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

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 Apr 25th which has an aggregated holding worth USD480.8bn.</li>
<li>We estimate that foreign flows to be inflows of USD322mln. 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 Shift Up, Leeno Industrial, SK Hynix, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Apr 25th which has an aggregated holding worth USD480.8bn.
We estimate that foreign flows to be inflows of USD322mln. 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 Shift Up, Leeno Industrial, SK Hynix, Samsung Electronics.


KRX Foreign Holding Weekly (Apr 25th): Shift Up, Leeno Industrial, SK Hynix, Samsung Electronics

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Apr 18th which has an aggregated short interest worth USD5.4bn.</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 Hanmi Semi, SK Hynix, Samsung Electro-Mech, Sk Innovation, Ls Electric, Samsung Electronics.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Apr 18th which has an aggregated short interest worth USD5.4bn.
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 Hanmi Semi, SK Hynix, Samsung Electro-Mech, Sk Innovation, Ls Electric, Samsung Electronics.


KRX Short Interest Weekly (Apr 18th): Hanmi Semi, SK Hynix, Samsung Electro-Mech, Sk Innovation

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Hyundai Engineering & Construction / Equity Bottom-Up

<ul>
<li>In this insight, we provide the details of the 10 most recent companies in KOSPI 200 that have announced their Corporate Value Up plans (April and March 2025).</li>
<li>These 10 companies in KOSPI 200 that have announced their Corporate Value Up plans are down on average 1.3% versus KOSPI which is down 2% in the same period.</li>
<li>Three companies that have outperformed KOSPI (since their Corporate Value Up report announcement) include Hanmi Semiconductor, Hyundai Engineering &amp; Construction, and Samyang Foods. </li>
</ul>


In this insight, we provide the details of the 10 most recent companies in KOSPI 200 that have announced their Corporate Value Up plans (April and March 2025).
These 10 companies in KOSPI 200 that have announced their Corporate Value Up plans are down on average 1.3% versus KOSPI which is down 2% in the same period.
Three companies that have outperformed KOSPI (since their Corporate Value Up report announcement) include Hanmi Semiconductor, Hyundai Engineering &amp; Construction, and Samyang Foods. 


Korea Value Up (3 Winners and 7 Losers Among KOSPI 200 Companies) In March and April 2025

South Korea

Celltrion Inc. produces and sells biosimilar products and also provides consignm ent processing service for other companies.  The Company's main product is Abata cept which is for arthritis treatment

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Celltrion Inc (068270 KS)

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

KRX Foreign Holding Weekly (Apr 25th): Shift Up, Leeno Industrial, SK Hynix, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Shift Up, Leeno Industrial, SK Hynix, Samsung...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Apr 18th): Hanmi Semi, SK Hynix, Samsung Electro-Mech, Sk Innovation

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanmi Semi, SK Hynix, Samsungelecmech, Sk...

Ke Yan, CFA, FRM

Korea Value Up (3 Winners and 7 Losers Among KOSPI 200 Companies) In March and April 2025

In this insight, we provide the details of the 10 most recent companies in KOSPI 200 that have announced their Corporate Value Up plans (April and...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

KRX Foreign Holding Weekly (Apr 25th): Shift Up, Leeno Industrial, SK Hynix, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Shift Up, Leeno Industrial, SK Hynix, Samsung...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (Apr 18th): Hanmi Semi, SK Hynix, Samsung Electro-Mech, Sk Innovation

We analyzed KRX short interest report for the past week and highlighted short interest changes in Hanmi Semi, SK Hynix, Samsungelecmech, Sk...

Ke Yan, CFA, FRM

Korea Value Up (3 Winners and 7 Losers Among KOSPI 200 Companies) In March and April 2025

In this insight, we provide the details of the 10 most recent companies in KOSPI 200 that have announced their Corporate Value Up plans (April and...

Douglas Kim

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