Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Celltrion inlicensed two antibody-based new drug candidates for the treatment of autoimmune diseases in KRW1T deal. Dong-A ST received approval for epilepsy drug, Xcopri, developed by SK Biopharmaceuticals in Korea.</li>
<li>Hanmi Pharmaceutical will distribute and sell three major COPD treatments developed by Boehringer Ingelheim. Shandong Boan Biotechnology’s marketing application for denosumab biosimilar has been accepted in the UK.  </li>
<li>Eisai has settled patent infringement litigation with Torrent Pharmaceuticals related to Lenvima in the U.S. Otsuka Holdings initiated Phase 3 clinical trial evaluating quabodepistat, for the treatment of multidrug-resistant tuberculosis.</li>
</ul>


Celltrion inlicensed two antibody-based new drug candidates for the treatment of autoimmune diseases in KRW1T deal. Dong-A ST received approval for epilepsy drug, Xcopri, developed by SK Biopharmaceuticals in Korea.
Hanmi Pharmaceutical will distribute and sell three major COPD treatments developed by Boehringer Ingelheim. Shandong Boan Biotechnology’s marketing application for denosumab biosimilar has been accepted in the UK.  
Eisai has settled patent infringement litigation with Torrent Pharmaceuticals related to Lenvima in the U.S. Otsuka Holdings initiated Phase 3 clinical trial evaluating quabodepistat, for the treatment of multidrug-resistant tuberculosis.


APAC Healthcare Weekly (November 9) – Celltrion, Dong-A ST, Hanmi Pharm, Boan Bio, Eisai, Otsuka

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>On 7 July, it was reported that Hyung In-Woo (second largest shareholder of Alteogen) recently raised his ownership in the company by 0.22% stake (about 39 billion won) last month.</li>
<li>Mr. Hyung has requested to Alteogen to switch the company's listing from KOSDAQ to KOSPI to improve the company's image and attract greater capital inflow from passive funds. </li>
<li>Alteogen is currently trading at P/E of 37.7x in 2026 and 31.6x in 2027 which are reasonable, considering the company's significant sales and profit growth in the next three years. </li>
</ul>


On 7 July, it was reported that Hyung In-Woo (second largest shareholder of Alteogen) recently raised his ownership in the company by 0.22% stake (about 39 billion won) last month.
Mr. Hyung has requested to Alteogen to switch the company's listing from KOSDAQ to KOSPI to improve the company's image and attract greater capital inflow from passive funds. 
Alteogen is currently trading at P/E of 37.7x in 2026 and 31.6x in 2027 which are reasonable, considering the company's significant sales and profit growth in the next three years. 


Alteogen: 2nd Largest Shareholder Raises Stake & Requests Switching Listing from KOSDAQ to KOSPI

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 Oct 31st. The aggregated short interest was USD12.2bn.</li>
<li>We tabulate league tables 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 LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 31st. The aggregated short interest was USD12.2bn.
We tabulate league tables 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 LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC.


KRX Short Interest Weekly (Oct 31st): SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC

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> has reported mixed performance for 3Q25. Despite flat topline and high R&amp;D investment, mid-single digit growth in operating profit is the key highlight of 3Q25 result.</li>
<li>Interim topline results of Phase 3 trials for efpeglenatide have raised expectations that the drug will establish itself as a "national obesity drug" based on excellent efficacy and proven safety.</li>
<li>The company submitted clinical trial application to FDA for HM17321. Hanmi received FDA approval to initiate a Phase 2 clinical trial with HM15275, which is expected to commence this month.</li>
</ul>



Hanmi Pharm (128940 KS) has reported mixed performance for 3Q25. Despite flat topline and high R&amp;D investment, mid-single digit growth in operating profit is the key highlight of 3Q25 result.
Interim topline results of Phase 3 trials for efpeglenatide have raised expectations that the drug will establish itself as a "national obesity drug" based on excellent efficacy and proven safety.
The company submitted clinical trial application to FDA for HM17321. Hanmi received FDA approval to initiate a Phase 2 clinical trial with HM15275, which is expected to commence this month.


Hanmi Pharm (128940 KS): Flagship Drugs Boost 3Q25 Result Amid Obesity Pipeline Progress

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Oct 31st. The aggregated holding was USD862.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD77mln. 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 SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 31st. The aggregated holding was USD862.4bn.
We estimate that foreign flows to be inflows of USD77mln. 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 SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Oct 31st): SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor

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 (November 9) – Celltrion, Dong-A ST, Hanmi Pharm, Boan Bio, Eisai, Otsuka

Celltrion inlicensed two antibody drug candidates in KRW1T deal. Dong-A got domestic approval for Xcopri. Hanmi Pharm will distribute Boehringer...

Tina Banerjee

Alteogen: 2nd Largest Shareholder Raises Stake & Requests Switching Listing from KOSDAQ to KOSPI

Alteogen announced that it will hold an EGM on 8 December to vote on a transfer of listing to KOSPI from KOSDAQ. On 7 July, the second largest...

Douglas Kim

KRX Short Interest Weekly (Oct 31st): SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC

We analyzed KRX short interest report for the past week and highlighted short interest changes in SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung...

Ke Yan, CFA, FRM

Hanmi Pharm (128940 KS): Flagship Drugs Boost 3Q25 Result Amid Obesity Pipeline Progress

Hanmi Pharm reports mixed 3Q25 performance with flat topline and mid-single digit growth in operating profit. Expectations are rising on...

Tina Banerjee

KRX Foreign Holding Weekly (Oct 31st): SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Hanwha Ocean,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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APAC Healthcare Weekly (November 9) – Celltrion, Dong-A ST, Hanmi Pharm, Boan Bio, Eisai, Otsuka

Celltrion inlicensed two antibody drug candidates in KRW1T deal. Dong-A got domestic approval for Xcopri. Hanmi Pharm will distribute Boehringer...

Tina Banerjee

Alteogen: 2nd Largest Shareholder Raises Stake & Requests Switching Listing from KOSDAQ to KOSPI

Alteogen announced that it will hold an EGM on 8 December to vote on a transfer of listing to KOSPI from KOSDAQ. On 7 July, the second largest...

Douglas Kim

KRX Short Interest Weekly (Oct 31st): SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung SDI, SKC

We analyzed KRX short interest report for the past week and highlighted short interest changes in SAMSUNG LIFE, HYBE, Samsung Electronics, Samsung...

Ke Yan, CFA, FRM

Hanmi Pharm (128940 KS): Flagship Drugs Boost 3Q25 Result Amid Obesity Pipeline Progress

​Hanmi Pharm reports mixed 3Q25 performance with flat topline and mid-single digit growth in operating profit. Expectations are rising on...

Tina Banerjee

KRX Foreign Holding Weekly (Oct 31st): SK Hynix, Samsung Electronics, Hanwha Ocean, Hyundai Motor

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Hanwha Ocean,...

Ke Yan, CFA, FRM

Hanmi Pharm reports mixed 3Q25 performance with flat topline and mid-single digit growth in operating profit. Expectations are rising on...