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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

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 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 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

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>4Q24 consolidated revenue came in at W496.1bn (+13.5% YoY), with operating loss of W19.0bn (swing to loss)</li><li>R&amp;D expenses surge by 93% on new pipeline introduction and clinical trial initiation</li><li>Eyes on MARIPOSA mOS interim data set for release in March, setting aside disappointing earnings</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

4Q24 consolidated revenue came in at W496.1bn (+13.5% YoY), with operating loss of W19.0bn (swing to loss)R&amp;D expenses surge by 93% on new pipeline introduction and clinical trial initiationEyes on MARIPOSA mOS interim data set for release in March, setting aside disappointing earningsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Yuhan Corporation (000100 KS Feb 13, 2025) - Eyes on Upbeat Prospects

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.

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Yuhan Corp (000100 KS)

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

Yuhan Corporation (000100 KS Feb 13, 2025) - Eyes on Upbeat Prospects

4Q24 consolidated revenue came in at W496.1bn (+13.5% YoY), with operating loss of W19.0bn (swing to loss). R&D expenses surge by 93% on new...

Daishin Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Yuhan Corporation (000100 KS Feb 13, 2025) - Eyes on Upbeat Prospects

4Q24 consolidated revenue came in at W496.1bn (+13.5% YoY), with operating loss of W19.0bn (swing to loss). R&D expenses surge by 93% on new...

Daishin Securities

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....