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>For 3Q25, PharmaResearch reported revenue of W135.4bn (+52% YoY), missing the consensus.</li><li>By division, revenue was W22bn for pharma (+36% YoY; +33% YoY in Korea and +42% YoY overseas), W76.7bn for medical devices (+51% YoY; +59% YoY in Korea and +34% YoY overseas), and W35.2bn for cosmetics (+108% YoY; +126% YoY in Korea and +99% YoY overseas).</li><li>Operating profit was W61.9bn (+77% YoY; OP margin of 45.7%), in line with the consensus. We estimate adjusted EBITDA came in at W66.2bn (+67% YoY; adjusted EBITDA margin of 48.9%).</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.

For 3Q25, PharmaResearch reported revenue of W135.4bn (+52% YoY), missing the consensus.By division, revenue was W22bn for pharma (+36% YoY; +33% YoY in Korea and +42% YoY overseas), W76.7bn for medical devices (+51% YoY; +59% YoY in Korea and +34% YoY overseas), and W35.2bn for cosmetics (+108% YoY; +126% YoY in Korea and +99% YoY overseas).Operating profit was W61.9bn (+77% YoY; OP margin of 45.7%), in line with the consensus. We estimate adjusted EBITDA came in at W66.2bn (+67% YoY; adjusted EBITDA margin of 48.9%).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.

PharmaResearch (214450 KQ/Buy)An inevitable valuation reset

<ul><li>For 3Q25, we expect PharmaResearch to report revenue of W142.2bn (+59% YoY), in line with the consensus, driven by continued strength in the core medical device business (W82.7bn; +63% YoY).</li><li>This would mark the 12th consecutive quarter of recordhigh revenue.</li><li>We estimate adjusted EBITDA at W64bn (+61% YoY; adjusted EBITDA margin of 45%) and operating profit at W59.6bn (+71% YoY; OP margin of 42%), meeting the consensus.</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.

For 3Q25, we expect PharmaResearch to report revenue of W142.2bn (+59% YoY), in line with the consensus, driven by continued strength in the core medical device business (W82.7bn; +63% YoY).This would mark the 12th consecutive quarter of recordhigh revenue.We estimate adjusted EBITDA at W64bn (+61% YoY; adjusted EBITDA margin of 45%) and operating profit at W59.6bn (+71% YoY; OP margin of 42%), meeting the consensus.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.

PharmaResearch (214450 KQ/Buy)Rejuran to Remain a Staple in Aesthetic Medicine

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Event-Driven

<ul>
<li>Last week, PharmaResearch announced that it has approved a corporate spin-off, to separate the existing company into two distinct entities including PharmaResearch Holdings (surviving entity) and PharmaResearch (newly created entity).</li>
<li>PharmaResearch spin-off is a textbook case study of destroying shareholder value. Minority shareholders should oppose this deal. </li>
<li>The spin-off ratio is based on a pure net asset basis, not taking into consideration the future earnings and cash flow streams of the company's most important product line Rejuran.</li>
</ul>


Last week, PharmaResearch announced that it has approved a corporate spin-off, to separate the existing company into two distinct entities including PharmaResearch Holdings (surviving entity) and PharmaResearch (newly created entity).
PharmaResearch spin-off is a textbook case study of destroying shareholder value. Minority shareholders should oppose this deal. 
The spin-off ratio is based on a pure net asset basis, not taking into consideration the future earnings and cash flow streams of the company's most important product line Rejuran.


PharmaResearch Spin-Off: A Textbook Case Study of Destroying Shareholder Value

Cross Asset Strategy

<ul>
<li>There are some major surprises (both inclusions and exclusions) in the Korea Value Up index. </li>
<li>In particular, the telecom sector (SK Telecom and KT) and large cap holding companies (Samsung C&amp;T and LG Corp) are surprising exclusions in the index.</li>
<li>There are many surprising inclusions in the Korea Value Up Index. We provide 30 companies are surprising inclusions in the Korea Value Up Index (19 KOSDAQ and 11 KOSPI listed).</li>
</ul>


There are some major surprises (both inclusions and exclusions) in the Korea Value Up index. 
In particular, the telecom sector (SK Telecom and KT) and large cap holding companies (Samsung C&amp;T and LG Corp) are surprising exclusions in the index.
There are many surprising inclusions in the Korea Value Up Index. We provide 30 companies are surprising inclusions in the Korea Value Up Index (19 KOSDAQ and 11 KOSPI listed).


Korea Value Up Index - Surprising Inclusions and Exclusions

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 foreign holdings of KRX stocks as of Oct 24th. The aggregated holding was USD811.6bn.</li>
<li>We estimate that foreign flows to be outflows of USD630mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Hanwha Ocean, Doosan Enerbility, Samsung Electronics, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 24th. The aggregated holding was USD811.6bn.
We estimate that foreign flows to be outflows of USD630mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Hanwha Ocean, Doosan Enerbility, Samsung Electronics, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Oct 24th): SK Hynix, Hanwha Ocean, Doosan Enerbility

South Korea

PharmaResearch Co., Ltd. operates as a marine biopharmaceuticals company. The Company manufactures and sells botulinum toxin formulations and other products. PharmaResearch also produces and sells medical equipment and cosmetics.

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PharmaResearch (214450 KS)

PharmaResearch (214450 KQ/Buy)An inevitable valuation reset

Operating profit was W61.9bn (+77% YoY; OP margin of 45.7%), in line with the consensus. We estimate adjusted EBITDA came in at W66.2bn (+67% YoY;...

Mirae Asset Securities

PharmaResearch (214450 KQ/Buy)Rejuran to Remain a Staple in Aesthetic Medicine

For 3Q25, we expect PharmaResearch to report revenue of W142.2bn (+59% YoY), in line with the consensus, driven by continued strength in the core...

Mirae Asset Securities

PharmaResearch Spin-Off: A Textbook Case Study of Destroying Shareholder Value

PharmaResearch spin-off is a textbook case study of destroying shareholder value. Minority shareholders should oppose this deal.

Douglas Kim

Korea Value Up Index - Surprising Inclusions and Exclusions

There are many surprising inclusions and exclusions in the Korea Value Up Index. We provide 30 companies that are surprising inclusions and 10...

Douglas Kim

KRX Foreign Holding Weekly (Oct 24th): SK Hynix, Hanwha Ocean, Doosan Enerbility

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Hanwha Ocean, Doosan Enerbility,...

Ke Yan, CFA, FRM

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