External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

<ul><li>Promising batoclimab results heighten expectations for IMVT-1402Batoclimab demonstrates durable response at six months post-treatment At the 2025 American Thyroid Association annual meeting held in September, HanAll Biopharma’s US partner Immunovant announced promising six-month follow-up data for batoclimab in patients with Graves’ disease</li><li>Specifically, 17 of 21 patients (roughly 80%) showed a response and maintained normal thyroid function (T3 and T4 levels below the upper limit of normal) six months after discontinuing treatment</li><li>Notably, eight of the 17 responders (roughly 50%) achieved anti-thyroid drug (ATD)-free remission at six months post-treatment, indicating strong durability of response</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Promising batoclimab results heighten expectations for IMVT-1402Batoclimab demonstrates durable response at six months post-treatment At the 2025 American Thyroid Association annual meeting held in September, HanAll Biopharma’s US partner Immunovant announced promising six-month follow-up data for batoclimab in patients with Graves’ diseaseSpecifically, 17 of 21 patients (roughly 80%) showed a response and maintained normal thyroid function (T3 and T4 levels below the upper limit of normal) six months after discontinuing treatmentNotably, eight of the 17 responders (roughly 50%) achieved anti-thyroid drug (ATD)-free remission at six months post-treatment, indicating strong durability of responseContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HanAll Biopharma (009420 KS/Buy)Promising Batoclimab Results Heighten Expectations for IMVT-1402

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>BeiGene has received FDA approved for Tevimbra for the first-line treatment of certain types of gastric cancers. Innovent announced a collaboration and exclusive license agreement with Roche for an ADC.</li>
<li>CSPC Pharmaceutical got clinical trial approval in China for Leuprorelin extended-release Injection. Sichuan Kelun-Biotech received China approval for tagitanlimab in nasopharyngeal cancer.</li>
<li>Hutchmed China is divesting its 45% equity interest in joint venture for $608M. Yuhan Corp has received European approval for its lung cancer drug Leclaza.</li>
</ul>


BeiGene has received FDA approved for Tevimbra for the first-line treatment of certain types of gastric cancers. Innovent announced a collaboration and exclusive license agreement with Roche for an ADC.
CSPC Pharmaceutical got clinical trial approval in China for Leuprorelin extended-release Injection. Sichuan Kelun-Biotech received China approval for tagitanlimab in nasopharyngeal cancer.
Hutchmed China is divesting its 45% equity interest in joint venture for $608M. Yuhan Corp has received European approval for its lung cancer drug Leclaza.


APAC Healthcare Weekly (Jan 5)- Beigene, Innovent Biologics, CSPC Pharma, Hutchmed, Yuhan, Lupin

<ul>
<li>Celltrion outlined mid- to long-term business outlook. European Patent Court has dismissed injunction against Eoflow. Lunit partnered with Salud Digna, one of Mexico’s largest healthcare chains.</li>
<li>China has accepted Hansoh Pharma’s fifth indication approval application for Ameile. Sichuan Kelun-Biotech received marketing authorization in China for the first domestically developed TROP2-directed ADC sacituzumab tirumotecan.</li>
<li>Eisai launched Leqembi in South Korea. Dr. Reddy’s launched new biologic drug, toripalimab in India, for the treatment of nasopharyngeal carcinoma. Aster DM is merging with Quality Care India Limited.</li>
</ul>


Celltrion outlined mid- to long-term business outlook. European Patent Court has dismissed injunction against Eoflow. Lunit partnered with Salud Digna, one of Mexico’s largest healthcare chains.
China has accepted Hansoh Pharma’s fifth indication approval application for Ameile. Sichuan Kelun-Biotech received marketing authorization in China for the first domestically developed TROP2-directed ADC sacituzumab tirumotecan.
Eisai launched Leqembi in South Korea. Dr. Reddy’s launched new biologic drug, toripalimab in India, for the treatment of nasopharyngeal carcinoma. Aster DM is merging with Quality Care India Limited.


APAC Healthcare Weekly (Dec 1)- Celltrion, Eoflow, Lunit, Hansoh, Kelun Biotech, Eisai, Dr. Reddy’s

Quantitative Researcher, MRM Research

Nico Rosti

Quantitative Researcher

MRM Research

Quantitative Research

Equity Derivatives

Korea Stock Exchange KOSPI 200 / Equity Derivatives

<ul>
<li>While the short-selling ban for the <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200 INDEX</a> will remain in place until the first months of 2025, that does not prevent the index from pulling back.</li>
<li>Pullbacks, in this context, are an opportunity to buy, in the hope the index will rise higher from its current position.</li>
<li>Our models right now are showing a short-term WEEKLY OVERBOUGHT scenario coming in the next 2 weeks. Keep reading for more details.</li>
</ul>


While the short-selling ban for the KOSPI 200 INDEX will remain in place until the first months of 2025, that does not prevent the index from pulling back.
Pullbacks, in this context, are an opportunity to buy, in the hope the index will rise higher from its current position.
Our models right now are showing a short-term WEEKLY OVERBOUGHT scenario coming in the next 2 weeks. Keep reading for more details.


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 Aug 30th which has an aggregated short interest worth USD5.1bn.</li>
<li>We tabulate league table 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 Electronics, Hlb, Yuhan.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Aug 30th which has an aggregated short interest worth USD5.1bn.
We tabulate league table 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 Electronics, Hlb, Yuhan.


KRX Short Interest Weekly (Aug 30th): Samsung Electronics, Hlb, Yuhan

South Korea

HANALL BIOPHARMA CO., LTD. manufactures prescription drugs for hospitals. The Company specializes in making oral and non-oral antibiotics and amino-acid infusions.

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Hanall Biopharma (009420 KS)