Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>In 3Q23, <a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> reported record high quarterly revenue of KRW1.03 trillion, driven by successful ramp-up of plant 4 and full-scale operation of plant 1–3.</li>
<li>Cumulative CDMO backlog surpassed $11.8B and the company has secured 14 of the global top 20 biopharmaceutical companies as its clients.</li>
<li>Encouraged by strong ramp-up of plant 4, Samsung Biologics continues to expect 20%+ revenue growth in 2023. The company targets to complete the construction of plant 5 in April 2025.</li>
</ul>


In 3Q23, Samsung Biologics (207940 KS) reported record high quarterly revenue of KRW1.03 trillion, driven by successful ramp-up of plant 4 and full-scale operation of plant 1–3.
Cumulative CDMO backlog surpassed $11.8B and the company has secured 14 of the global top 20 biopharmaceutical companies as its clients.
Encouraged by strong ramp-up of plant 4, Samsung Biologics continues to expect 20%+ revenue growth in 2023. The company targets to complete the construction of plant 5 in April 2025.


Samsung Biologics (207940 KS): Better-Than-Expected 3Q23 Result; Sees 20%+ Annual Revenue Growth

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In our previous notes we looked at the company’s past performance and peer comparison. In this note, we discuss our thoughts on valuation.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In our previous notes we looked at the company’s past performance and peer comparison. In this note, we discuss our thoughts on valuation.


WuXi XDC Pre-IPO - Thoughts on Valuation - While TAM Is Uncertain, Sales and PAT Are Set to Double

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wuxi-xdc-cayman-inc" target="_blank" data-smartkarma-citation="entities:39917:1" rel="noopener">WuXi XDC Cayman Inc (1877628D HK)</a> is looking to raise around US$500m in its upcoming Hong Kong IPO.</li>
<li>WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.</li>
<li>In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison.</li>
</ul>



WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO.
WuXi XDC Cayman (WXDC) is a CRDMO focused on the global antibody drug conjugates (ADC) and broader bioconjugate market providing integrated and end-to-end services.
In our previous note we looked at the company’s past performance, in this note we will undertake a peer comparison.


WuXi XDC Cayman Pre-IPO - Peer Comparison - Has Grown Rapidly Although Margins Remain Under Pressure

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On Friday morning, <a href="https://www.smartkarma.com/entities/sk-discovery-co-ltd" target="_blank" data-smartkarma-citation="entities:5181:1" rel="noopener">Sk Discovery (006120 KS)</a>, current owner/controller of 36.56% of <a href="https://www.smartkarma.com/entities/sk-chemicals-co-ltd-new" target="_blank" data-smartkarma-citation="entities:26190:1" rel="noopener">Sk Chemicals Co Ltd/New (285130 KS)</a> announced an opportunistic Partial Offer to buy 5.22% more at KRW 108,800/share.</li>
<li>The stated purpose in the <a href="https://kind.krx.co.kr/common/disclsviewer.do?method=search&amp;acptno=20220902000019&amp;docno=&amp;viewerhost=&amp;viewerport=" target="_blank" rel="noopener">Tender Offer Announcement</a> is "Stability of Management Rights." This will get SK Discovery to 41.77%, permitting consolidation of SK Chemicals.</li>
<li>
<em><strong>The real reason?</strong></em>SK Chemicals shares are trading at less than one-third the value of the <a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> shares they hold (with net cash and others free).</li>
</ul>


On Friday morning, Sk Discovery (006120 KS), current owner/controller of 36.56% of Sk Chemicals Co Ltd/New (285130 KS) announced an opportunistic Partial Offer to buy 5.22% more at KRW 108,800/share.
The stated purpose in the Tender Offer Announcement is "Stability of Management Rights." This will get SK Discovery to 41.77%, permitting consolidation of SK Chemicals.

The real reason?SK Chemicals shares are trading at less than one-third the value of the SK Bioscience (302440 KS) shares they hold (with net cash and others free).


