Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Thematic (Sector/Industry)

Bonifas and Barrett may not be household names to most people. They were two US Army officers stationed in South Korea who were killed by North Korean soldiers in 1976. Bonifas and Barrett were cutting down part of a tree in the JSA (Joint Security Area) in the Korean Demilitarized Zone. They were killed over a stupid tree because North Koreans believed this tree was planted by Kim Il-Sung, the founder of North Korea. From then on, this was known as the Axe Murder Incident. At the time, a 24…

Bonifas and Barrett may not be household names to most people. They were two US Army officers stationed in South Korea who were killed by North Korean soldiers in 1976. Bonifas and Barrett were cutting down part of a tree in the JSA (Joint Security Area) in the Korean Demilitarized Zone. They were killed over a stupid tree because North Koreans believed this tree was planted by Kim Il-Sung, the founder of North Korea. From then on, this was known as the Axe Murder Incident. At the time, a 24…

How Will South Korea Change With Moon as Its Next President? (Top 10 Issues)

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Introduction to MedisetterI had the pleasure of interviewing Anirban Lahiri of Medisetter to discuss some of the opportunities present in Asia's healthcare industry. Medisetter is an international online medical travel search and bookings platform offering a one-stop-shop medical travel booking and planning service. Prospective patients can search and compare hospitals and clinics across different countries, receive price quotes, book appointments and also book accommodation, translators and…

Introduction to MedisetterI had the pleasure of interviewing Anirban Lahiri of Medisetter to discuss some of the opportunities present in Asia's healthcare industry. Medisetter is an international online medical travel search and bookings platform offering a one-stop-shop medical travel booking and planning service. Prospective patients can search and compare hospitals and clinics across different countries, receive price quotes, book appointments and also book accommodation, translators and…

MediSetter Interview: Insight on Opportunities in Asia's Healthcare Industry

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a biosimilar maker either. It makes new biomedical products. A majority of Korea's pharmaceutical makers are still generic drug makers. The likes of Celltrion and Samsung Bioepis have emerged as a biosimilar maker. But they are still a few. Biomedical makers are even rarer. Hanmi Pharmaceutical is one of these rare breeds. Now, another biomedical maker…

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a biosimilar maker either. It makes new biomedical products. A majority of Korea's pharmaceutical makers are still generic drug makers. The likes of Celltrion and Samsung Bioepis have emerged as a biosimilar maker. But they are still a few. Biomedical makers are even rarer. Hanmi Pharmaceutical is one of these rare breeds. Now, another biomedical maker…

SillaJen's December IPO: Valuation, Growth Expectation and IPO Timing

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hk-inno-n-corp" target="_blank" data-smartkarma-citation="entities:33522:1" rel="noopener">HK inno.N (195940 KS)</a> reported strong 4Q25 result, with all key parameters showing improvement on sequential as well as YoY basis, driven by strong sales of prescription drug business.</li>
<li>HK inno’s U.S. partner has submitted a New Drug Application (NDA) to the FDA for K-CAB. The company expects to launch K-CAB in the U.S. by January next year.</li>
<li>Going ahead, HK inno is expected to maintain growth momentum, mainly riding on the back of prescription drug business, especially K-CAB. Bottomline is expected to widely outperform revenue growth.</li>
</ul>



HK inno.N (195940 KS) reported strong 4Q25 result, with all key parameters showing improvement on sequential as well as YoY basis, driven by strong sales of prescription drug business.
HK inno’s U.S. partner has submitted a New Drug Application (NDA) to the FDA for K-CAB. The company expects to launch K-CAB in the U.S. by January next year.
Going ahead, HK inno is expected to maintain growth momentum, mainly riding on the back of prescription drug business, especially K-CAB. Bottomline is expected to widely outperform revenue growth.


