Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Nearly 30 years of experience in the Korean/Asian equity research. Major sectors coverage include the following:
- Technology 
- Consumer 
- Special Situations/Deep Value Plays
- Tender Offers/M&As
- Holdcos/Stubs
- Asian Unicorns/Private Companies

Korea/Asia, Events, IPOs

Celltrion: Meaningful Increase in Cash and Stock Dividends

Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (March and April 2025)

Celltrion Inc (068270 KS): Sequentially Weak 1Q25 Result; Momentum to Accelerate in 2H

Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (May and June 2024)

Locals Driving Corporate Reforms and 10 Korean Companies Recently Announcing Share Cancellations

Progress of Merger Between Celltrion Inc and Celltrion Healthcare & Appraisal Rights Issue

NCSoft: Corporate Split-Off of Two Divisions

Shift Up Delays the IPO and Stellar Blade Tops Number One Game in the US in April

Douglas Research Advisory

Event-Driven

<ul>
<li>Celltrion Inc announced that its proposed merger with Celltrion Pharm has been cancelled due to disapproval of this deal among an overwhelming percentage of Celltrion Inc shareholders.</li>
<li>This cancellation of a merger between Celltrion Inc and Celltrion Pharm is likely to continue to have a positive impact on Celltrion Inc and negative impact on Celltrion Pharm.</li>
<li>The major reason is because Celltrion Pharm trades at high valuation multiples while Celltrion Inc trades at lower valuation multiples. Celltrion Pharm's P/B valuation is more than 3x Celltrion Inc's.</li>
</ul>


Celltrion Inc announced that its proposed merger with Celltrion Pharm has been cancelled due to disapproval of this deal among an overwhelming percentage of Celltrion Inc shareholders.
This cancellation of a merger between Celltrion Inc and Celltrion Pharm is likely to continue to have a positive impact on Celltrion Inc and negative impact on Celltrion Pharm.
The major reason is because Celltrion Pharm trades at high valuation multiples while Celltrion Inc trades at lower valuation multiples. Celltrion Pharm's P/B valuation is more than 3x Celltrion Inc's.


セルトリオン社とセルトリオン・ファーム社の合併が中止