Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>Korea Exchange plans to announce the first rebalance of the "Korea Value Up Index" next week on 27 May. The actual rebalance is expected to take place on 13 June.</li>
<li>Korea Exchange plans to reduce the constituents to 100 (from 105 currently) and change 30% of the included stocks in this index to better reflect the Value Up program incentives. </li>
<li>In this insight, we provide a list of 20 potential exclusion candidates and 20 inclusion candidates in the Value Up index rebalance. </li>
</ul>


Korea Exchange plans to announce the first rebalance of the "Korea Value Up Index" next week on 27 May. The actual rebalance is expected to take place on 13 June.
Korea Exchange plans to reduce the constituents to 100 (from 105 currently) and change 30% of the included stocks in this index to better reflect the Value Up program incentives. 
In this insight, we provide a list of 20 potential exclusion candidates and 20 inclusion candidates in the Value Up index rebalance. 


Korea Value Up Index Rebalance Announcement Next Week

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hk-inno-n-corp" target="_blank" data-smartkarma-citation="entities:33522:1" rel="noopener">HK inno.N (195940 KS)</a> announced positive topline result from the U.S. Phase 3 trial evaluating K-CAB in gastroesophageal reflux disease. U.S. filing is expected in 4Q25.</li>
<li>HK inno.N has reported strong 1Q25 result, with double-digit growth across all key parameters. Revenue increased 16% YoY, while operating profit grew at a faster pace of 47% YoY.</li>
<li>The U.S. filing and approval are the major catalysts. However, HK inno has other growth engines as well. Innovative pipeline is also progressing, ensuring long-term growth prospect.</li>
</ul>



HK inno.N (195940 KS) announced positive topline result from the U.S. Phase 3 trial evaluating K-CAB in gastroesophageal reflux disease. U.S. filing is expected in 4Q25.
HK inno.N has reported strong 1Q25 result, with double-digit growth across all key parameters. Revenue increased 16% YoY, while operating profit grew at a faster pace of 47% YoY.
The U.S. filing and approval are the major catalysts. However, HK inno has other growth engines as well. Innovative pipeline is also progressing, ensuring long-term growth prospect.


HK Inno. N (195940 KS): Promising US Trial Result for K-CAB Raises Hope; Starts 2025 on Strong Note

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ablbio-inc" target="_blank" data-smartkarma-citation="entities:35621:1" rel="noopener">ABLBio (298380 KS)</a> announced licensing agreement with <a href="https://www.smartkarma.com/entities/glaxosmithkline-plc" target="_blank" data-smartkarma-citation="entities:21960:1" rel="noopener">GlaxoSmithKline PLC (GSK LN)</a> to develop novel treatments for neurodegenerative diseases by utilizing ABL Bio’s blood-brain barrier (BBB) shuttle platform, Grabody-B.</li>
<li>ABL Bio is eligible to receive up to £2.075B in research, development, regulatory, and commercialization milestone payments across multiple potential programs. The company will receive tiered royalties on net sales.</li>
<li>Last October, ABL Bio completed the manufacturing technology transfer for ABL301, a bispecific antibody containing Grabody-B to treat Parkinson’s disease, to Sanofi and unlocked a milestone payment of $5M.</li>
</ul>



ABLBio (298380 KS) announced licensing agreement with GlaxoSmithKline PLC (GSK LN) to develop novel treatments for neurodegenerative diseases by utilizing ABL Bio’s blood-brain barrier (BBB) shuttle platform, Grabody-B.
ABL Bio is eligible to receive up to £2.075B in research, development, regulatory, and commercialization milestone payments across multiple potential programs. The company will receive tiered royalties on net sales.
Last October, ABL Bio completed the manufacturing technology transfer for ABL301, a bispecific antibody containing Grabody-B to treat Parkinson’s disease, to Sanofi and unlocked a milestone payment of $5M.


