External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>2Q25 consolidated revenue W361.3bn (-4.5% YoY), OP W60.4bn (+3.9% YoY)</li><li>High-margin product mix should continue driving profitability; subsidiary expected to post earnings rebound in 2H</li><li>R&amp;D catalysts in obesity treatment slated to remain valid in 2H25; Reiterate BUY with TP unchanged at W380,000</li></ul><p><em>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.</em></p>

2Q25 consolidated revenue W361.3bn (-4.5% YoY), OP W60.4bn (+3.9% YoY)High-margin product mix should continue driving profitability; subsidiary expected to post earnings rebound in 2HR&amp;D catalysts in obesity treatment slated to remain valid in 2H25; Reiterate BUY with TP unchanged at W380,000Content 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.

Hanmi Pharma (128940 KS Jul 28, 2025) - Earnings Recovery in Progress

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

Index Rebalance

<ul>
<li>The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.</li>
<li>Nearing halfway in the review period, we forecast 53 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.</li>
<li>Two potential downward migrations could be deleted from a global index in August. The new listing that is a potential LargeCap add could be added to a globalindex in September.</li>
</ul>


The review period for the September rebalance of the KOSPI Size Indices commenced on 1 June and will end on 31 August.
Nearing halfway in the review period, we forecast 53 migrating stocks. Among new listings, 1 stock could be added to LargeCap, 3 to MidCap and 1 to SmallCap.
Two potential downward migrations could be deleted from a global index in August. The new listing that is a potential LargeCap add could be added to a globalindex in September.


KOSPI Size Indices: Overlaps Between Active & Passive Flows

Global Healthcare Analyst

Tina Banerjee

SK Biopharmaceuticals   / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-biopharmaceuticals-co-ltd" target="_blank" data-smartkarma-citation="entities:28966:1" rel="noopener">SK Biopharmaceuticals (326030 KS)</a> announced muted 1Q25 result, with all key parameters, including revenue, operating profit, and net profit declining sequentially, as the Xcopri sales in the U.S. moderates.</li>
<li>Xcopri U.S. sales increased 3% QoQ, which is the lowest over the last one year, due to seasonal inventory drawdown, restructuring of major pharmacy chain, and high base effect.</li>
<li>SKBP considers Xcopri U.S. revenue moderation as ‘temporary’ and sees recovery in 2Q. However, high revenue exposure to the U.S. seems to be a serious headwind in current uncertain scenario.  </li>
</ul>



SK Biopharmaceuticals (326030 KS) announced muted 1Q25 result, with all key parameters, including revenue, operating profit, and net profit declining sequentially, as the Xcopri sales in the U.S. moderates.
Xcopri U.S. sales increased 3% QoQ, which is the lowest over the last one year, due to seasonal inventory drawdown, restructuring of major pharmacy chain, and high base effect.
SKBP considers Xcopri U.S. revenue moderation as ‘temporary’ and sees recovery in 2Q. However, high revenue exposure to the U.S. seems to be a serious headwind in current uncertain scenario.  


SK Biopharmaceuticals (326030 KS): Starts 2025 on Slower Note; Xcopri US Sales Growth Moderates

<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> announced positive topline result from the U.S. Phase 3 trial evaluating K-CAB in gastroesophageal reflux disease. U.S. filing is expected in 4Q25.</li>
<li>HK inno.N has reported strong 1Q25 result, with double-digit growth across all key parameters. Revenue increased 16% YoY, while operating profit grew at a faster pace of 47% YoY.</li>
<li>The U.S. filing and approval are the major catalysts. However, HK inno has other growth engines as well. Innovative pipeline is also progressing, ensuring long-term growth prospect.</li>
</ul>



HK inno.N (195940 KS) announced positive topline result from the U.S. Phase 3 trial evaluating K-CAB in gastroesophageal reflux disease. U.S. filing is expected in 4Q25.
HK inno.N has reported strong 1Q25 result, with double-digit growth across all key parameters. Revenue increased 16% YoY, while operating profit grew at a faster pace of 47% YoY.
The U.S. filing and approval are the major catalysts. However, HK inno has other growth engines as well. Innovative pipeline is also progressing, ensuring long-term growth prospect.


HK Inno. N (195940 KS): Promising US Trial Result for K-CAB Raises Hope; Starts 2025 on Strong Note

<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> recorded 7% YoY growth in standalone revenue in 1Q25, driven by 47% YoY jump in export revenue to KRW68B due to increased clinical supply to Merck.</li>
<li>Despite high base effect caused by respiratory outbreak in China, revenue and operating profit of Beijing Hanmi jumped 29% and 168%, QoQ, respectively, indicating continuous business recovery.</li>
<li>Hanmi Pharm is expected to launch next-generation low dose triple antihypertensive, Amosartan-L in 2H25. The company expects Amosartan-L to replicate the success of dual combo, Rosuzet.</li>
</ul>



Hanmi Pharm (128940 KS) recorded 7% YoY growth in standalone revenue in 1Q25, driven by 47% YoY jump in export revenue to KRW68B due to increased clinical supply to Merck.
Despite high base effect caused by respiratory outbreak in China, revenue and operating profit of Beijing Hanmi jumped 29% and 168%, QoQ, respectively, indicating continuous business recovery.
Hanmi Pharm is expected to launch next-generation low dose triple antihypertensive, Amosartan-L in 2H25. The company expects Amosartan-L to replicate the success of dual combo, Rosuzet.


Hanmi Pharm (128940 KS): Export Drives 1Q25 Performance; China Business Is Recovering

South Korea

Hanmi Pharm. Company Ltd. produces pharmaceutical products, including antibiotics, vitamins, and intestinal tonics.  The Company also provides beverages and processes soft capsules for other pharmaceutical firms.

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

Hanmi Pharm (128940 KS)

Hanmi Pharma (128940 KS Jul 28, 2025) - Earnings Recovery in Progress

2Q25 consolidated revenue W361.3bn (-4.5% YoY), OP W60.4bn (+3.9% YoY). High-margin product mix should continue driving profitability; subsidiary...

Daishin Securities

KOSPI Size Indices: Overlaps Between Active & Passive Flows

There could be 53 migrations for the KOSPI Size Indices in Sep. Among new listings, there could be 1 LargeCap add and 3 MidCap adds. There are 2...

Brian Freitas

SK Biopharmaceuticals (326030 KS): Starts 2025 on Slower Note; Xcopri US Sales Growth Moderates

SK Biopharmaceuticals reports muted 1Q25 results with sequential decline in key parameters due to Xcopri sales moderation in the U.S. due to...

Tina Banerjee

HK Inno. N (195940 KS): Promising US Trial Result for K-CAB Raises Hope; Starts 2025 on Strong Note

HK inno.N reports positive Phase 3 trial results for K-CAB in GERD, with US filing expected in 4Q25. The company reported double-digit growth...

Tina Banerjee