Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023.</li>
<li>Of the 38 pair trades, 21 of them involved holdcos outperforming opcos YTD and 17 of them involved opcos outperforming holdcos in the same period.</li>
<li>We highlight 38 pair trades that involve Korean holdcos and opcos.</li>
</ul>


In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023.
Of the 38 pair trades, 21 of them involved holdcos outperforming opcos YTD and 17 of them involved opcos outperforming holdcos in the same period.
We highlight 38 pair trades that involve Korean holdcos and opcos.


Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2023

<ul>
<li>In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023.</li>
<li>Of the 33 pair trades, 2/3 of them involved holdcos outperforming opcos in the past year and 1/3 of them involved opcos outperforming holdcos in the same period.</li>
<li>We highlight 33 pair trades that involve Korean holdcos and opcos.</li>
</ul>


In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023.
Of the 33 pair trades, 2/3 of them involved holdcos outperforming opcos in the past year and 1/3 of them involved opcos outperforming holdcos in the same period.
We highlight 33 pair trades that involve Korean holdcos and opcos.


Korean Holdcos Vs Opcos Gap Spreads Opportunities in 1Q 2023

<ul>
<li>In this insight, we highlight the pricing gap divergence of the major Korean holdcos and opcos amid market carnage.</li>
<li>In general, more holdcos/quasi-holdcos have been outperforming the opcos in the past year, as compared to the previous years as more investors seek value-oriented, deep NAV discount stocks.</li>
<li>We highlight 26 pair trades that involve Korean holdcos and opcos.</li>
</ul>


In this insight, we highlight the pricing gap divergence of the major Korean holdcos and opcos amid market carnage.
In general, more holdcos/quasi-holdcos have been outperforming the opcos in the past year, as compared to the previous years as more investors seek value-oriented, deep NAV discount stocks.
We highlight 26 pair trades that involve Korean holdcos and opcos.


Korean Holdcos Vs Opcos Gap Spreads Opportunities Amid Market Carnage

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yuhan-corp" target="_blank" data-smartkarma-citation="entities:10745:1" rel="noopener">Yuhan Corp (000100 KS)'s</a> R&amp;D investments have started contributing to revenue through outlicensing deals. The company signed five out-licensing deals totaling KRW 4 trillion over the past three years.</li>
<li>The company has launched one in-house developed oncology drug, lazertinib in Korea market this year. Other in-licensed marketed prescription drugs hold leadership positioning in their respective therapeutic areas.</li>
<li>Outlicesing partner Janssen is expected to file new drug application to the US FDA in 2022. Yuhan is entitled for double-digit royalty on commercialization of Lazertinib in global market.</li>
</ul>



Yuhan Corp (000100 KS)'s R&amp;D investments have started contributing to revenue through outlicensing deals. The company signed five out-licensing deals totaling KRW 4 trillion over the past three years.
The company has launched one in-house developed oncology drug, lazertinib in Korea market this year. Other in-licensed marketed prescription drugs hold leadership positioning in their respective therapeutic areas.
Outlicesing partner Janssen is expected to file new drug application to the US FDA in 2022. Yuhan is entitled for double-digit royalty on commercialization of Lazertinib in global market.


Yuhan Corp (000100 KS): R&D Endeavors Finally Began to Pay Back; Lazertinib to Drive Future Growth

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icure-pharm-inc" target="_blank" data-smartkarma-citation="entities:27142:1" rel="noopener">Icure Pharm Inc (175250 KS)</a> obtained marketing approval for world’s first donepezil patch, a treatment of Alzheimer’s-type dementia in Korea. Donepezil accounts for 80% of the local Alzheimer's treatment market.</li>
<li>For the domestic market, donepezil is expected to generate revenue of KRW 3.4 billion, equivalent to nearly 10% of existing annual revenue, with significantly higher profitability.</li>
<li>The company is currently negotiating for sales right contract in the U.S. and aims to launch the product by 2024 in the U.S.  </li>
</ul>



Icure Pharm Inc (175250 KS) obtained marketing approval for world’s first donepezil patch, a treatment of Alzheimer’s-type dementia in Korea. Donepezil accounts for 80% of the local Alzheimer's treatment market.
For the domestic market, donepezil is expected to generate revenue of KRW 3.4 billion, equivalent to nearly 10% of existing annual revenue, with significantly higher profitability.
The company is currently negotiating for sales right contract in the U.S. and aims to launch the product by 2024 in the U.S.  


Icure Pharm (175250 KS): High Hope for Transdermal Patch-Type Dementia Treatment Option

South Korea

Dong-A ST Co., Ltd. manufactures pharmaceutical products, including vaccines, AIDS diagnostic kit, chemotherapeutic, nutrition and health drinks, antipyretic, analgesic, and other over-the-counter drugs.

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Dong A St (170900 KS)

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2023

In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 2Q 2023. We highlight 38 pair trades that...

Douglas Kim

Korean Holdcos Vs Opcos Gap Spreads Opportunities in 1Q 2023

In this insight, we highlight the pricing gap divergences of the major Korean holdcos and opcos in 1Q 2023. We highlight 33 pair trades that...

Douglas Kim

Korean Holdcos Vs Opcos Gap Spreads Opportunities Amid Market Carnage

In this insight, we highlight the pricing gap divergence of the major Korean holdcos and opcos amid market carnage. We highlight 26 pair trades...

Douglas Kim

Yuhan Corp (000100 KS): R&D Endeavors Finally Began to Pay Back; Lazertinib to Drive Future Growth

R&D investment is generating highest-margin earning outlicensing revenue stream. In-house developed drug, lazertinib is the biggest growth engine...

Tina Banerjee

Icure Pharm (175250 KS): High Hope for Transdermal Patch-Type Dementia Treatment Option

Icure received approval for world’s first donepezil patch for the treatment of dementia. The company estimates the patch will be over KRW 1...

Tina Banerjee

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