In today’s briefing:
- KRX New Deal Index Rebalance Preview: Smaller Deal Than Usual
- Pre-IPO PegBio Co., Ltd. (PHIP Updates) – Some Points Worth the Attention
KRX New Deal Index Rebalance Preview: Smaller Deal Than Usual
- The review period for the March rebalance ended on 31 January, changes will be announced first week of March and implemented at the close of trading on 13 March.
- We forecast two changes for the Bio Index and one change for the Internet Index. Plus there will be capping changes for all indices.
- The largest flows will be in Samsung SDI, LG Energy Solution, POSCO Holdings, Alteogen, Naver Corp, Legochem Biosciences, Netmarble and Celltrion Inc.
Pre-IPO PegBio Co., Ltd. (PHIP Updates) – Some Points Worth the Attention
- The market’s expectations for GLP-1 have changed, and the sales growth of GLP-1 may enter a turning point, which would cast a shadow over the prospects of PegBio’s GLP-1 pipelines.
- PB-119 would be the first commercialized product for PegBio. However, this market is highly crowded. It’s highly uncertain whether PB-119 can stand out from fierce market competition after its launch.
- The post investment valuation has reached RMB4 billion, which is already expensive in our view. Due to poor valuation performance of peers, we are not optimistic about PegBio after IPO.
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