung Electronics, KB Financial.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Dec 13th which has an aggregated holding worth USD469.7bn.
We estimate that foreign flows to be outflows of USD582mln. 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 Naver, Samsung Electronics, KB Financial.


KRX Foreign Holding Weekly (Dec 13th): Naver, Samsung Electronics, KB Financial

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> achieved 31% YoY revenue growth to KRW882B in 3Q24, driven by the rapid growth of new products such as Remsima SC, Yuflyma, and Vegzelma.</li>
<li>The company is maintaining 2024 sales guidance of KRW3.5T (up 60% YoY), which indicates sequentially improved quarterly sales in 4Q24. Margin improvement is expected to continue.</li>
<li>In August, Celltrion received EU approval for Steqeyma, biosimilar for autoimmune disease treatment Stelara. Celltrion aims to commercialize 22 biosimilars by 2030, thereby targeting a pipeline market size of $182B.</li>
</ul>



Celltrion Inc (068270 KS) achieved 31% YoY revenue growth to KRW882B in 3Q24, driven by the rapid growth of new products such as Remsima SC, Yuflyma, and Vegzelma.
The company is maintaining 2024 sales guidance of KRW3.5T (up 60% YoY), which indicates sequentially improved quarterly sales in 4Q24. Margin improvement is expected to continue.
In August, Celltrion received EU approval for Steqeyma, biosimilar for autoimmune disease treatment Stelara. Celltrion aims to commercialize 22 biosimilars by 2030, thereby targeting a pipeline market size of $182B.


Celltrion Inc (068270 KS): Record High Sales in 3Q; Pipeline Progress Entails Long-Term Growth

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)

KRX Short Interest Weekly (Jan 3rd): Samsung Biologics

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Biologics(207940 KS).

Ke Yan, CFA, FRM

Korean Holdcos Vs Opcos Gap Trading Opportunities in 1Q 2025

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

APAC Healthcare Weekly (Dec 22)- Mesoblast, Celltrion, Peptidream, Astellas, Hansoh, Lupin

Mesoblast got FDA approval for its first drug, while Betta Pharma, Celltrion, and Lupin also received some major FDA approvals. Pharma companies...

Tina Banerjee

KRX Foreign Holding Weekly (Dec 13th): Naver, Samsung Electronics, KB Financial

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Naver, Samsung Electronics, KB Financial.

Ke Yan, CFA, FRM

Celltrion Inc (068270 KS): Record High Sales in 3Q; Pipeline Progress Entails Long-Term Growth

Celltrion has announced dividend of KRW750 per share and one bonus shares for every 20 shares held. The record date for dividend payment and bonus...

Tina Banerjee

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