In today’s briefing:
- Sibling Conflict Between Yoon Sang-Hyun (Brother) And Yoon Yeo-Won (Sister) At Kolmar Group
- KRX’s In-House Derivatives Night Session: Schedule, Operational Details & Trading Considerations
- Korean Banks; Stick with Hana (086790 KS) And Woori (316140 KS)
- SK Biopharmaceuticals (326030 KS): Starts 2025 on Slower Note; Xcopri US Sales Growth Moderates
Sibling Conflict Between Yoon Sang-Hyun (Brother) And Yoon Yeo-Won (Sister) At Kolmar Group
- There is a brewing sibling conflict at the Kolmar Group. Kolmar Holdings and Kolmar BNH have clashed regarding the reorganization of Kolmar BNH’s board of directors.
- Yoon Sang-Hyun (brother) wants to shake things up. Yoon Sang-Hyun wants to appoint new members at Kolmar BNH’s BOD but his sister Yoon Yeo-Won is opposing this.
- We see a higher upside for Kolmar Holdings. Our base case valuation of Kolmar Holdings is NAV per share of 14,675 won (57.5% upside from current levels).
KRX’s In-House Derivatives Night Session: Schedule, Operational Details & Trading Considerations
- KRX’s night-time derivatives market goes live Monday, June 9. With Eurex ties ending June 5, this shift to in-house trading could bring flow and liquidity changes worth planning for.
- KRX is doubling its night session lineup from 5 to 10 products, adding KOSDAQ 150 futures/options, Mini KOSPI 200 options, and 3- and 10-year KTB futures.
- KRX is tightening overall price limits for night sessions but doubling real-time order bands—aiming to curb big swings while keeping trades flowing smoothly despite thinner liquidity.
Korean Banks; Stick with Hana (086790 KS) And Woori (316140 KS)
- Our weighted metrics of share valuations, returns, capital adequacy and credit quality feed into a scorecard matrix; we look for opportunities where the risks are well discounted in current valuations
- Woori Financial Group (316140 KS) remains the stand-out in terms of our matrix; this is based on valuation, dividend yield, and its superior credit quality relative to its peers
- Hana Financial is second from top in our scorecard due to its attractive PBV ratio versus RoE, healthy dividend yield and sound credit quality; management should deliver improved medium-term returns
SK Biopharmaceuticals (326030 KS): Starts 2025 on Slower Note; Xcopri US Sales Growth Moderates
- SK Biopharmaceuticals (326030 KS) announced muted 1Q25 result, with all key parameters, including revenue, operating profit, and net profit declining sequentially, as the Xcopri sales in the U.S. moderates.
- Xcopri U.S. sales increased 3% QoQ, which is the lowest over the last one year, due to seasonal inventory drawdown, restructuring of major pharmacy chain, and high base effect.
- SKBP considers Xcopri U.S. revenue moderation as ‘temporary’ and sees recovery in 2Q. However, high revenue exposure to the U.S. seems to be a serious headwind in current uncertain scenario.
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