Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hugel-inc" target="_blank" data-smartkarma-citation="entities:22860:1" rel="noopener">Hugel Inc (145020 KS)</a> achieved revenue and operating profit of KRW105B and KRW53B in 3Q24, up 24% and 55%, YoY, respectively. Both botulinum toxin and fillers performed strongly.</li>
<li>Botulinum toxin's overseas sales jumped 73% YoY during the quarter, thanks to the initial shipment to the U.S. in July and September and robust growth from the Asia-Pacific market.</li>
<li>After the favorable ruling of ITC, Hugel plans to officially launch Botulax later this year in the U.S. market via collaborations with its California-based partner Benev Company.</li>
</ul>



Hugel Inc (145020 KS) achieved revenue and operating profit of KRW105B and KRW53B in 3Q24, up 24% and 55%, YoY, respectively. Both botulinum toxin and fillers performed strongly.
Botulinum toxin's overseas sales jumped 73% YoY during the quarter, thanks to the initial shipment to the U.S. in July and September and robust growth from the Asia-Pacific market.
After the favorable ruling of ITC, Hugel plans to officially launch Botulax later this year in the U.S. market via collaborations with its California-based partner Benev Company.


Hugel Inc (145020 KS): Record High Quarterly Sales and Operating Profit in 3Q; US Launch to Start

Thematic (Sector/Industry)

<ul>
<li>CSPC Pharmaceutical entered into an exclusive license agreement with AstraZeneca for the global development, manufacture, and commercialization bad cholesterol lowering drug candidate YS2302018.</li>
<li>Ono Pharmaceutical entered into a license agreement with LigaChem Biosciences for LCB97, a pre-clinical stage antibody-drug conjugate (ADC) aimed at being a first-in-class drug in the field of solid tumors.</li>
<li>The U.S. International Trade Commission (ITC) has issued final ruling in favor of Hugel. This should accelerate Hugel’s business expansion in the U.S.</li>
</ul>


CSPC Pharmaceutical entered into an exclusive license agreement with AstraZeneca for the global development, manufacture, and commercialization bad cholesterol lowering drug candidate YS2302018.
Ono Pharmaceutical entered into a license agreement with LigaChem Biosciences for LCB97, a pre-clinical stage antibody-drug conjugate (ADC) aimed at being a first-in-class drug in the field of solid tumors.
The U.S. International Trade Commission (ITC) has issued final ruling in favor of Hugel. This should accelerate Hugel’s business expansion in the U.S.


APAC Healthcare Weekly (Oct 13)- CSPC Pharma, Hugel, Astellas, Ono Pharma, and Hanmi Pharm

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hugel-inc" target="_blank" data-smartkarma-citation="entities:22860:1" rel="noopener">Hugel Inc (145020 KS)</a> got favorable preliminary ruling in US for its litigation with Medytox. The ruling revealed that the competitor’s claim of strain theft by Hugel is baseless.  </li>
<li>In March, Hugel received FDA approval for BTX product, Letybo in US. The company plans to launch Letybo in 2H24, while final ruling for the litigation is scheduled in October.</li>
<li>As BTX and HA filler grew steadily in domestic and overseas markets, 1Q24 sales grew 15% YoY to KRW74.3B, achieving the highest ever performance in the first quarter.</li>
</ul>



Hugel Inc (145020 KS) got favorable preliminary ruling in US for its litigation with Medytox. The ruling revealed that the competitor’s claim of strain theft by Hugel is baseless.  
In March, Hugel received FDA approval for BTX product, Letybo in US. The company plans to launch Letybo in 2H24, while final ruling for the litigation is scheduled in October.
As BTX and HA filler grew steadily in domestic and overseas markets, 1Q24 sales grew 15% YoY to KRW74.3B, achieving the highest ever performance in the first quarter.


Hugel Inc (145020 KS): Favorable Court Ruling Paves US Entry; Record High 1Q Sales

<ul>
<li>
<a href="https://www.smartkarma.com/entities/classys" target="_blank" data-smartkarma-citation="entities:29688:1" rel="noopener">Classys (214150 KS)</a> started 2024 on a strong note with highest ever quarterly revenue and operating profit in 1Q24. Faster-than-expected consumables orders from overseas markets drove the overall performance.</li>
<li>The proportion of consumable sales rose to 53% (1Q23: 48% and 4Q23: 43%), increasing by 42% and 32% QoQ. Increasing contribution from high-margin consumables sales improved the profitability substantially.</li>
<li>Favorable industry tailwind, global expansion, and new launches remain main growth drivers. Classys still expects 2024 revenue of KRW225B, up 25% YoY. In April, Classys obtained FDA approval for Volnewmer.</li>
</ul>



Classys (214150 KS) started 2024 on a strong note with highest ever quarterly revenue and operating profit in 1Q24. Faster-than-expected consumables orders from overseas markets drove the overall performance.
The proportion of consumable sales rose to 53% (1Q23: 48% and 4Q23: 43%), increasing by 42% and 32% QoQ. Increasing contribution from high-margin consumables sales improved the profitability substantially.
Favorable industry tailwind, global expansion, and new launches remain main growth drivers. Classys still expects 2024 revenue of KRW225B, up 25% YoY. In April, Classys obtained FDA approval for Volnewmer.


