In today’s briefing:
- Korea: Short Selling Is Back in March; Trade Ideas
- Dozn IPO Preview
- Celltrion (068270 KS): Record High Sales in 4Q; Sequentially Weaker Profit; Solid Outlook for 2025
Korea: Short Selling Is Back in March; Trade Ideas
- Since short selling was banned in November 2023, short interest has plunged in Korea as shorts were covered. Markets have not done much over the last 16 months though.
- Foreign investor holdings have dropped from 32.05% in July to 28.57%. The top 25 stocks bought by foreign investors outperformed the top 25 stocks sold by 128% in 16 months.
- There will be trade opportunities across indices, pref/ords, index migrations and deletions, potential market upgrades and overvalued stocks being sold.
Dozn IPO Preview
- Dozn is getting ready to complete its IPO in Korea in March 2025. The company plans to offer 2.5 million shares in this IPO.
- The IPO price range is from 10,250 won to 12,500 won per share and the offering amount ranges from 26.2 billion won to 31.2 billion won.
- Founded in 2017, Dozn is emerging as a prominent business-to-business (B2B) digital solution service provider in Korea.
Celltrion (068270 KS): Record High Sales in 4Q; Sequentially Weaker Profit; Solid Outlook for 2025
- Celltrion Inc (068270 KS) achieved 178% YoY and 21% QoQ revenue growth to KRW1,064B in 4Q24, driven by rapid growth of new products such as Remsima SC, Yuflyma, and Steqeyma.
- Celltrion guided for 2025 revenue of KRW5.0T, up 43% YoY. Celltrion is targeting COGS ratio in 20%s by 4Q25. Operating profit margin is expected to recover to 30%s in 2025.
- New launches, COGS improvement, and cost efficiency will drive 2025 growth. This year, Celltrion received European approval for four biosimilars and three biosimilars are under regulatory review in the U.S.
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