Daily Brief South Korea: Isupetasys, Rothwell International Co, SNT Holdings, SK Holdings Co Ltd/Old, Celltrion Inc and more

• In this insight, we discuss the price performance actions of 32 stocks that have been rebalanced in KOSPI200 in 2025.
• Among the 16 additions to the KOSPI200 index in 2025, the average share price performances are up on average 19.5% (3 months performance prior to the announcement dates).
• Among the 16 deletions to the KOSPI200 index in 2025, the average share price performances are down on average 13.5% (3 months performance prior to the announcement dates).

• After the market close on 11 December, Trillion Luck Group announced a tender offer of a 52.5% stake in Rothwell International Co (900260 KS).
• The tender offer price is 1,580 won per share, which is 58% higher than current price.
• There has not been a meaningful positive impact of keeping Rothwell publicly listed in Korea. It makes more sense to take the company private. 

• SNT Holdings (036530 KS) is issuing convertible bonds (CB) and exchangeable bonds (EB) totalling 148 billion won to improve its financial structure and secure funds for new business investments. 
• The investor in this CB and EB is IMM Credit & Solution (ICS), which will acquire the entire amount through a private placement.
• This additional capital raise could result in S&T Holdings potentially increasing its stake in Smec Co Ltd (099440 KS).

• SK Inc. operates as the holding company for South Korea’s SK Group, a major conglomerate with a diversified portfolio spanning energy, telecommunications, semiconductors, chemicals, and biopharmaceuticals.
• The company is strategically focused on four key growth areas: advanced materials, green energy, biopharmaceuticals, and digital technologies, actively investing to secure future growth engines.
• As a holding company, its financial performance is closely tied to the performance of its major subsidiaries, including SK Hynix, SK Innovation, and SK Telecom, making it a proxy for the broader South Korean industrial landscape.

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• Celltrion Inc (068270 KS) has reported 3Q25 result, with double-digit YoY growth in key parameters. Key parameters also improved sequentially. Stellar 3Q performance was powered by high-margin young products.
• In 4Q25, Celltrion is expected to achieve sequential revenue growth of at least 30%, the COGS ratio in the mid- 30% range, and the operating profit margin improving to 40%.
• Stable revenue from mature products and rapid growth from newly launched products should drive topline growth. With the merger effect ending in 3Q25, profitability should improve in 4Q.