Classys (214150 KS): Beautiful Journey Continues; Record High Revenue and Operating Profit in 1Q24

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 Nov 10th which has an aggregated short interest worth USD12.0bn.</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 Medytox, Lg Energy Solution, Kakao, Krafton, Amorepacific.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Nov 10th which has an aggregated short interest worth USD12.0bn.
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 Medytox, Lg Energy Solution, Kakao, Krafton, Amorepacific.


KRX Short Interest Weekly (Nov 10th): Short Covers for LG Energy, Kakao, Krafton, Amorepacific

South Korea

Medy-Tox Inc. is a biopharmaceutical company.  The Company researches, develops and manufactures biopharmaceutical products using clostridium botulinum which is a microorganism toxin.

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Medy Tox Inc (086900 KS)

Hugel Inc (145020 KS): Record High Quarterly Sales and Operating Profit in 3Q; US Launch to Start

Hugel achieved revenue and operating profit of KRW105B and KRW53B in 3Q24, up 24% and 55%, YoY, respectively. The company plans to officially...

Tina Banerjee

APAC Healthcare Weekly (Oct 13)- CSPC Pharma, Hugel, Astellas, Ono Pharma, and Hanmi Pharm

Nobel Peace prize comes in the backdrop of a series of conflicts in the Middle East, Ukraine, and Sudan. However, far away from the conflict zones,...

Tina Banerjee

Hugel Inc (145020 KS): Favorable Court Ruling Paves US Entry; Record High 1Q Sales

Hugel wins favorable preliminary ruling in US, revealing strain theft claim baseless. The company plans to launch Letybo in 2H24 in US, while...

Tina Banerjee

Classys (214150 KS): Beautiful Journey Continues; Record High Revenue and Operating Profit in 1Q24

Classys reports 29% and 33% growth in revenue and operating profit, respectively, in 1Q24, driven by strong overseas consumables orders. The...

Tina Banerjee

KRX Short Interest Weekly (Nov 10th): Short Covers for LG Energy, Kakao, Krafton, Amorepacific

We analyzed KRX short interest report for the past week and highlight short interest changes in Medytox, Lg Energy Solution, Kakao, Krafton,...

Ke Yan, CFA, FRM

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52-week Range

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Hugel Inc (145020 KS): Record High Quarterly Sales and Operating Profit in 3Q; US Launch to Start

​Hugel achieved revenue and operating profit of KRW105B and KRW53B in 3Q24, up 24% and 55%, YoY, respectively. The company plans to officially...

Tina Banerjee

APAC Healthcare Weekly (Oct 13)- CSPC Pharma, Hugel, Astellas, Ono Pharma, and Hanmi Pharm

Nobel Peace prize comes in the backdrop of a series of conflicts in the Middle East, Ukraine, and Sudan. However, far away from the conflict zones,...

Tina Banerjee

Hugel Inc (145020 KS): Favorable Court Ruling Paves US Entry; Record High 1Q Sales

​Hugel wins favorable preliminary ruling in US, revealing strain theft claim baseless. The company plans to launch Letybo in 2H24 in US, while...

Tina Banerjee

Classys (214150 KS): Beautiful Journey Continues; Record High Revenue and Operating Profit in 1Q24

​Classys reports 29% and 33% growth in revenue and operating profit, respectively, in 1Q24, driven by strong overseas consumables orders. The...

Tina Banerjee

KRX Short Interest Weekly (Nov 10th): Short Covers for LG Energy, Kakao, Krafton, Amorepacific

We analyzed KRX short interest report for the past week and highlight short interest changes in Medytox, Lg Energy Solution, Kakao, Krafton,...

Ke Yan, CFA, FRM

Hugel achieved revenue and operating profit of KRW105B and KRW53B in 3Q24, up 24% and 55%, YoY, respectively. The company plans to officially...

Hugel wins favorable preliminary ruling in US, revealing strain theft claim baseless. The company plans to launch Letybo in 2H24 in US, while...

Classys reports 29% and 33% growth in revenue and operating profit, respectively, in 1Q24, driven by strong overseas consumables orders. The...