Macro Strategist, Saxo Capital Markets

Kay Van-Petersen

Macro Strategist

Saxo Capital Markets

Thematic (Sector/Industry)

<ul><li>Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central banker” will soon become mainstream.&nbsp; </li><li>In this piece, KVP takes a snap shot of what happened, the significance &amp; potential ways to look to play things going forward. </li></ul>

Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central banker” will soon become mainstream.&nbsp; In this piece, KVP takes a snap shot of what happened, the significance &amp; potential ways to look to play things going forward. 

Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

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Our team of analysts are independently minded individuals who believe in thoroughness, technical competence and clear punchy communications.

Equity Bottom-Up

<ul><li>Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market.</li><li>57-65% of early diagnosis lung cancer patients suffer from LCC, it is a highly debilitating condition.</li><li>The US lung cancer therapeutics market consensus values range from ~USD 29.9bn in 2023 to ~USD 71.3bn in 2034, suggesting a compound annual growth rate (CAGR) of 8.2% over our 10 year forecast period.</li></ul>

Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market.57-65% of early diagnosis lung cancer patients suffer from LCC, it is a highly debilitating condition.The US lung cancer therapeutics market consensus values range from ~USD 29.9bn in 2023 to ~USD 71.3bn in 2034, suggesting a compound annual growth rate (CAGR) of 8.2% over our 10 year forecast period.

Merus NV - ACF Thematic Oncology Lung Cancer Cough LCC 25042025

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> recorded 120% YoY increase in operating profit to KRW487B, while net profit increased 109% YoY to KRW376B in 1Q25. Revenue increased 37% YoY to KRW1,298B.</li>
<li>Stable ramp-up of Plant 4 while maintaining the full utilization of Plants 1 through 3, alongside favorable impact of foreign exchange rates drove 1Q25 performance.</li>
<li>1Q25 order intake amounted to approximately 40% of the total annual contract volume in 2024. Despite ongoing tariff threat, Samsung Biologics has maintained full-year guidance of 20–25% revenue growth.</li>
</ul>



Samsung Biologics (207940 KS) recorded 120% YoY increase in operating profit to KRW487B, while net profit increased 109% YoY to KRW376B in 1Q25. Revenue increased 37% YoY to KRW1,298B.
Stable ramp-up of Plant 4 while maintaining the full utilization of Plants 1 through 3, alongside favorable impact of foreign exchange rates drove 1Q25 performance.
1Q25 order intake amounted to approximately 40% of the total annual contract volume in 2024. Despite ongoing tariff threat, Samsung Biologics has maintained full-year guidance of 20–25% revenue growth.


Samsung Biologics (207940 KS): 1Q25 Operating and Net Profits Doubled; 2025 Guidance Maintained

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> reported 2024 revenue of KRW4.55T, up 23% YoY, ahead of guidance of 15–20%. Growth was driven by increased contribution from Plant 4 and milestone payment.</li>
<li>Ramp-Up at Plant 4 is expected to drive further revenue growth, while Plant 5, scheduled to begin operations in April 2025, will expand total production capacity to 784,000 liters. </li>
<li>Samsung Biologics is well positioned to be resilient to the industry challenges. The company has guided for 20–25% YoY revenue growth to KRW5456–5684B in 2025.</li>
</ul>



Samsung Biologics (207940 KS) reported 2024 revenue of KRW4.55T, up 23% YoY, ahead of guidance of 15–20%. Growth was driven by increased contribution from Plant 4 and milestone payment.
Ramp-Up at Plant 4 is expected to drive further revenue growth, while Plant 5, scheduled to begin operations in April 2025, will expand total production capacity to 784,000 liters. 
Samsung Biologics is well positioned to be resilient to the industry challenges. The company has guided for 20–25% YoY revenue growth to KRW5456–5684B in 2025.


Samsung Biologics (207940 KS): Record High Revenue in 2024; Accelerated Growth Expected in 2025

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

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.

Equity Capital Markets

Rubicon Research Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rubicon-research-limited" target="_blank" data-smartkarma-citation="entities:43796:1" rel="noopener">Rubicon Research Limited (1453591D IN)</a> is looking to raise about US$130m in its India IPO.</li>
<li>It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Rubicon Research Limited (1453591D IN) is looking to raise about US$130m in its India IPO.
It is a pharmaceutical formulations company with an increasing portfolio of specialty products and drug-device combination products targeting regulated markets, particularly, the United States.
In this note, we talk about the company’s historical performance.


Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Israel

Teva Pharmaceutical Industries Limited operates as a pharmaceutical company. The Company develops, manufactures, and markets generic and branded human pharmaceuticals, as well as active pharmaceutical ingredients. Teva Pharmaceutical Industries serves customers worldwide.

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Teva Pharmaceutical Industries (TEVA IT)

Never Trust A Swiss Central Banker

Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central...

Kay Van-Petersen

Merus NV - ACF Thematic Oncology Lung Cancer Cough LCC 25042025

Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market. 57-65% of early diagnosis...

ACF Equity Research

Samsung Biologics (207940 KS): 1Q25 Operating and Net Profits Doubled; 2025 Guidance Maintained

Samsung Biologics sees 120% operating profit growth in 1Q25, driven by stable plant utilizations and Fx tailwind. The company maintained full-year...

Tina Banerjee

Samsung Biologics (207940 KS): Record High Revenue in 2024; Accelerated Growth Expected in 2025

Samsung Biologics exceeded revenue expectations in 2024, driven by Plant 4 ramp-up and milestone payments. With Plant 5 set to increase capacity,...

Tina Banerjee

Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Rubicon Research Limited is looking to raise about US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

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Never Trust A Swiss Central Banker

Post SNB surprise announcement yesterday - after leading the market on as recently as a few weeks ago on – the term “Never trust a Swiss central...

Kay Van-Petersen

Merus NV - ACF Thematic Oncology Lung Cancer Cough LCC 25042025

Lung Cancer Cough (LCC) is an under-served, perhaps unserved therapeutic subsegment of the Lung Cancer/Oncology market. 57-65% of early diagnosis...

ACF Equity Research

Samsung Biologics (207940 KS): 1Q25 Operating and Net Profits Doubled; 2025 Guidance Maintained

​Samsung Biologics sees 120% operating profit growth in 1Q25, driven by stable plant utilizations and Fx tailwind. The company maintained full-year...

Tina Banerjee

Samsung Biologics (207940 KS): Record High Revenue in 2024; Accelerated Growth Expected in 2025

​Samsung Biologics exceeded revenue expectations in 2024, driven by Plant 4 ramp-up and milestone payments. With Plant 5 set to increase capacity,...

Tina Banerjee

Rubicon Research Pre-IPO - Robust Product Development Pipeline Driving Revenue Growth

Rubicon Research Limited is looking to raise about US$130m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

Samsung Biologics sees 120% operating profit growth in 1Q25, driven by stable plant utilizations and Fx tailwind. The company maintained full-year...

Samsung Biologics exceeded revenue expectations in 2024, driven by Plant 4 ramp-up and milestone payments. With Plant 5 set to increase capacity,...