Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>Temasek aims to raise around US$450m+ via selling 1.7% of <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> and <a href="https://www.smartkarma.com/entities/celltrion-healthcare" target="_blank" data-smartkarma-citation="entities:23641:1" rel="noopener">Celltrion Healthcare (091990 KS)</a> each.</li>
<li>We have looked at its two previous sell downs in 2018 and 2020.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


Temasek aims to raise around US$450m+ via selling 1.7% of Celltrion Inc (068270 KS) and Celltrion Healthcare (091990 KS) each.
We have looked at its two previous sell downs in 2018 and 2020.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Celltrion and Celltrion Health Placement - Past Deals Have Been Mixed

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> markets four in-house products in Korea, including influenza, shingles, and chicken pox vaccines. The company has partnerships with global companies for the production of COVID-19 vaccines. </li>
<li>SK Bioscience has started shipment of Novavax’ COVID-19 vaccine, while its own vaccine is in phase 3 trial. With ~15% vaccination in low-income countries, demand for vaccine is still high.  </li>
<li>SK Bioscience has a rich pipeline, with four promising blockbuster candidates for the global market. This entails strong revenue visibility in post-COVID era.</li>
</ul>



SK Bioscience (302440 KS) markets four in-house products in Korea, including influenza, shingles, and chicken pox vaccines. The company has partnerships with global companies for the production of COVID-19 vaccines. 
SK Bioscience has started shipment of Novavax’ COVID-19 vaccine, while its own vaccine is in phase 3 trial. With ~15% vaccination in low-income countries, demand for vaccine is still high.  
SK Bioscience has a rich pipeline, with four promising blockbuster candidates for the global market. This entails strong revenue visibility in post-COVID era.


SK Bioscience (302440 KS): An Attractive Pure-Play on Vaccines- Both COVID and Non-COVID

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 11 March 2022, the Celltrion Group was acquitted of intentional accounting fraud by the Korean financial authorities after more than four years of investigation.</li>
<li>This is likely to result in a major positive boost on the shares of Celltrion Inc, Celltrion Healthcare, and Celltrion Pharm in the next several weeks.</li>
<li>We note that the decision about the Celltrion Group was announced on 11 March, one day after Yoon Suk-Yeol was declared to become the next President of South Korea.</li>
</ul>


On 11 March 2022, the Celltrion Group was acquitted of intentional accounting fraud by the Korean financial authorities after more than four years of investigation.
This is likely to result in a major positive boost on the shares of Celltrion Inc, Celltrion Healthcare, and Celltrion Pharm in the next several weeks.
We note that the decision about the Celltrion Group was announced on 11 March, one day after Yoon Suk-Yeol was declared to become the next President of South Korea.


Celltrion Inc: Acquitted of Intentional Accounting Fraud by the Korean Financial Authorities

Quantitative Analysis

<ul>
<li>In this insight, we provide the data analysis regarding most shorted stocks and short selling ratios for stocks in KOSPI. </li>
<li>Among these 20 most shorted stocks in KOSPI, the % changes in the short amount on a one week and one month basis were -0.2% and 6.4%, respectively.</li>
<li>Among these 20 most shorted stocks in KOSPI, three stocks with the biggest decline in shorts on a one month basis included Krafton, Kumho Petro Chemical, and Samsung Heavy Industries. </li>
</ul>


In this insight, we provide the data analysis regarding most shorted stocks and short selling ratios for stocks in KOSPI. 
Among these 20 most shorted stocks in KOSPI, the % changes in the short amount on a one week and one month basis were -0.2% and 6.4%, respectively.
Among these 20 most shorted stocks in KOSPI, three stocks with the biggest decline in shorts on a one month basis included Krafton, Kumho Petro Chemical, and Samsung Heavy Industries. 


Korea Short Selling Data Analysis: Celltrion, Amorepacific, Hotel Shilla, & Hanssem

<ul>
<li>Fierce competition is an industry-wide phenomena in biosimilar products. Despite being an early mover, <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> is also facing competition for its marketed biosimilars.</li>
<li>The market share of Celltrion’s key biosimilar product, Remsima is declining. Other marketed and upcoming biosimilars also have multiple existing players.</li>
<li>With the waning COVID-19 infections in the U.S., demand for Celltrion’s rapid test kits seems uncertain.</li>
</ul>


Fierce competition is an industry-wide phenomena in biosimilar products. Despite being an early mover, Celltrion Inc (068270 KS) is also facing competition for its marketed biosimilars.
The market share of Celltrion’s key biosimilar product, Remsima is declining. Other marketed and upcoming biosimilars also have multiple existing players.
With the waning COVID-19 infections in the U.S., demand for Celltrion’s rapid test kits seems uncertain.


Celltrion (068270 KS): Increasing Biosimilar Competition- Main Concerning Factor

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)

Celltrion and Celltrion Health Placement - Past Deals Have Been Mixed

Temasek aims to raise around US$450m+ via selling 1.7% of Celltrion Inc (068270 KS) and Celltrion Healthcare (091990 KS) each.

Sumeet Singh

SK Bioscience (302440 KS): An Attractive Pure-Play on Vaccines- Both COVID and Non-COVID

SK Bioscience’s near-term growth will be driven by CMO contract of Novavax COVID-19 vaccine. The company’s rich non-COVID pipeline and global...

Tina Banerjee

Celltrion Inc: Acquitted of Intentional Accounting Fraud by the Korean Financial Authorities

On 11 March 2022, the Celltrion Group was acquitted of intentional accounting fraud by the Korean financial authorities after more than four years...

Douglas Kim

Korea Short Selling Data Analysis: Celltrion, Amorepacific, Hotel Shilla, & Hanssem

Among these 20 most shorted stocks in KOSPI, the % changes in the short amount on a one week and one month basis were -0.2% and 6.4%, respectively.

Douglas Kim

Celltrion (068270 KS): Increasing Biosimilar Competition- Main Concerning Factor

Celltrion is facing increasing competition for its marketed products in both EU and the U.S. Price erosion coupled with inflated SG&A and R&D...

Tina Banerjee

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