In today’s briefing:
- A Partial Tender Offer of Englewood Lab by Cosmecca Korea
- Making a Call on when Samsung’s Financial Arms Will Drop Their Value-Up Announcements
- Ecopro Materials Block Deal Timing Closing In: Breaking Down the Situation
- SK Biopharmaceuticals (326030 KS): Records Maiden Profit in 2024; Momentum to Continue
A Partial Tender Offer of Englewood Lab by Cosmecca Korea
- On 6 February, Cosmecca Korea (241710 KS) launched a partial tender offer on Englewood Lab (950140 KS).
- Cosmecca Korea announced that it plans to purchase 11% (2.185 million) of Englewood Lab’s outstanding shares at the tender offer price of 10,000 won.
- It appears that this partial tender offer is an attempt by Cosmecca Korea to increase its stake in Englewood Lab even further, capitalizing on the lower share price.
Making a Call on when Samsung’s Financial Arms Will Drop Their Value-Up Announcements
- Samsung Life’s value-up disclosure: we should expect it with Q4 earnings on the 20th—every local desk and media outlet is eyeing that date.
- Unlike Samsung Life, Samsung Securities is tight-lipped. Earnings are set for Feb 14, but expect the value-up announcement after Feb 20, likely before early March and AGM season.
- Tomorrow’s unlikely for Samsung Card’s value-up disclosure. It’s holding off until the card fee recalculation is finalized—likely after February or before mid-March, ahead of AGM season.
Ecopro Materials Block Deal Timing Closing In: Breaking Down the Situation
- Yoon Kwan’s appeal won’t change much—it’s just stalling. His tax uncertainty is now priced in, so the reason to delay selling his EcoPro M stake is quickly fading.
- The BRV block deal won’t follow the new pre-disclosure rule, as Yoon’s likely to classify BRV as a financial investor, so no one-month heads-up.
- The deal’s likely in 2-3 weeks; volume will spike 2-3 days before. Once we catch the signals, it’s time to position for the EcoPro M block trade.
SK Biopharmaceuticals (326030 KS): Records Maiden Profit in 2024; Momentum to Continue
- SK Biopharmaceuticals (326030 KS) reported first-ever annual operating and net profit of KRW96B and KRW227B, respectively in 2024. In 2023, operating and net loss stood at KRW38B and KRW35B, respectively.
- The company has turned profitable in 2024 driven by continued momentum of Xcopri in U.S. For 2024, Xcopri recorded revenue of $321.6M in the U.S., exceeding guidance of $300–320M.
- For 2025, SKBP has guided for Xcopri U.S. revenue of $420–450M (~KRW570–610B), up 31–40% YoY. The company expects 2025 SG&A expenses will be KRW490B, up 20% YoY.
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