Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sam-chun-dang-pharm-co-ltd" target="_blank" data-smartkarma-citation="entities:3912:1" rel="noopener">Sam Chun Dang Pharm (000250 KS)</a> has commenced bioequivalence study of oral semaglutide. Difference in technology should allow the drug to enter the market as early as 2026.</li>
<li>Last December, the company has partnered with Fresenius Kabi for the global commercialization of its Eylea biosimilar in the U.S. and several countries in Latin America.</li>
<li>Sam Chun Dang Pharma shares rallied 113% since its early December lows. With continued progress of high-value generics, we remain upbeat on the name.</li>
</ul>



Sam Chun Dang Pharm (000250 KS) has commenced bioequivalence study of oral semaglutide. Difference in technology should allow the drug to enter the market as early as 2026.
Last December, the company has partnered with Fresenius Kabi for the global commercialization of its Eylea biosimilar in the U.S. and several countries in Latin America.
Sam Chun Dang Pharma shares rallied 113% since its early December lows. With continued progress of high-value generics, we remain upbeat on the name.


Sam Chun Dang Pharm (000250 KS): Oral Semaglutide Trial Begins; Global Expansion of Eylea Biosimilar

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sam-chun-dang-pharm-co-ltd" target="_blank" data-smartkarma-citation="entities:3912:1" rel="noopener">Sam Chun Dang Pharm (000250 KS)</a> secured exclusive 10-year contract to supply Eylea biosimilar (SCD411) to nine European countries. The company will receive 55% of gross sales of the product.</li>
<li>Last month, the company placed 500K shares (~2% of issued capital) to Shinhan Investment Securities to raise KRW71.4B. Proceeds will be utilized to fund the company’s global clinical trial cost.</li>
<li>The company has started exporting generic glaucoma eye drop to the U.S. and expects to start exporting at least two more generic ophthalmic products in the U.S. this year.</li>
</ul>



Sam Chun Dang Pharm (000250 KS) secured exclusive 10-year contract to supply Eylea biosimilar (SCD411) to nine European countries. The company will receive 55% of gross sales of the product.
Last month, the company placed 500K shares (~2% of issued capital) to Shinhan Investment Securities to raise KRW71.4B. Proceeds will be utilized to fund the company’s global clinical trial cost.
The company has started exporting generic glaucoma eye drop to the U.S. and expects to start exporting at least two more generic ophthalmic products in the U.S. this year.


Sam Chun Dang Pharm (000250 KS): Positive Momentum to Continue

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

Event-Driven

<ul>
<li>The resumption of short selling in Korea came at a good time for investors, giving them some additional tools to manage market volatility.</li>
<li>Short interest has increased from 0.17% to 0.23% of market cap for the KOSPI market and from 0.46% to 0.63% for the KOSDAR market.</li>
<li>The KOSPI/KOSDAQ ratio has reverted a bit on profit taking, and the forecast index deletions have recovered a bit but should continue to see increase short interest.</li>
</ul>


The resumption of short selling in Korea came at a good time for investors, giving them some additional tools to manage market volatility.
Short interest has increased from 0.17% to 0.23% of market cap for the KOSPI market and from 0.46% to 0.63% for the KOSDAR market.
The KOSPI/KOSDAQ ratio has reverted a bit on profit taking, and the forecast index deletions have recovered a bit but should continue to see increase short interest.


Korea Short Selling: Biggest Changes in Shorts & Trade Performance

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.

Index Rebalance

<ul>
<li>Real alpha? Tight basket means outsized passive flows. The play? SK Innovation, no contest.</li>
<li>Samsung SDI faces -0.54x ADTV outflows. Other movers: Netmarble 0.68x, Wemade Max 0.54x, NHN -0.46x ADTV.</li>
<li>Net-Net? SK Innovation is the trade. Long here, hedge short on Samsung SDI or the broader Battery space.</li>
</ul>


Real alpha? Tight basket means outsized passive flows. The play? SK Innovation, no contest.
Samsung SDI faces -0.54x ADTV outflows. Other movers: Netmarble 0.68x, Wemade Max 0.54x, NHN -0.46x ADTV.
Net-Net? SK Innovation is the trade. Long here, hedge short on Samsung SDI or the broader Battery space.


Got the BBIG Rebalancing Results: SK Innovation Is the Trade This Week

<ul>
<li>The review period for the March rebalance ended on 31 January, changes will be announced first week of March and implemented at the close of trading on 13 March.</li>
<li>We forecast two changes for the Bio Index and one change for the Internet Index. Plus there will be capping changes for all indices.</li>
<li>The largest flows will be in <a href="https://www.smartkarma.com/entities/samsung-sdi-co-ltd" target="_blank" data-smartkarma-citation="entities:503:1" rel="noopener">Samsung SDI</a>, <a href="https://www.smartkarma.com/entities/lg-energy-solution" target="_blank" data-smartkarma-citation="entities:33464:1" rel="noopener">LG Energy Solution</a>, <a href="https://www.smartkarma.com/entities/posco-holdings-inc" target="_blank" data-smartkarma-citation="entities:208:1" rel="noopener">POSCO Holdings</a>, <a href="https://www.smartkarma.com/entities/alteogen-inc" target="_blank" data-smartkarma-citation="entities:15886:1" rel="noopener">Alteogen</a>, <a href="https://www.smartkarma.com/entities/naver-corp" target="_blank" data-smartkarma-citation="entities:16029:1" rel="noopener">Naver Corp</a>, <a href="https://www.smartkarma.com/entities/legochem-biosciences-inc" target="_blank" data-smartkarma-citation="entities:19803:1" rel="noopener">Legochem Biosciences</a>, <a href="https://www.smartkarma.com/entities/netmarble-corp" target="_blank" data-smartkarma-citation="entities:22839:1" rel="noopener">Netmarble</a> and <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc</a>.</li>
</ul>


The review period for the March rebalance ended on 31 January, changes will be announced first week of March and implemented at the close of trading on 13 March.
We forecast two changes for the Bio Index and one change for the Internet Index. Plus there will be capping changes for all indices.
The largest flows will be in Samsung SDI, LG Energy Solution, POSCO Holdings, Alteogen, Naver Corp, Legochem Biosciences, Netmarble and Celltrion Inc.


KRX New Deal Index Rebalance Preview: Smaller Deal Than Usual

South Korea

Sam Chun Dang Pharm Co., Ltd. (SCD) develops, manufactures, and markets medicines for human health care.  The Company specializes in producing medical treatment drugs as well as diagnostic drugs.  SCD Pharm's products include antibiotics, respiratory stimulants, pneumonia diagnosis devices, and many others.

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Sam Chun Dang Pharm (000250 KS)