Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/biocon-ltd" target="_blank" data-smartkarma-citation="entities:398:1" rel="noopener">Biocon Ltd (BIOS IN)</a> divested 5.4% stake in <a href="https://www.smartkarma.com/entities/syngene-international-ltd" target="_blank" data-smartkarma-citation="entities:26923:1" rel="noopener">Syngene International Ltd (SYNG IN)</a> and raised INR12.2B. The proceed will be used to finance Biocon’s acquisition of biologics business of Viatris.</li>
<li>Biocon is still working on the equity-debt split of Viatris deal, and a final decision on the same will be announced soon.</li>
<li>The strategic deal with Viatris will transform Biocon Biologics into a leading vertically integrated global biologics company, with one of the broadest and deepest commercialized biosimilars portfolio in the industry.</li>
</ul>



Biocon Ltd (BIOS IN) divested 5.4% stake in Syngene International Ltd (SYNG IN) and raised INR12.2B. The proceed will be used to finance Biocon’s acquisition of biologics business of Viatris.
Biocon is still working on the equity-debt split of Viatris deal, and a final decision on the same will be announced soon.
The strategic deal with Viatris will transform Biocon Biologics into a leading vertically integrated global biologics company, with one of the broadest and deepest commercialized biosimilars portfolio in the industry.


Biocon Ltd (BIOS IN): Stake Sale in Subsidiary Is a Step in Right Direction

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>On Friday morning, <a href="https://www.smartkarma.com/entities/sk-discovery-co-ltd" target="_blank" data-smartkarma-citation="entities:5181:1" rel="noopener">Sk Discovery (006120 KS)</a>, current owner/controller of 36.56% of <a href="https://www.smartkarma.com/entities/sk-chemicals-co-ltd-new" target="_blank" data-smartkarma-citation="entities:26190:1" rel="noopener">Sk Chemicals Co Ltd/New (285130 KS)</a> announced an opportunistic Partial Offer to buy 5.22% more at KRW 108,800/share.</li>
<li>The stated purpose in the <a href="https://kind.krx.co.kr/common/disclsviewer.do?method=search&amp;acptno=20220902000019&amp;docno=&amp;viewerhost=&amp;viewerport=" target="_blank" rel="noopener">Tender Offer Announcement</a> is "Stability of Management Rights." This will get SK Discovery to 41.77%, permitting consolidation of SK Chemicals.</li>
<li>
<em><strong>The real reason?</strong></em>SK Chemicals shares are trading at less than one-third the value of the <a href="https://www.smartkarma.com/entities/sk-bioscience-co-ltd" target="_blank" data-smartkarma-citation="entities:31484:1" rel="noopener">SK Bioscience (302440 KS)</a> shares they hold (with net cash and others free).</li>
</ul>


On Friday morning, Sk Discovery (006120 KS), current owner/controller of 36.56% of Sk Chemicals Co Ltd/New (285130 KS) announced an opportunistic Partial Offer to buy 5.22% more at KRW 108,800/share.
The stated purpose in the Tender Offer Announcement is "Stability of Management Rights." This will get SK Discovery to 41.77%, permitting consolidation of SK Chemicals.

The real reason?SK Chemicals shares are trading at less than one-third the value of the SK Bioscience (302440 KS) shares they hold (with net cash and others free).


SK Discovery Launches Opportunistic Partial Tender on SK Chemicals To Buy SK Bio CHEAP

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

Samsung Electronics Pref Shares / Equity Bottom-Up

<ul>
<li>With JY Lee pardoned this past Monday, there is a lot of speculation about the speed of restructuring</li>
<li>A lot will depend on what happens with whether Samsung Life will be forced to sell its shares in Samsung Electronics</li>
<li>What should be done for the best of the family and shareholders is to buyout the pref shares</li>
</ul>


With JY Lee pardoned this past Monday, there is a lot of speculation about the speed of restructuring
A lot will depend on what happens with whether Samsung Life will be forced to sell its shares in Samsung Electronics
What should be done for the best of the family and shareholders is to buyout the pref shares


Thematic (Sector/Industry)

<ul>
<li>The Japanese yen has been depreciating at a rate never seen before. Amid weakening domestic currency, Japan’s healthcare stocks have mostly outperformed their regional peers, due to their export-led growth.</li>
<li>Cash rich and fundamentally strong healthcare companies in Japan, with large international revenue exposure should be the key focus areas now.</li>
<li>Two of our top picks are sitting on double-digit gains, while the other two are facing temporary setbacks. Long-term fundamental story remains intact for all of them.   </li>
</ul>


The Japanese yen has been depreciating at a rate never seen before. Amid weakening domestic currency, Japan’s healthcare stocks have mostly outperformed their regional peers, due to their export-led growth.
Cash rich and fundamentally strong healthcare companies in Japan, with large international revenue exposure should be the key focus areas now.
Two of our top picks are sitting on double-digit gains, while the other two are facing temporary setbacks. Long-term fundamental story remains intact for all of them.   


APAC Healthcare Series (Part 3)- Focus Is on Japan; Top Picks Are Mostly in The Pink of Health

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>This is now the third Int'l Compass/third week in a row where we are discussing an increasing number of country indexes experiencing bullish 3.5-9-month downtrend reversals.</li>
<li>Importantly, all of the previously mentioned indexes are holding above their breakout levels (i.e., there has yet to be any failed breakouts).</li>
<li>Now, the U.S. dollar (DXY) is starting to show early signs of topping. We continue to believe that global equities are going through a bottoming process.</li>
</ul>


This is now the third Int'l Compass/third week in a row where we are discussing an increasing number of country indexes experiencing bullish 3.5-9-month downtrend reversals.
Importantly, all of the previously mentioned indexes are holding above their breakout levels (i.e., there has yet to be any failed breakouts).
Now, the U.S. dollar (DXY) is starting to show early signs of topping. We continue to believe that global equities are going through a bottoming process.


U.S. Dollar Topping?; Bullish Reversals Continue; Ideas in Growth/Cyclicals, Financials

South Korea

Samsung Biologics Co.,Ltd. manufactures bio-healthcare products. The Company develops, refines, and distributes biopharmaceutical products.

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Samsung Biologics (207940 KS)

Biocon Ltd (BIOS IN): Stake Sale in Subsidiary Is a Step in Right Direction

Biocon divested 5.4% stake in Syngene for INR12.2B to partly fund Viatris acquisition. Stake sell in Biocon Biologics and final decision on Viatris...

Tina Banerjee

SK Discovery Launches Opportunistic Partial Tender on SK Chemicals To Buy SK Bio CHEAP

SK Discovery has launched an opportunistic Offer to buy 5.2% of SK Chem to go >40+%. A small premium to recent but only a 12-week high... ish......

Travis Lundy

JY Lee Pardoned; What Should He Do Next?

What is good for JY Lee could be good for minority shareholders of Samsung Electronics. How to get 2 birds with one stone.

Ken S. Kim

APAC Healthcare Series (Part 3)- Focus Is on Japan; Top Picks Are Mostly in The Pink of Health

Two of our top picks in APAC healthcare sector are sitting on double-digit gains, while the other two are facing temporary setbacks. Long-term...

Tina Banerjee

U.S. Dollar Topping?; Bullish Reversals Continue; Ideas in Growth/Cyclicals, Financials

This is now the third week in a row where we are discussing an increasing number of country indexes with bullish 3.5-9-month downtrend reversals,...

Vermilion Research

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