Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Event-Driven

<ul>
<li>Invest Chosun recently reported that the three Celltrion Group companies including Celltrion Inc, Celltrion Healthcare, and Celltrion Pharm are close to announcing a merger in July.</li>
<li>Although Celltrion was not included this time as suppliers of Humira biosimilar products by OptumRX, there is still a potential for Cigna Express Scripts to include Celltrion's product this year.</li>
<li>We think Celltrion Inc and Celltrion Healthcare's share prices are oversold. </li>
</ul>


Invest Chosun recently reported that the three Celltrion Group companies including Celltrion Inc, Celltrion Healthcare, and Celltrion Pharm are close to announcing a merger in July.
Although Celltrion was not included this time as suppliers of Humira biosimilar products by OptumRX, there is still a potential for Cigna Express Scripts to include Celltrion's product this year.
We think Celltrion Inc and Celltrion Healthcare's share prices are oversold. 


Celltrion Group Merger Announcement in July & Oversold Post Disappointing Exclusion by OptumRX?

<ul>
<li>On 10 July, it was reported in the Hankyung Business Daily that Posco DX (022100 KS) could switch its listing from KOSDAQ to KOSPI by the end of 2023.</li>
<li>One of the key reasons for the change in the listing venue from KOSDAQ to KOSPI is that POSCO Group believes this could lead to improved valuations for the company.</li>
<li>We believe the valuations of Posco DX have become too high. Therefore, we have a Negative View of Posco DX at current prices. </li>
</ul>


On 10 July, it was reported in the Hankyung Business Daily that Posco DX (022100 KS) could switch its listing from KOSDAQ to KOSPI by the end of 2023.
One of the key reasons for the change in the listing venue from KOSDAQ to KOSPI is that POSCO Group believes this could lead to improved valuations for the company.
We believe the valuations of Posco DX have become too high. Therefore, we have a Negative View of Posco DX at current prices. 


POSCO DX Could Switch Its Listing from KOSDAQ to KOSPI by End of 2023

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<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> has launched Humira biosimilar Yuflyma in the U.S. market, with a list price of $6,576.50 per month, 5% cheaper than Humira.</li>
<li>Yuflyma is a citrate-free formulation that is highly concentrated. More than 80% of patients treated with Humira in the U.S. rely on a high-concentration and citrate-free formulation.</li>
<li>Celltrion has submitted marketing application to the FDA for Eylea biosimilar candidate, CT-P42. The company plans to file for approval for the same in Europe and other countries later.</li>
</ul>



Celltrion Inc (068270 KS) has launched Humira biosimilar Yuflyma in the U.S. market, with a list price of $6,576.50 per month, 5% cheaper than Humira.
Yuflyma is a citrate-free formulation that is highly concentrated. More than 80% of patients treated with Humira in the U.S. rely on a high-concentration and citrate-free formulation.
Celltrion has submitted marketing application to the FDA for Eylea biosimilar candidate, CT-P42. The company plans to file for approval for the same in Europe and other countries later.


Celltrion (068270 KS): Humira Biosimilar Launch in US; Filed New Biosimilar Marketing Application

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.

<ul>
<li>Yesterday and today, there have been observed cases in Korea that are suspected to be caused by a sudden drop in stock prices due to CFD liquidation trading.</li>
<li>Yesterday it was Celltrion with its two siblings, and today it is Posco DX. I have found candidates that may have similar stock price movements.</li>
<li>These candidates experienced a notable increase in their stock prices from late March to mid-April, and they have a relatively high margin transaction ratio.</li>
</ul>


Yesterday and today, there have been observed cases in Korea that are suspected to be caused by a sudden drop in stock prices due to CFD liquidation trading.
Yesterday it was Celltrion with its two siblings, and today it is Posco DX. I have found candidates that may have similar stock price movements.
These candidates experienced a notable increase in their stock prices from late March to mid-April, and they have a relatively high margin transaction ratio.


CFD Liquidation in Korea: Posco DX, Celltrion Siblings, and Potential Next Targets

Celltrion Healthcare   / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/celltrion-healthcare" target="_blank" data-smartkarma-citation="entities:23641:1" rel="noopener">Celltrion Healthcare (091990 KS)</a> is expected to launch Humira biosimilar, Yuflyma, in the U.S. market in July 2023. Despite heavy competition, as high-concentration citrate-free formulation, Yuflyma has competitive edge.</li>
<li>In April 2023, Celltrion has launched bevacizumab biosimilar, Vegzelma in the U.S. Vegzelma will be the first product that the company will be directly selling in the U.S.</li>
<li>Through portfolio expansion, Celltrion increased target market size to $53.7B in 2023 from $20.6B in 2020, representing 161% growth. For 2024, the target market is expected to increase to $91.3B.</li>
</ul>



Celltrion Healthcare (091990 KS) is expected to launch Humira biosimilar, Yuflyma, in the U.S. market in July 2023. Despite heavy competition, as high-concentration citrate-free formulation, Yuflyma has competitive edge.
In April 2023, Celltrion has launched bevacizumab biosimilar, Vegzelma in the U.S. Vegzelma will be the first product that the company will be directly selling in the U.S.
Through portfolio expansion, Celltrion increased target market size to $53.7B in 2023 from $20.6B in 2020, representing 161% growth. For 2024, the target market is expected to increase to $91.3B.


Celltrion Healthcare (091990 KS): Portfolio Enhancement to Drive Business Growth

South Korea

Celltrion Inc. produces and sells biosimilar products and also provides consignm ent processing service for other companies.  The Company's main product is Abata cept which is for arthritis treatment

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Celltrion Inc (068270 KS)

Celltrion Group Merger Announcement in July & Oversold Post Disappointing Exclusion by OptumRX?

All three Celltrion Group companies' share prices rallied strongly yesterday after Chairman Seo of Celltrion mentioned a decision on the merger can...

Douglas Kim

POSCO DX Could Switch Its Listing from KOSDAQ to KOSPI by End of 2023

After Hankyung Business Daily reported that Posco DX could switch its listing from KOSDAQ to KOSPI, Posco DX's share price jumped by 27.4% today....

Douglas Kim

Celltrion (068270 KS): Humira Biosimilar Launch in US; Filed New Biosimilar Marketing Application

Celltrion has launched Humira biosimilar Yuflyma in the US, with a list price of $6,576.50 per month, 5% cheaper than Humira. The company filed for...

Tina Banerjee

CFD Liquidation in Korea: Posco DX, Celltrion Siblings, and Potential Next Targets

This post investigates what might have happened to Posco DX today and Celltrion siblings yesterday, which are suspected of being the victim of CFD...

Sanghyun Park

Celltrion Healthcare (091990 KS): Portfolio Enhancement to Drive Business Growth

Celltrion Healthcare is expected to launch Humira biosimilar in US in July 2023. Through portfolio expansion, Celltrion aims to increase target...

Tina Banerjee

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