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>Celltrion Inc has significant underperformed over the last year and experienced a big derating.</li>
<li>Good results, but the numbers fell short of expectations due to the large biosimilar hype.</li>
<li>Outlook over the next five years is very promising, with its revenue target market value expected to almost double.  </li>
</ul>


Celltrion Inc has significant underperformed over the last year and experienced a big derating.
Good results, but the numbers fell short of expectations due to the large biosimilar hype.
Outlook over the next five years is very promising, with its revenue target market value expected to almost double.  


Celltrion Inc Update – Is It Time to Go Long (068270 KS)

Global Healthcare Analyst

Tina Banerjee

<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> is acquiring Eli Lilly’s New Jersey biopharmaceutical production plant for KRW460B. It also plans to expand capacity of the plant, with an additional investment of KRW700B.  </li>
<li>With this acquisition, Celltrion has completely eliminated U.S. tariff risks and secured a unified local supply chain encompassing production and sales of its flagship products.</li>
<li>Celltrion has signed a CMO agreement with Eli Lilly, which will secure additional revenue stream for the company and accelerate the return on investment.</li>
</ul>



Celltrion Inc (068270 KS) is acquiring Eli Lilly’s New Jersey biopharmaceutical production plant for KRW460B. It also plans to expand capacity of the plant, with an additional investment of KRW700B.  
With this acquisition, Celltrion has completely eliminated U.S. tariff risks and secured a unified local supply chain encompassing production and sales of its flagship products.
Celltrion has signed a CMO agreement with Eli Lilly, which will secure additional revenue stream for the company and accelerate the return on investment.


Celltrion Inc (068270 KS): Acquiring US Manufacturing Plant To Alleviate Tariff Impact

<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> announced 1Q25 result, with revenue and operating profit decreasing 21% and 24%, QoQ, respectively. Net profit more than halved in 1Q25 compared with 4Q24.</li>
<li>Sequential improvement in gross profit margin is one key positive highlight of 1Q25 result. Higher contribution of new products aided gross profit margin. This trend is expected to continue.</li>
<li>Celltrion reaffirmed 2025 revenue guidance of KRW5T. Revenue is expected to be moderate in 1H25 and strong in the 2H25. Profitability improvement will be slower than expected earlier.</li>
</ul>



Celltrion Inc (068270 KS) announced 1Q25 result, with revenue and operating profit decreasing 21% and 24%, QoQ, respectively. Net profit more than halved in 1Q25 compared with 4Q24.
Sequential improvement in gross profit margin is one key positive highlight of 1Q25 result. Higher contribution of new products aided gross profit margin. This trend is expected to continue.
Celltrion reaffirmed 2025 revenue guidance of KRW5T. Revenue is expected to be moderate in 1H25 and strong in the 2H25. Profitability improvement will be slower than expected earlier.


Celltrion Inc (068270 KS): Sequentially Weak 1Q25 Result; Momentum to Accelerate in 2H

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

Event-Driven

Korea Stock Exchange KOSPI 200 / Event-Driven

<ul>
<li>Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. </li>
<li>Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.</li>
<li>There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.</li>
</ul>


Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though. 
Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.
There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.


Korea: Short Selling Is Back in March; Trade Ideas

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in March and April 2025.</li>
<li>There were 40 companies in the Korean stock market that announced share buybacks in the past two months. On average, the share buyback announcements represented 1.7% of outstanding shares.</li>
<li>Astute traders should put alert signals on share buyback announcements in Korea with more than 3% outstanding shares. </li>
</ul>


In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in March and April 2025.
There were 40 companies in the Korean stock market that announced share buybacks in the past two months. On average, the share buyback announcements represented 1.7% of outstanding shares.
Astute traders should put alert signals on share buyback announcements in Korea with more than 3% outstanding shares. 


Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (March and April 2025)

South Korea

Celltrion, Inc. produces and sells biosimilar products, as well as consignment processing services for other businesses.

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Celltrion (068270 KP)

Celltrion Inc Update – Is It Time to Go Long (068270 KS)

Celltrion Inc has underperformed due to biosimilar hype, but outlook for next 5 years is promising with revenue target market value expected to...

daaimon

Celltrion Inc (068270 KS): Acquiring US Manufacturing Plant To Alleviate Tariff Impact

Celltrion is acquiring Eli Lilly’s New Jersey biopharmaceutical production plant for KRW460B. The company also plans to expand capacity of the...

Tina Banerjee

Celltrion Inc (068270 KS): Sequentially Weak 1Q25 Result; Momentum to Accelerate in 2H

Celltrion reported 10% revenue growth in 2Q25, as high-margin new products sales more than doubled. Contribution of these products rose...

Tina Banerjee

Korea: Short Selling Is Back in March; Trade Ideas

Short selling in Korea commences from Monday. There will be a lot of interest in shorting stocks/sectors depending on how they have performed since...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Celltrion Inc Update – Is It Time to Go Long (068270 KS)

​Celltrion Inc has underperformed due to biosimilar hype, but outlook for next 5 years is promising with revenue target market value expected to...

daaimon

Celltrion Inc (068270 KS): Acquiring US Manufacturing Plant To Alleviate Tariff Impact

Celltrion is acquiring Eli Lilly’s New Jersey biopharmaceutical production plant for KRW460B. The company also plans to expand capacity of the...

Tina Banerjee

Celltrion Inc (068270 KS): Sequentially Weak 1Q25 Result; Momentum to Accelerate in 2H

Celltrion reported 10% revenue growth in 2Q25, as high-margin new products sales more than doubled. Contribution of these products rose...

Tina Banerjee

Korea: Short Selling Is Back in March; Trade Ideas

Short selling in Korea commences from Monday. There will be a lot of interest in shorting stocks/sectors depending on how they have performed since...

Brian Freitas

Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (March and April 2025)

In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in March and April 2025.

Douglas Kim

Celltrion Inc has underperformed due to biosimilar hype, but outlook for next 5 years is promising with revenue target market value expected to...