Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Daiichi Sankyo is investing $152M for building a new ADC manufacturing facility in Shanghai. Eisai has received approval for Urece in China as a treatment for gout patients with hyperuricemia.</li>
<li>Celltrion has announced its largest-ever dividend of KRW750 per share and 1:20 bonus shares. The record date for dividend payment and bonus share is December 31.</li>
<li>Metropolis Healthcare is acquiring Core Diagnostics, a prominent player in India’s specialized diagnostics sector for INR2.5B. CSPC Pharmaceutical has granted an exclusive license to Beigene for a clinical-stage drug candidate.</li>
</ul>


Daiichi Sankyo is investing $152M for building a new ADC manufacturing facility in Shanghai. Eisai has received approval for Urece in China as a treatment for gout patients with hyperuricemia.
Celltrion has announced its largest-ever dividend of KRW750 per share and 1:20 bonus shares. The record date for dividend payment and bonus share is December 31.
Metropolis Healthcare is acquiring Core Diagnostics, a prominent player in India’s specialized diagnostics sector for INR2.5B. CSPC Pharmaceutical has granted an exclusive license to Beigene for a clinical-stage drug candidate.


APAC Healthcare Weekly (Dec 15)-Daiichi Sankyo, Eisai, Celltrion, Metropolis Healthcare, CSPC Pharma

<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

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

Oil & Natural Gas Corporation / Technical Analysis

<ul>
<li>MSCI EM (EEM-US) continues to show signs of bottoming as it has held above our $37-$37.50 line-in-the-sand. </li>
<li>Major 1+ year resistance on the EEM-US is at $42, and a breakout would mean the bottom is in (and would be a buy signal).</li>
<li>Favor EM over EAFE due to 2.5-year downtrend reversal in the EAFE vs. EM ratio. Top Overweights: Taiwan, India, Greece; Attractive EM Sectors: Energy, Technology, Consumer Discretionary, Financials</li>
</ul>


MSCI EM (EEM-US) continues to show signs of bottoming as it has held above our $37-$37.50 line-in-the-sand. 
Major 1+ year resistance on the EEM-US is at $42, and a breakout would mean the bottom is in (and would be a buy signal).
Favor EM over EAFE due to 2.5-year downtrend reversal in the EAFE vs. EM ratio. Top Overweights: Taiwan, India, Greece; Attractive EM Sectors: Energy, Technology, Consumer Discretionary, Financials


MSCI Emerging Market Index Testing 1+ Year Resistance; Favor EM over EAFE; Top EM Buys Highlighted

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<div class="content-highlight">
NPS has been continuing to sell big in Korea in 2021. Having covered Korea for more than two decades, I do not remember NPS selling like it has been in the past two months. As of 28 February, NPS net sold KOSPI for 42 consecutive days. It has been reported that NPS sold nearly 13 trillion won ($11.6 billion) of KOSPI since December 2020. The big selling by the NPS has become one of the biggest stories in the Korean stock market in 2021. 
As of the end of 2020, the Korean equities accounted for 21.2% of NPS' total portfolio. <a href="https://finance.naver.com/news/news_read.nhn?article_id=0003341623&amp;office_id=020&amp;mode=LSS2D&amp;type=0&amp;section_id=101&amp;section_id2=258&amp;section_id3=&amp;date=20210302&amp;page=3" target="_blank" rel="noopener">NPS'</a> goal is to reduce this to 16.8% of its total portfolio at the end of 2021. That is a big drop. In this case, NPS could sell an additional 24 trillion won ($21.4 billion) worth of Korean stocks by the end of 2021, which is nearly twice the amount of Korean stocks that it has sold in the past two months. 
</div>


NPS has been continuing to sell big in Korea in 2021. Having covered Korea for more than two decades, I do not remember NPS selling like it has been in the past two months. As of 28 February, NPS net sold KOSPI for 42 consecutive days. It has been reported that NPS sold nearly 13 trillion won ($11.6 billion) of KOSPI since December 2020. The big selling by the NPS has become one of the biggest stories in the Korean stock market in 2021. 
As of the end of 2020, the Korean equities accounted for 21.2% of NPS' total portfolio. NPS' goal is to reduce this to 16.8% of its total portfolio at the end of 2021. That is a big drop. In this case, NPS could sell an additional 24 trillion won ($21.4 billion) worth of Korean stocks by the end of 2021, which is nearly twice the amount of Korean stocks that it has sold in the past two months. 


NPS Is Selling Big in Korea - Will This Lead to an Underperformance of KOSPI in 2021?

Asia Pac ECM and Index Rebal, Shenton 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 analysed the earning revision of component stocks of MS-South Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Samsung Electronics, HANKOOK TIRE &amp; TECHNOLOGY, DB INSURANCE, LG Display, SK Hynix, KAL, SKSQUARE, LG Chem.</li>
</ul>


We analysed the earning revision of component stocks of MS-South Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Samsung Electronics, HANKOOK TIRE &amp; TECHNOLOGY, DB INSURANCE, LG Display, SK Hynix, KAL, SKSQUARE, LG Chem.


MS-South Korea Index Earning Revision (Jun): Samsung Electronics, HANKOOK TIRE & TECHNOLOGY, KAL

South Korea

SK Biopharmaceuticals Co., Ltd. researches and develops new drugs. The Company develops and markets brain disorders treatment drugs, central nervous system disorders treatment drugs, and other products. SK Biopharmaceuticals markets its products worldwide.

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SK Biopharmaceuticals (326030 KS)

APAC Healthcare Weekly (Dec 15)-Daiichi Sankyo, Eisai, Celltrion, Metropolis Healthcare, CSPC Pharma

The insight covers key developments in prominent APAC healthcare companies. These developments are expected to impact the financials of the...

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

MSCI Emerging Market Index Testing 1+ Year Resistance; Favor EM over EAFE; Top EM Buys Highlighted

MSCI EM Index $EEM Testing 1+ Year Resistance; Favor EM over EAFE $EFA. Top EM Country Overweights: Taiwan, India, Greece; Attractive EM Sectors:...

Vermilion Research

NPS Is Selling Big in Korea - Will This Lead to an Underperformance of KOSPI in 2021?

As of 28 February, NPS net sold KOSPI for 42 consecutive days. NPS could sell an additional 24 trillion won ($21.4 billion) worth of Korean stocks...

Douglas Kim

MS-South Korea Index Earning Revision (Jun): Samsung Electronics, HANKOOK TIRE & TECHNOLOGY, KAL

We analyzed MS-South Korea's consensus for Jun 2026 and highlighted changes of EPS in Samsung Electronics, HANKOOK TIRE & TECHNOLOGY, DB INSURANCE,...

Ke Yan, CFA, FRM

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52-week Range

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