SK Discovery Launches Opportunistic Partial Tender on SK Chemicals To Buy SK Bio CHEAP

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> achieved highest ever semi-annual revenue of KRW 1.62 trillion in H1 2022, with an operating profit of KRW346.1 billion, mainly driven by its contract manufacturing business.</li>
<li>At the end of Q2, the company had an order book of $7.9 billion, entailing revenue visibility. Its new plant is on track to start operation in October.</li>
<li>Samsung Bioepis has launched first ophthalogy biosimilar in the U.S. in June. Both the CDMO and biosimilar businesses are expected to clock solid annual revenue growth in 2022.</li>
</ul>



Samsung Biologics (207940 KS) achieved highest ever semi-annual revenue of KRW 1.62 trillion in H1 2022, with an operating profit of KRW346.1 billion, mainly driven by its contract manufacturing business.
At the end of Q2, the company had an order book of $7.9 billion, entailing revenue visibility. Its new plant is on track to start operation in October.
Samsung Bioepis has launched first ophthalogy biosimilar in the U.S. in June. Both the CDMO and biosimilar businesses are expected to clock solid annual revenue growth in 2022.


Samsung Biologics (207940 KS): Record-High Semi-Annual Revenue Exceeding KRW1 Trillion

Switzerland

Lonza is a global partner to the pharmaceutical, biotech and nutrition markets. The company works with healthcare customers to develop, manufacture and commercialize medical treatments and technologies to treat patients against a range of diseases. Founded in the Swiss Alps, Lonza now operates across Europe, North America, South America, Asia and Oceania.

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Lonza Group (LONN SW)

Samsung Biologics (207940 KS): Better-Than-Expected 3Q23 Result; Sees 20%+ Annual Revenue Growth

Samsung Biologics reported record high quarterly revenue of KRW1.03T in 3Q23. The company has backlog of $11.8B and aims for 20%+ revenue growth...

Tina Banerjee

WuXi XDC Pre-IPO - Thoughts on Valuation - While TAM Is Uncertain, Sales and PAT Are Set to Double

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we discuss our thoughts on...

Clarence Chu

WuXi XDC Cayman Pre-IPO - Peer Comparison - Has Grown Rapidly Although Margins Remain Under Pressure

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note we will undertake a peer comparison.

Clarence Chu

SK Discovery Launches Opportunistic Partial Tender on SK Chemicals To Buy SK Bio CHEAP

SK Discovery has launched an opportunistic Offer to buy 5.2% of SK Chem to go >40+%. A small premium to recent but only a 12-week high... ish......

Travis Lundy

Samsung Biologics (207940 KS): Record-High Semi-Annual Revenue Exceeding KRW1 Trillion

Samsung Biologics reported 51% y/y revenue growth to KRW1 trillion in H1. With all plants operating at full capacity, business operations remain...

Tina Banerjee

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Samsung Biologics (207940 KS): Better-Than-Expected 3Q23 Result; Sees 20%+ Annual Revenue Growth

​Samsung Biologics reported record high quarterly revenue of KRW1.03T in 3Q23. The company has backlog of $11.8B and aims for 20%+ revenue growth...

Tina Banerjee

WuXi XDC Pre-IPO - Thoughts on Valuation - While TAM Is Uncertain, Sales and PAT Are Set to Double

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note, we discuss our thoughts on...

Clarence Chu

WuXi XDC Cayman Pre-IPO - Peer Comparison - Has Grown Rapidly Although Margins Remain Under Pressure

WuXi XDC Cayman Inc (1877628D HK) is looking to raise around US$500m in its upcoming Hong Kong IPO. In this note we will undertake a peer comparison.

Clarence Chu

SK Discovery Launches Opportunistic Partial Tender on SK Chemicals To Buy SK Bio CHEAP

SK Discovery has launched an opportunistic Offer to buy 5.2% of SK Chem to go >40+%. A small premium to recent but only a 12-week high... ish......

Travis Lundy

Samsung Biologics (207940 KS): Record-High Semi-Annual Revenue Exceeding KRW1 Trillion

Samsung Biologics reported 51% y/y revenue growth to KRW1 trillion in H1. With all plants operating at full capacity, business operations remain...

Tina Banerjee

Samsung Biologics reported record high quarterly revenue of KRW1.03T in 3Q23. The company has backlog of $11.8B and aims for 20%+ revenue growth...