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.

Event-Driven

<ul>
<li>The declining appeal of the separator business prompts SK to seek buyers for SKIET through block deals amid financial pressures. The first deal is anticipated despite recent stock price drops.</li>
<li>SK Ecoplant looks to sell its 37.6% stake in SK Oceanplant. Negotiations stall over the former major shareholder's 20% stake, prompting consideration of a block deal.</li>
<li>SK Bioscience, under SK Discovery, faces possible sale amid SK's bio company reshuffle. SK Chemicals may bring SK Biopharm under its wing to help SK Inc focus on semiconductors/batteries.</li>
</ul>


The declining appeal of the separator business prompts SK to seek buyers for SKIET through block deals amid financial pressures. The first deal is anticipated despite recent stock price drops.
SK Ecoplant looks to sell its 37.6% stake in SK Oceanplant. Negotiations stall over the former major shareholder's 20% stake, prompting consideration of a block deal.
SK Bioscience, under SK Discovery, faces possible sale amid SK's bio company reshuffle. SK Chemicals may bring SK Biopharm under its wing to help SK Inc focus on semiconductors/batteries.


Block Deal Prospects Arising from SK Group's Corporate Reshuffle

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Bottom-Up

<ul>
<li>There has been a new, highly mutated COVID variant found in South Africa named Omicron by the WHO.</li>
<li>Is this the onset of the 'dark winter' that many people have warned? In this insight, we will provide further details of this new COVID variant Omicron.</li>
<li>While the world waits on more data on the Omicron variant, we believe SK Bioscience, SD Biosensor, and Seegene could soundly outperform the market in the next several weeks. </li>
</ul>


There has been a new, highly mutated COVID variant found in South Africa named Omicron by the WHO.
Is this the onset of the 'dark winter' that many people have warned? In this insight, we will provide further details of this new COVID variant Omicron.
While the world waits on more data on the Omicron variant, we believe SK Bioscience, SD Biosensor, and Seegene could soundly outperform the market in the next several weeks. 


The Highly Mutated Omicron COVID Variant - Onset of the Dark Winter?

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>In 3Q23, revenue jumped 2.5x YoY and 12.1x QoQ to KRW231.8 billion, mainly due to the inflow related to Novavax vaccine contract settlement and resumption of flu vaccine production.</li>
<li>Despite significantly improved Q3 result, SK Bioscience is expected to end 2023 on a weak note, due to the absence of contract manufacturing revenue from Novavax.</li>
<li>SK Bioscience has applied for EUA for the updated Novavax COVID-19 vaccine in Korea. Once approved, the company targets to distribute the vaccine during 2023–2024 winter seasons in Korea.</li>
</ul>


In 3Q23, revenue jumped 2.5x YoY and 12.1x QoQ to KRW231.8 billion, mainly due to the inflow related to Novavax vaccine contract settlement and resumption of flu vaccine production.
Despite significantly improved Q3 result, SK Bioscience is expected to end 2023 on a weak note, due to the absence of contract manufacturing revenue from Novavax.
SK Bioscience has applied for EUA for the updated Novavax COVID-19 vaccine in Korea. Once approved, the company targets to distribute the vaccine during 2023–2024 winter seasons in Korea.


SK Bioscience (302440 KS): Significantly Improved 3Q Result Benefitted From One-Time Payment

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> resumed flu vaccine shipment for 2023–24 flu season. The company temporarily stopped the production of flu vaccine to focus on the supply of COVID-19 vaccine.</li>
<li>In August 2023, SK Bioscience has entered joint development agreement with Australia-based privately held biotechnology company Vaxxas to develop a second-generation needle-free patch delivery of typhoid conjugate vaccine.</li>
<li>The company’s successful phase 2 clinical trial for first-in-class pneumococcal conjugate vaccine (PCV20+) in pediatric market is a step toward entry to the premium vaccine market.</li>
</ul>



SK Bioscience (302440 KS) resumed flu vaccine shipment for 2023–24 flu season. The company temporarily stopped the production of flu vaccine to focus on the supply of COVID-19 vaccine.
In August 2023, SK Bioscience has entered joint development agreement with Australia-based privately held biotechnology company Vaxxas to develop a second-generation needle-free patch delivery of typhoid conjugate vaccine.
The company’s successful phase 2 clinical trial for first-in-class pneumococcal conjugate vaccine (PCV20+) in pediatric market is a step toward entry to the premium vaccine market.


SK Bioscience (302440 KS): Flu Vaccine Output Resumes; Next-Gen Typhoid Vaccine Is On Card

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 May 24th which has an aggregated short interest worth USD6.1bn.</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 Samsung Electronics, Samsung SDI, Samsung Electro-Mechanics.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of May 24th which has an aggregated short interest worth USD6.1bn.
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 Samsung Electronics, Samsung SDI, Samsung Electro-Mechanics.


KRX Short Interest Weekly (May 24th): Samsung Electronics

South Korea

SK Bioscience Co.,Ltd. operates biopharmaceutical businesses. The Company produces vaccines, sky cellflu prefilled syringes, sky cellflu quadrivalent prefilled syringes, varicella drugs, and other related products. SK Bioscience markets its products throughout South Korea.

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SK Bioscience (302440 KS)

Block Deal Prospects Arising from SK Group's Corporate Reshuffle

This post explores short-term potential block deal candidates arising from SK Group's extensive corporate reshuffle, slated for finalization in a...

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The Highly Mutated Omicron COVID Variant - Onset of the Dark Winter?

There has been a new, highly mutated COVID variant found in South Africa named Omicron by the WHO. In this insight, we will provide further details...

Douglas Kim