HK Inno.N (195940 KS): Prescription Drugs Drive 4Q25 Result; Maiden US Approval on Card

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hugel-inc" target="_blank" data-smartkarma-citation="entities:22860:1" rel="noopener">Hugel Inc (145020 KS)</a> reported 2025 results with revenue of KRW425B, operating profit of KRW202B, and net profit of KRW144B. The results represent the highest in the company’s history.</li>
<li>This year, Hugel will pursue "hybrid sales" strategy, combining distribution through existing partners with direct sales in the U.S., which should improve profitability, driving stable sales, and market share expansion.</li>
<li>Hugel has set a target of KRW900B revenue by 2028 (2025–2028 CAGR: 28%), with US sales accounting for 30% of total sales and maintaining industry leading operating profit margin.</li>
</ul>



Hugel Inc (145020 KS) reported 2025 results with revenue of KRW425B, operating profit of KRW202B, and net profit of KRW144B. The results represent the highest in the company’s history.
This year, Hugel will pursue "hybrid sales" strategy, combining distribution through existing partners with direct sales in the U.S., which should improve profitability, driving stable sales, and market share expansion.
Hugel has set a target of KRW900B revenue by 2028 (2025–2028 CAGR: 28%), with US sales accounting for 30% of total sales and maintaining industry leading operating profit margin.


Hugel Inc (145020 KS): Record High Result for 2025; Eyes U.S.-Led Growth Strategy Ahead

South Korea

Daewoong Pharmaceutical Co., Ltd. develops various kinds of medical drugs and vitamin supplements.  The Company's medical drugs are used in areas, such as cardiology, dermatology, anti-biotic, and many other medical areas.  Dae Woong's over-the-counter products include smoking deterrents, vitamins, and minerals.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Daewoong Pharmaceutical Co (069620 KS)

How Will South Korea Change With Moon as Its Next President? (Top 10 Issues)

Bonifas and Barrett may not be household names to most people. They were two US Army officers stationed in South Korea who were killed by North...

Douglas Kim

MediSetter Interview: Insight on Opportunities in Asia's Healthcare Industry

Introduction to MedisetterI had the pleasure of interviewing Anirban Lahiri of Medisetter to discuss some of the opportunities present in Asia's...

Nomadic Equity

SillaJen's December IPO: Valuation, Growth Expectation and IPO Timing

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a...

Sanghyun Park

HK Inno.N (195940 KS): Prescription Drugs Drive 4Q25 Result; Maiden US Approval on Card

HK inno.N reports strong 4Q25 results, driven by prescription drug sales. The company has filed NDA for K-CAB in the U.S. and expects to launch...

Tina Banerjee

Hugel Inc (145020 KS): Record High Result for 2025; Eyes U.S.-Led Growth Strategy Ahead

Hugel reports double-digit revenue and operating profit growth in 2025. The company plans to pursue hybrid sales strategy in the US to drive...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

How Will South Korea Change With Moon as Its Next President? (Top 10 Issues)

Bonifas and Barrett may not be household names to most people. They were two US Army officers stationed in South Korea who were killed by North...

Douglas Kim

MediSetter Interview: Insight on Opportunities in Asia's Healthcare Industry

Introduction to MedisetterI had the pleasure of interviewing Anirban Lahiri of Medisetter to discuss some of the opportunities present in Asia's...

Nomadic Equity

SillaJen's December IPO: Valuation, Growth Expectation and IPO Timing

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a...

Sanghyun Park

HK Inno.N (195940 KS): Prescription Drugs Drive 4Q25 Result; Maiden US Approval on Card

​HK inno.N reports strong 4Q25 results, driven by prescription drug sales. The company has filed NDA for K-CAB in the U.S. and expects to launch...

Tina Banerjee

Hugel Inc (145020 KS): Record High Result for 2025; Eyes U.S.-Led Growth Strategy Ahead

​Hugel reports double-digit revenue and operating profit growth in 2025. The company plans to pursue hybrid sales strategy in the US to drive...

Tina Banerjee

HK inno.N reports strong 4Q25 results, driven by prescription drug sales. The company has filed NDA for K-CAB in the U.S. and expects to launch...

Hugel reports double-digit revenue and operating profit growth in 2025. The company plans to pursue hybrid sales strategy in the US to drive...