Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Celltrion Inc (068270 KS) announced meaningful increase in dividends (including both cash and stock dividends).</li>
<li><em><strong> Celltrion will pay out stock dividend of 0.05 for shareholders as of record in 2024, this will be 150% higher than the average stock dividend in the past three years. </strong></em></li>
<li>Celltrion will also pay out cash DPS of 750 won for shareholders as of record in 2024, which is more than double the average DPS in the past three years. </li>
</ul>


Celltrion Inc (068270 KS) announced meaningful increase in dividends (including both cash and stock dividends).
 Celltrion will pay out stock dividend of 0.05 for shareholders as of record in 2024, this will be 150% higher than the average stock dividend in the past three years. 
Celltrion will also pay out cash DPS of 750 won for shareholders as of record in 2024, which is more than double the average DPS in the past three years. 


Celltrion: Meaningful Increase in Cash and Stock Dividends

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> achieved 31% YoY revenue growth to KRW882B in 3Q24, driven by the rapid growth of new products such as Remsima SC, Yuflyma, and Vegzelma.</li>
<li>The company is maintaining 2024 sales guidance of KRW3.5T (up 60% YoY), which indicates sequentially improved quarterly sales in 4Q24. Margin improvement is expected to continue.</li>
<li>In August, Celltrion received EU approval for Steqeyma, biosimilar for autoimmune disease treatment Stelara. Celltrion aims to commercialize 22 biosimilars by 2030, thereby targeting a pipeline market size of $182B.</li>
</ul>



Celltrion Inc (068270 KS) achieved 31% YoY revenue growth to KRW882B in 3Q24, driven by the rapid growth of new products such as Remsima SC, Yuflyma, and Vegzelma.
The company is maintaining 2024 sales guidance of KRW3.5T (up 60% YoY), which indicates sequentially improved quarterly sales in 4Q24. Margin improvement is expected to continue.
In August, Celltrion received EU approval for Steqeyma, biosimilar for autoimmune disease treatment Stelara. Celltrion aims to commercialize 22 biosimilars by 2030, thereby targeting a pipeline market size of $182B.


Celltrion Inc (068270 KS): Record High Sales in 3Q; Pipeline Progress Entails Long-Term Growth

Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

daaimon

daaimon is an independent research company focusing on healthcare and consumer sectors across developed and emerging markets. We produce insightful research which challenges conventional thinking. In particular, we look for new ideas by testing consensus forecasts and markets expectations.

<ul>
<li>The biosimilar market is forecast to grow three to four times faster than the generic drug market over the next five years.</li>
<li>However, we believe that this high growth will not necessarily imply good profitability, given the early stage of the biosimilar market, complications and competition.</li>
<li>We also believe that the company’s guidance is too optimistic resulting in an expensive multiple. We prefer some room for error.  </li>
</ul>


The biosimilar market is forecast to grow three to four times faster than the generic drug market over the next five years.
However, we believe that this high growth will not necessarily imply good profitability, given the early stage of the biosimilar market, complications and competition.
We also believe that the company’s guidance is too optimistic resulting in an expensive multiple. We prefer some room for error.  


Celltrion Inc (068270 KS)– Is the Sell-Side’s Bullishness Justified?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Dec 20th which has an aggregated holding worth USD449.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD1,163mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Hyundai Glovis, SK Hynix, Samsung Electronics, Celltrion.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Dec 20th which has an aggregated holding worth USD449.4bn.
We estimate that foreign flows to be outflows of USD1,163mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Hyundai Glovis, SK Hynix, Samsung Electronics, Celltrion.


KRX Foreign Holding Weekly (Dec 20th): Hyundai Glovis, SK Hynix, Samsung Electronics, Celltrion

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.


Merger Between Celltrion Inc and Celltrion Pharm Is Cancelled

South Korea

Celltrion, Inc. produces and sells biosimilar products, as well as consignment processing services for other businesses.

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Celltrion (068270 KP)

Celltrion: Meaningful Increase in Cash and Stock Dividends

Celltrion Inc announced meaningful increase in dividends. Celltrion will pay out stock dividend of 0.05 for shareholders as of record in 2024 (up...

Douglas Kim

Celltrion Inc (068270 KS): Record High Sales in 3Q; Pipeline Progress Entails Long-Term Growth

Celltrion has announced dividend of KRW750 per share and one bonus shares for every 20 shares held. The record date for dividend payment and bonus...

Tina Banerjee

Celltrion Inc (068270 KS)– Is the Sell-Side’s Bullishness Justified?

Biosimilar market is expected to grow much faster than generic drug market, but profitability will be a challenge. Celltrion’s guidance is too...

daaimon

KRX Foreign Holding Weekly (Dec 20th): Hyundai Glovis, SK Hynix, Samsung Electronics, Celltrion

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Hyundai Glovis, SK Hynix, Samsung Electronics,...

Ke Yan, CFA, FRM

Merger Between Celltrion Inc and Celltrion Pharm Is Cancelled

Celltrion Inc announced that its proposed merger with Celltrion Pharm has been cancelled due to disapproval of this deal among an overwhelming...

Douglas Kim

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