Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>Innovation data suggests that <a href="https://www.smartkarma.com/entities/bayer-ag" target="_blank" data-smartkarma-citation="entities:26881:1" rel="noopener">Bayer AG (BAYN GY)</a> has an almost monopoly stake in agriculture-related microbial, followed by <a href="https://www.smartkarma.com/entities/dupont-de-nemours-inc" target="_blank" data-smartkarma-citation="entities:9239:1" rel="noopener">DuPont (DD US)</a> </li>
<li>In non-ag microbial space <a href="https://www.smartkarma.com/entities/moderna-inc" target="_blank" data-smartkarma-citation="entities:28744:1" rel="noopener">Moderna Inc (MRNA US)</a>,  <a href="https://www.smartkarma.com/entities/codexis-inc" target="_blank" data-smartkarma-citation="entities:26400:1" rel="noopener">Codexis Inc (CDXS US)</a>,  <a href="https://www.smartkarma.com/entities/regeneron-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:9167:1" rel="noopener">Regeneron Pharmaceuticals (REGN US),</a><a href="https://www.smartkarma.com/entities/immatics-nv" target="_blank" data-smartkarma-citation="entities:33092:1" rel="noopener">Immatics NV (IMTX US)</a> lead the field</li>
<li>In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, <a href="https://www.smartkarma.com/entities/johnson-johnson" target="_blank" data-smartkarma-citation="entities:1132:1" rel="noopener">Johnson &amp; Johnson (JNJ US)</a>, and <a href="https://www.smartkarma.com/entities/pfizer-inc" target="_blank" data-smartkarma-citation="entities:1131:1" rel="noopener">Pfizer Inc (PFE US) </a>lead</li>
</ul>


Innovation data suggests that Bayer AG (BAYN GY) has an almost monopoly stake in agriculture-related microbial, followed by DuPont (DD US) 
In non-ag microbial space Moderna Inc (MRNA US),  Codexis Inc (CDXS US),  Regeneron Pharmaceuticals (REGN US),Immatics NV (IMTX US) lead the field
In the nascent area of bacteriophages which could be a game-changer to fight against antibiotic-resistant bacteria BOEHRINGER INGELHEIM, Johnson &amp; Johnson (JNJ US), and Pfizer Inc (PFE US) lead


Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Equity Bottom-Up

<p>I surely understand <a href="https://www.smartkarma.com/entities/22838" target="_blank" data-smartkarma-citation="entities:22838:1">SillaJen, Inc. (0908477D KS)</a> is a very speculative stock to invest right now. It has virtually no revenue. We still have to wait for several more years to see whether its product can really pump out real cash. That means there is no sensible way to value this stock 'properly'. What makes the matter even worse is that its stock price is literally flying higher and higher. Look at the below chart. It hit the bottom at ₩8,900 on Feb 20, which was down 40.7% from the IPO price of ₩15,000. But since then it has become one of the most fascinating comeback stocks in the Korean stock market history. It hit the highest at ₩66,600 on Oct 24, up 648% from the bottom on Feb 20 and up 344% from the IPO price. Today (Oct 25), SillaJen is now trading at ₩60,500, which is still up a whopping 303% from the IPO price. Its market cap now stands at ₩4.0tril. There is no doubt that a lot of speculative money have flowed into SillaJen in the past four month since June.</p><div class="content-caption">(SillaJen 1-yr price chart - Courtesy Naver Finance)</div><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/036/429/original/2.png?1508834506" class="editor-image img-responsive" data-smartkarma-image-id="36429"></figure><p>But this doesn't necessarily mean that we shouldn't even look at this stock. Although its current valuation is insanely high, I think it is certainly worth checking out what its true value may be. For this difficult valuation work, I'd like to do a comparable company analysis (comps). That is, I will look at one particular company which I consider and also Korea's local market at large seems to consider as the closest possible 'valuation peer' to SillaJen. Whom am I talking about? It is Onyx, which was acquired by <a href="https://www.smartkarma.com/entities/971" target="_blank" data-smartkarma-citation="entities:971:1">Amgen Inc (AMGN US)</a> in 2013.</p><hr><p><em>OK, let's first do a brief review on who SillaJen is and what it does. I will then jump into the valuation part with Onyx as a valuation peer.</em></p>

I surely understand SillaJen, Inc. (0908477D KS) is a very speculative stock to invest right now. It has virtually no revenue. We still have to wait for several more years to see whether its product can really pump out real cash. That means there is no sensible way to value this stock 'properly'. What makes the matter even worse is that its stock price is literally flying higher and higher. Look at the below chart. It hit the bottom at ₩8,900 on Feb 20, which was down 40.7% from the IPO price of ₩15,000. But since then it has become one of the most fascinating comeback stocks in the Korean stock market history. It hit the highest at ₩66,600 on Oct 24, up 648% from the bottom on Feb 20 and up 344% from the IPO price. Today (Oct 25), SillaJen is now trading at ₩60,500, which is still up a whopping 303% from the IPO price. Its market cap now stands at ₩4.0tril. There is no doubt that a lot of speculative money have flowed into SillaJen in the past four month since June.(SillaJen 1-yr price chart - Courtesy Naver Finance)But this doesn't necessarily mean that we shouldn't even look at this stock. Although its current valuation is insanely high, I think it is certainly worth checking out what its true value may be. For this difficult valuation work, I'd like to do a comparable company analysis (comps). That is, I will look at one particular company which I consider and also Korea's local market at large seems to consider as the closest possible 'valuation peer' to SillaJen. Whom am I talking about? It is Onyx, which was acquired by Amgen Inc (AMGN US) in 2013.OK, let's first do a brief review on who SillaJen is and what it does. I will then jump into the valuation part with Onyx as a valuation peer.

SillaJen - Pipeline Review & Valuation Study

France

Transgene S.A is a biotechnology company. The Company develops therapeutic vaccines and oncolytic viruses against solid tumors (lung, liver, head & neck and colorectal cancers). In addition to clinical-stage immunotherapies, Transgene S.A. develops individualized therapeutic vaccines and multi-functional oncolytic viruses.

Transgene SA (TNG FP)

Insights from Data Mining Technical Publications - Microbes - Bacteriophages

Innovations are modifying and harnessing microbes for new uses in agriculture, industry, and as potential new therapeutics to replace or...

Pyari Menon

SillaJen - Pipeline Review & Valuation Study

I surely understand SillaJen, Inc. (0908477D KS) is a very speculative stock to invest right now. It has virtually no revenue. We still have to...

Sanghyun Park