In today’s briefing:
- Imminent Block Deals Involving Hanmi Science Shares Due to Inheritance Tax Payments
- EuBiologics (206650 KS): Secular Sectoral Tailwind Is Not The Only Catalyst
- 2024 High Conviction Update: Innovent (1801.HK) – Breakeven Is Still on Track Despite Soaring Costs
Imminent Block Deals Involving Hanmi Science Shares Due to Inheritance Tax Payments
- The local market anxiously awaits the family’s ability to pay by early May. Failure could prompt the Tax Service to sell their pledged stocks, including Hanmi Science shares.
- Preventing Tax Service from selling Hanmi Science shares requires additional collateral, unlikely due to existing pledges. Rumor suggests mother and daughter may sell shares before May, followed by Tax Service.
- Given negotiation uncertainty with KKR, it’s crucial to prepare for potential failure rather than solely relying on success, necessitating a pragmatic approach.
EuBiologics (206650 KS): Secular Sectoral Tailwind Is Not The Only Catalyst
- Eubiologics (206650 KS) received UNICEF oral cholera vaccine order of KRW124B in 2024. This is nearly 1.9x higher than last year’s sales, making the case for record-high sales in 2024.
- Eubiologics is not expecting any near-term competition. The company is boosting its production capability to 90M doses annually by 2025 from 33M doses currently.
- Eubiologics is planning to enter the premium vaccine market, which should further accelerate the revenue growth and improve its margins. Recently, Bionote (377740 KS) has increased stake in Eubiologics.
2024 High Conviction Update: Innovent (1801.HK) – Breakeven Is Still on Track Despite Soaring Costs
- 23H2 net loss significantly widened as cost control was not as tight as in 23H1. Expenses would remain high in 2024, since Innovent would continue expanding team in CVM field.
- Innovent may think that not many players will join the competition of weight loss drug in short-term, but the actual commercialization of mazdutide after launch could be full of uncertainties.
- It’s already good for Innovent to be breakeven in 2025. If Innovent breaks even in 2024, it will exceed expectations.Considering major policy shift, Innovent could experience a leap in valuation.
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