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
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.
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