ABLBio (298380 KS): Continued License Out Deals and Milestone Payment Realization to Feed Pipeline

Equity Capital Markets

Bukwang Pharmaceutical / Equity Capital Markets

<ul>
<li>On 28 March, Bukwang Pharmaceutical (003000 KS) announced a capital raise of 100 billion won. Its share price fell by 13.3% today. </li>
<li>The company plans to issue 30.2 million new shares (44% of outstanding shares). Expected rights offering price is 3,310 won (15.1% lower than current price). </li>
<li>We are negative on Bukwang Pharm mainly due to excessive shareholding dilution from this rights offering as well as lack of valuation merits. </li>
</ul>


On 28 March, Bukwang Pharmaceutical (003000 KS) announced a capital raise of 100 billion won. Its share price fell by 13.3% today. 
The company plans to issue 30.2 million new shares (44% of outstanding shares). Expected rights offering price is 3,310 won (15.1% lower than current price). 
We are negative on Bukwang Pharm mainly due to excessive shareholding dilution from this rights offering as well as lack of valuation merits. 


Bukwang Pharm Announces A Capital Raise of 100 Billion Won

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 Mar 21st which has an aggregated short interest worth USD3.5bn.</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 Mobis (012330 KS), Korea Aerospace (047810 KS).</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Mar 21st which has an aggregated short interest worth USD3.5bn.
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 Mobis (012330 KS), Korea Aerospace (047810 KS).


KRX Short Interest Weekly (Mar 21st): Mobis, Korea Aerospace

South Korea

Yuhan Corporation manufactures and markets various pharmaceutical products on its own and through joint ventures with other global pharmaceutical companies. The Company also produces personal care products, dietary supplements, and veterinary medicines.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Yuhan Corp (000100 KS)

Korea Value Up Index Rebalance Announcement Next Week

Korea Exchange plans to announce the first rebalance of the "Korea Value Up Index" next week on 27 May. The actual rebalance is expected to take...

Douglas Kim

HK Inno. N (195940 KS): Promising US Trial Result for K-CAB Raises Hope; Starts 2025 on Strong Note

HK inno.N reports positive Phase 3 trial results for K-CAB in GERD, with US filing expected in 4Q25. The company reported double-digit growth...

Tina Banerjee

ABLBio (298380 KS): Continued License Out Deals and Milestone Payment Realization to Feed Pipeline

ABLBio partners with GSK to develop CNS treatments using Grabody-B, potentially receiving up to £2.075B in milestone payments and royalties....

Tina Banerjee

Bukwang Pharm Announces A Capital Raise of 100 Billion Won

On 28 March, Bukwang Pharmaceutical announced a capital raise of 100 billion won. The company plans to issue 30.2 million new shares (44% of...

Douglas Kim

KRX Short Interest Weekly (Mar 21st): Mobis, Korea Aerospace

We analyzed KRX short interest report for the past week and highlighted short interest changes in Mobis, Korea Aerospace.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Korea Value Up Index Rebalance Announcement Next Week

Korea Exchange plans to announce the first rebalance of the "Korea Value Up Index" next week on 27 May. The actual rebalance is expected to take...

Douglas Kim

HK Inno. N (195940 KS): Promising US Trial Result for K-CAB Raises Hope; Starts 2025 on Strong Note

​HK inno.N reports positive Phase 3 trial results for K-CAB in GERD, with US filing expected in 4Q25. The company reported double-digit growth...

Tina Banerjee

ABLBio (298380 KS): Continued License Out Deals and Milestone Payment Realization to Feed Pipeline

​ABLBio partners with GSK to develop CNS treatments using Grabody-B, potentially receiving up to £2.075B in milestone payments and royalties....

Tina Banerjee

Bukwang Pharm Announces A Capital Raise of 100 Billion Won

On 28 March, Bukwang Pharmaceutical announced a capital raise of 100 billion won. The company plans to issue 30.2 million new shares (44% of...

Douglas Kim

KRX Short Interest Weekly (Mar 21st): Mobis, Korea Aerospace

We analyzed KRX short interest report for the past week and highlighted short interest changes in Mobis, Korea Aerospace.

Ke Yan, CFA, FRM

HK inno.N reports positive Phase 3 trial results for K-CAB in GERD, with US filing expected in 4Q25. The company reported double-digit growth...

ABLBio partners with GSK to develop CNS treatments using Grabody-B, potentially receiving up to £2.075B in milestone payments and royalties....