Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>Voronoi is trying again to complete its IPO in Korea after lowering its IPO price range by 25% to 40,000 won to 46,000 won.</li>
<li>The IPO base deal size is from $41 million to $47 million. Expected market cap is from 536 billion won to 616 billion won.</li>
<li>Voronoi is developing treatments for tumors, degenerative brain diseases, and autoimmune diseases. The total amount of accumulated milestones for three global technology exports is $1.79 billion.</li>
</ul>


Voronoi is trying again to complete its IPO in Korea after lowering its IPO price range by 25% to 40,000 won to 46,000 won.
The IPO base deal size is from $41 million to $47 million. Expected market cap is from 536 billion won to 616 billion won.
Voronoi is developing treatments for tumors, degenerative brain diseases, and autoimmune diseases. The total amount of accumulated milestones for three global technology exports is $1.79 billion.


<ul>
<li>Voronoi (VOR KS) is getting ready to complete its IPO in Korea in March. The IPO offering base deal size is from $84 million to $109 million.</li>
<li>The company has developed a genotype-directed therapy that is effective for tumors caused by mutations in kinases, and has successfully conducted global technology transfers. </li>
<li>The total amount of accumulated milestones for three global technology exports of Voronoi is $1.79 billion (about 2.1 trillion won) which is very impressive.</li>
</ul>


Voronoi (VOR KS) is getting ready to complete its IPO in Korea in March. The IPO offering base deal size is from $84 million to $109 million.
The company has developed a genotype-directed therapy that is effective for tumors caused by mutations in kinases, and has successfully conducted global technology transfers. 
The total amount of accumulated milestones for three global technology exports of Voronoi is $1.79 billion (about 2.1 trillion won) which is very impressive.


Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/icure-pharm-inc" target="_blank" data-smartkarma-citation="entities:27142:1" rel="noopener">Icure Pharm Inc (175250 KS)</a> obtained marketing approval for world’s first donepezil patch, a treatment of Alzheimer’s-type dementia in Korea. Donepezil accounts for 80% of the local Alzheimer's treatment market.</li>
<li>For the domestic market, donepezil is expected to generate revenue of KRW 3.4 billion, equivalent to nearly 10% of existing annual revenue, with significantly higher profitability.</li>
<li>The company is currently negotiating for sales right contract in the U.S. and aims to launch the product by 2024 in the U.S.  </li>
</ul>



Icure Pharm Inc (175250 KS) obtained marketing approval for world’s first donepezil patch, a treatment of Alzheimer’s-type dementia in Korea. Donepezil accounts for 80% of the local Alzheimer's treatment market.
For the domestic market, donepezil is expected to generate revenue of KRW 3.4 billion, equivalent to nearly 10% of existing annual revenue, with significantly higher profitability.
The company is currently negotiating for sales right contract in the U.S. and aims to launch the product by 2024 in the U.S.  


Icure Pharm (175250 KS): High Hope for Transdermal Patch-Type Dementia Treatment Option

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Below are the lockup releases scheduled for May among the KOSPI-listed stocks. We have four names from KOSPI 200, immediate short-selling targets after May 3. 










