Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Despite feedback from ETF managers, KRX is moving forward with the simultaneous listing of 12 ETFs tracking the Value-Up Index on November 4th.</li>
<li>Government-Backed organizations are launching a 200 billion KRW Value-Up Fund for the Value-Up Index stocks, targeting an AUM boost to over 1 trillion KRW by year-end.</li>
<li>For new additions in the December rebalancing, the safest bets are POSCO Holdings, JB Financial Group, and HK inno.N.</li>
</ul>


Despite feedback from ETF managers, KRX is moving forward with the simultaneous listing of 12 ETFs tracking the Value-Up Index on November 4th.
Government-Backed organizations are launching a 200 billion KRW Value-Up Fund for the Value-Up Index stocks, targeting an AUM boost to over 1 trillion KRW by year-end.
For new additions in the December rebalancing, the safest bets are POSCO Holdings, JB Financial Group, and HK inno.N.


KRX's Final Call on Value-Up ETF Launch & December Rebalancing Preview

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

Orum Therapeutics / Equity Capital Markets

<ul>
<li>Orum Therapeutics is getting ready to complete its IPO in KOSDAQ in November 2024. The IPO price range is from 30,000 won to 36,000 won. </li>
<li>The expected market cap after IPO is from 648 billion won to 778 billion won. The book building for the institutional investors starts on 24 October. </li>
<li>Orum Therapeutics' main pipelines include 'ORM-6151', a new drug candidate for acute myeloid leukemia, 'ORM-5029', a HER2-targeting breast cancer treatment candidate, and 'ORM-1023', a small cell carcinoma tumor candidate. </li>
</ul>


Orum Therapeutics is getting ready to complete its IPO in KOSDAQ in November 2024. The IPO price range is from 30,000 won to 36,000 won. 
The expected market cap after IPO is from 648 billion won to 778 billion won. The book building for the institutional investors starts on 24 October. 
Orum Therapeutics' main pipelines include 'ORM-6151', a new drug candidate for acute myeloid leukemia, 'ORM-5029', a HER2-targeting breast cancer treatment candidate, and 'ORM-1023', a small cell carcinoma tumor candidate. 


Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/green-cross-corp" target="_blank" data-smartkarma-citation="entities:2969:1" rel="noopener">Green Cross (006280 KS)</a> has gained access to 80% of privately insured members in the U.S. for blood product Alyglo, which has been included in formularies of three major insurers.</li>
<li>Green Cross targets to generate $50M revenue from Alyglo this year. The target seems to be conservative. The company further aims to sustain annual growth of 50%+, which is achievable.</li>
<li>The company reported sequential improvement in 2Q24, with 17% QoQ revenue growth and significant improvement in gross margin. Revenue growth of 7–8% is expected during 2024–2026.</li>
</ul>



Green Cross (006280 KS) has gained access to 80% of privately insured members in the U.S. for blood product Alyglo, which has been included in formularies of three major insurers.
Green Cross targets to generate $50M revenue from Alyglo this year. The target seems to be conservative. The company further aims to sustain annual growth of 50%+, which is achievable.
The company reported sequential improvement in 2Q24, with 17% QoQ revenue growth and significant improvement in gross margin. Revenue growth of 7–8% is expected during 2024–2026.


Green Cross (006280 KS): Alyglo Is Accelerating U.S. Market Entry; Base Business Shows Strength

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 May 24th which has an aggregated short interest worth USD6.1bn.</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, Samsung SDI, Samsung Electro-Mechanics.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of May 24th which has an aggregated short interest worth USD6.1bn.
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, Samsung SDI, Samsung Electro-Mechanics.


KRX Short Interest Weekly (May 24th): Samsung Electronics

<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> is expected to see significant improvement in operating profit margin this year to 10.9% (vs. 8% in 2023).</li>
<li>Growing sales of flagship drug K-CAB, increasing capacity utilization in new IV fluids plant, and improving profitability of health and beauty products segment, will be three important margin drivers.</li>
<li>With accelerating global presence, HK inno is on track to achieve its target of entering 100 countries by 2028 and achieve global sales of KRW2 trillion ($1.4 billion) by 2030.</li>
</ul>



HK inno.N (195940 KS) is expected to see significant improvement in operating profit margin this year to 10.9% (vs. 8% in 2023).
Growing sales of flagship drug K-CAB, increasing capacity utilization in new IV fluids plant, and improving profitability of health and beauty products segment, will be three important margin drivers.
With accelerating global presence, HK inno is on track to achieve its target of entering 100 countries by 2028 and achieve global sales of KRW2 trillion ($1.4 billion) by 2030.


HK Inno.N (195940 KS): 2024 Will See Robust Profit Growth On Growing Momentum of Key Drug

South Korea

HK inno.N Corp. develops and manufactures pharmaceuticals products. The Company develops and sells immune anticancer drugs, blood disease drugs, kidney disease drugs, and other products. HK inno.N conducts businesses across worldwide.

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HK inno.N (195940 KS)

KRX's Final Call on Value-Up ETF Launch & December Rebalancing Preview

KRX made the final call on the Korea Value-Up ETF launch date, which is November 4th. This post also offers a sneak peek at the December...

Sanghyun Park

Orum Therapeutics IPO Preview

Orum Therapeutics is getting ready to complete its IPO in KOSDAQ in November 2024.The expected market cap after IPO is from 648 billion won to 778...

Douglas Kim

Green Cross (006280 KS): Alyglo Is Accelerating U.S. Market Entry; Base Business Shows Strength

Green Cross gains access to 80% of privately insured members in the U.S. for its maiden blood product Alyglo. The company is targeting a...

Tina Banerjee

KRX Short Interest Weekly (May 24th): Samsung Electronics

We analyzed KRX short interest report for the past week and highlighted short interest changes in Samsung Electronics, Samsung SDI, Samsung Electro...

Ke Yan, CFA, FRM