Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

Equity Bottom-Up

<ul>
<li>The biosimilar market is forecast to grow three to four times faster than the generic drug market over the next five years.</li>
<li>However, we believe that this high growth will not necessarily imply good profitability, given the early stage of the biosimilar market, complications and competition.</li>
<li>We also believe that the company’s guidance is too optimistic resulting in an expensive multiple. We prefer some room for error.  </li>
</ul>


The biosimilar market is forecast to grow three to four times faster than the generic drug market over the next five years.
However, we believe that this high growth will not necessarily imply good profitability, given the early stage of the biosimilar market, complications and competition.
We also believe that the company’s guidance is too optimistic resulting in an expensive multiple. We prefer some room for error.  


Celltrion Inc (068270 KS)– Is the Sell-Side’s Bullishness Justified?

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 Sep 13th which has an aggregated holding worth USD544.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,610mln. 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 Samsung Electronics, Sk Hynix.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 13th which has an aggregated holding worth USD544.5bn.
We estimate that foreign flows to be outflows of USD1,610mln. 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 Samsung Electronics, Sk Hynix.


KRX Foreign Holding Weekly (Sep 13th): Samsung Electronics, Sk Hynix

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Sep 6th which has an aggregated short interest worth USD4.9bn.</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 Posco (005490 KS) .</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 6th which has an aggregated short interest worth USD4.9bn.
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 Posco (005490 KS) .


KRX Short Interest Weekly (Sep 6th): Posco

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Sep 6th which has an aggregated holding worth USD545.5bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,276mln. 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 Samsung Electronics, Sk Hynix, Kia Corp..</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 6th which has an aggregated holding worth USD545.5bn.
We estimate that foreign flows to be outflows of USD1,276mln. 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 Samsung Electronics, Sk Hynix, Kia Corp..


KRX Foreign Holding Weekly (Sep 6th): Samsung Electronics, Sk Hynix, Kia Corp.

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Aug 30th which has an aggregated short interest worth USD5.1bn.</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 Electronics, Hlb, Yuhan.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 30th which has an aggregated short interest worth USD5.1bn.
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 Electronics, Hlb, Yuhan.


KRX Short Interest Weekly (Aug 30th): Samsung Electronics, Hlb, Yuhan

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)