KOSPI
Ticker
Release date
Shares released
% of SO
KOSPI 200


Metalabs Co Ltd
090370
5/10
112,655
0.18%
-


Industrial Bank of Korea
024110
5/11
29,379,034
3.98%
72


Kyochon F&amp;B Co Ltd
339770
5/12
18,519,961
74.13%
-


Daiyang Metal Co Ltd
009190
5/12
7,326,007
24.78%
-


BK Tops Co Ltd
030790
5/15
4,671,077
35.58%
-


Industrial Bank of Korea
024110
5/18
57,523,357
7.79%
72


A Plus Asset Advisor Co Ltd
244920
5/20
6,170,440
27.29%
-


KH Feelux Co Ltd
033180
5/21
3,383,459
2.61%
-


Jooyon Tech Co Ltd
044380
5/21
1,236,093
2.26%
-


Koramco Energy Plus REIT Co Ltd
357120
5/30
48,300,000
69.38%
-


Boryung Pharmaceutical Co., Ltd
003850
6/1
3,420,000
6.56%
176


IGIS Residence REIT Co Ltd
350520
6/3
2,640,000
12.82%
-


Myoung Shin Industrial Co Ltd
009900
6/8
23,844,210
58.47%
-


Metalabs Co Ltd
090370
6/11
234,208
0.37%
-


JR Global REIT
348950
6/16
68,600,000
41.43%
-


MERITZ SECURITIES CO LTD
008560
6/17
58,651,026
8.68%
97


Metalabs Co Ltd
090370
6/18
286,902
0.45%
-


Kyobo Securities Co., Ltd.
030610
7/9
28,653,296
44.32%
-


Kukbo Co Ltd
001140
7/9
7,299,270
13.59%
-


Industrial Bank of Korea
024110
7/10
12,412,204
1.68%
72


Ascendio Co Ltd
012170
7/15
378,036
0.61%
-


Thelma Therapeutics Co Ltd
015540
7/30
1,100,528
8.18%
-


SoluM Co Ltd
248070
8/2
3,037,304
6.19%
-


Prestige Biopharma Ltd
950210
8/5
13,446,250
22.37%
-


CJ CGV Co Ltd
079160
8/8
2,054,510
5.85%
167

Source: KRX &amp; KSD



KOSPI Lockup Releases - Boryung Pharm, CJ CGV, Meritz Securities, & IBK

<ul>
<li>
In the past week, Meritz Asset Management launched the "Meritz The Women Fund (메리츠더우먼펀드)," which is the first SRI Mutual Fund aimed at investing in companies that promote women in Korea. </li>
<li>
Meritz The Women Fund is run by the Meritz Asset Management, and for this fund it receives a lot of the SRI (socially responsible investing) inputs and initial screen from the Sustinvest advisory firm.</li>
<li>We think that Meritz Asset Management is smart in marketing Korea's first women focused equity fund. It remains to be seen how much assets it can gain but it appears to be a solid move to gain increased support to improve the glass ceiling for women among Korean companies. </li>
<li>Meritz Asset Management has benchmarked numerous SRI funds globally that have focused on empowering women. Some of these well known funds include Calvert Investments, Domini Social Investments, Neuberger Berman’s NB Socially Responsive Fund, Parnassus Fund, Global Women Equity Fund, and Pax World Investments. </li>
</ul>



In the past week, Meritz Asset Management launched the "Meritz The Women Fund (메리츠더우먼펀드)," which is the first SRI Mutual Fund aimed at investing in companies that promote women in Korea. 

Meritz The Women Fund is run by the Meritz Asset Management, and for this fund it receives a lot of the SRI (socially responsible investing) inputs and initial screen from the Sustinvest advisory firm.
We think that Meritz Asset Management is smart in marketing Korea's first women focused equity fund. It remains to be seen how much assets it can gain but it appears to be a solid move to gain increased support to improve the glass ceiling for women among Korean companies. 
Meritz Asset Management has benchmarked numerous SRI funds globally that have focused on empowering women. Some of these well known funds include Calvert Investments, Domini Social Investments, Neuberger Berman’s NB Socially Responsive Fund, Parnassus Fund, Global Women Equity Fund, and Pax World Investments. 


The First SRI Mutual Fund Aimed at Investing in Korean Companies that Promote Women

South Korea

Boryung Pharmaceutical Co., Ltd. produces over-the-counter medical drugs. The Company specializes in producing medicines in the fields of hypertension treatment and anti-viral.

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Boryung Pharmaceutical (003850 KS)

Voronoi: Reduces IPO Price Range by 25%

Voronoi is trying again to complete its IPO in Korea after lowering its IPO price range by 25% to 40,000 won to 46,000 won.

Douglas Kim

Voronoi IPO Preview

Voronoi has developed a genotype-directed therapy that is effective for tumors caused by mutations in kinases, and has successfully conducted...

Douglas Kim

Icure Pharm (175250 KS): High Hope for Transdermal Patch-Type Dementia Treatment Option

Icure received approval for world’s first donepezil patch for the treatment of dementia. The company estimates the patch will be over KRW 1...

Tina Banerjee

KOSPI Lockup Releases - Boryung Pharm, CJ CGV, Meritz Securities, & IBK

This post looks into the upcoming lockup releases among the KOSPI-listed stocks and examines those included in the KOSPI 200 for short-selling...

Sanghyun Park

The First SRI Mutual Fund Aimed at Investing in Korean Companies that Promote Women

In the past week, Meritz Asset Management launched the "Meritz The Women Fund (메리츠더우먼펀드)," which is the first SRI Mutual Fund aimed at investing...

Douglas Kim

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