Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of May 22nd. The aggregated short interest was USD18.5bn.</li>
<li>We tabulate league tables 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 Mobis, HyundaiEng&amp;Const, LG Display, DB HiTek, JEL.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of May 22nd. The aggregated short interest was USD18.5bn.
We tabulate league tables 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 Mobis, HyundaiEng&amp;Const, LG Display, DB HiTek, JEL.


KRX Short Interest Weekly (May 22nd): Mobis, HyundaiEng&Const, LG Display, DB HiTek, JEL

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p>Emerging markets continue to outperform developed international equities, and within EM, the BRIC country grouping remains leadership.  In addition to sector and regional market comments, today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.</p>

Emerging markets continue to outperform developed international equities, and within EM, the BRIC country grouping remains leadership.  In addition to sector and regional market comments, today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Thematic (Sector/Industry)

<p>SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a biosimilar maker either. It makes new biomedical products. A majority of Korea's pharmaceutical makers are still generic drug makers. The likes of Celltrion and Samsung Bioepis have emerged as a biosimilar maker. But they are still a few. Biomedical makers are even rarer. Hanmi Pharmaceutical is one of these rare breeds. Now, another biomedical maker…</p>

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a biosimilar maker either. It makes new biomedical products. A majority of Korea's pharmaceutical makers are still generic drug makers. The likes of Celltrion and Samsung Bioepis have emerged as a biosimilar maker. But they are still a few. Biomedical makers are even rarer. Hanmi Pharmaceutical is one of these rare breeds. Now, another biomedical maker…

SillaJen's December IPO: Valuation, Growth Expectation and IPO Timing

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Yungjin Pharmaceutical Co / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yungjin-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:9781:1" rel="noopener">Yungjin Pharmaceutical Co (003520 KS)</a> earns 15% of total revenue from exports. The company mainly exports antibiotic product cephalosporins to Japan.</li>
<li>Yungjin’s export income declined 47% y/y in 2021 due to COVID. With Japan’s policy of reducing the usage of antibiotics, we are not upbeat on the recovery of this business.  </li>
<li>Yungjin’s outlicensed new drug candidate completed only phase 1 trial. If the candidate successfully completes later stages of trials, it is expected to be marketed only in 2024.</li>
</ul>



Yungjin Pharmaceutical Co (003520 KS) earns 15% of total revenue from exports. The company mainly exports antibiotic product cephalosporins to Japan.
Yungjin’s export income declined 47% y/y in 2021 due to COVID. With Japan’s policy of reducing the usage of antibiotics, we are not upbeat on the recovery of this business.  
Yungjin’s outlicensed new drug candidate completed only phase 1 trial. If the candidate successfully completes later stages of trials, it is expected to be marketed only in 2024.


Yungjin Pharm (003520 KS): Antibiotic Business on a Jeopardy; Long Way to Go Before New Drug Launch

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icure-pharm-inc" target="_blank" data-smartkarma-citation="entities:27142:1" rel="noopener">Icure Pharm Inc (175250 KS)</a> obtained marketing approval for world’s first donepezil patch, a treatment of Alzheimer’s-type dementia in Korea. Donepezil accounts for 80% of the local Alzheimer's treatment market.</li>
<li>For the domestic market, donepezil is expected to generate revenue of KRW 3.4 billion, equivalent to nearly 10% of existing annual revenue, with significantly higher profitability.</li>
<li>The company is currently negotiating for sales right contract in the U.S. and aims to launch the product by 2024 in the U.S.  </li>
</ul>



Icure Pharm Inc (175250 KS) obtained marketing approval for world’s first donepezil patch, a treatment of Alzheimer’s-type dementia in Korea. Donepezil accounts for 80% of the local Alzheimer's treatment market.
For the domestic market, donepezil is expected to generate revenue of KRW 3.4 billion, equivalent to nearly 10% of existing annual revenue, with significantly higher profitability.
The company is currently negotiating for sales right contract in the U.S. and aims to launch the product by 2024 in the U.S.  


Icure Pharm (175250 KS): High Hope for Transdermal Patch-Type Dementia Treatment Option

South Korea

Samjin Pharmaceutical Co., Ltd. produces antipyretic, analgesic, circulatory, anti-inflammatory, gastrointestinal, herbal tonic, and hepatic pharmaceutical products.  The Company also manufactures respiratory, antibiotic, anti-cancer, and detoxifying medications.

Samjin Pharmaceutical Co, Ltd. (005500 KS)

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Samjin Pharmaceutical Co, Ltd. (005500 KS)

KRX Short Interest Weekly (May 22nd): Mobis, HyundaiEng&Const, LG Display, DB HiTek, JEL

We analyzed KRX short interest report for the past week and highlighted short interest changes in Mobis, HyundaiEng&Const, LG Display, DB HiTek, JEL.

Ke Yan, CFA, FRM

EM Equity Strategy: Overweight BRIC

Emerging markets continue to outperform developed international equities, and within EM, the BRIC country grouping remains leadership. In addition...

Vermilion Research

SillaJen's December IPO: Valuation, Growth Expectation and IPO Timing

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a...

Sanghyun Park

Yungjin Pharm (003520 KS): Antibiotic Business on a Jeopardy; Long Way to Go Before New Drug Launch

Yungjin’s export revenue is declining due to weak demand of antibiotics in Japan. The company reported operating loss in 2021. New drug launch is...

Tina Banerjee

Icure Pharm (175250 KS): High Hope for Transdermal Patch-Type Dementia Treatment Option

Icure received approval for world’s first donepezil patch for the treatment of dementia. The company estimates the patch will be over KRW 1...

Tina Banerjee

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