Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

The Korea Exchange (KRX) will announce the results of the December 2021 review of the <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150 Index (KOSDQ150 INDEX)</a> in November. The constituent changes will be effective after the close of trading on 9 December.At the current time we see 12 potential changes to the index in December.The potential inclusions are <a href="https://www.smartkarma.com/entities/eubiologics-co-ltd" target="_blank" data-smartkarma-citation="entities:23739:1" rel="noopener">Eubiologics (206650 KS)</a>, <a href="https://www.smartkarma.com/entities/nanos-co-ltd" target="_blank" data-smartkarma-citation="entities:16796:1" rel="noopener">Nanos Co Ltd (151910 KS)</a>, <a href="https://www.smartkarma.com/entities/huons-co-ltd" target="_blank" data-smartkarma-citation="entities:16275:1" rel="noopener">Huons Co Ltd (084110 KS)</a>, <a href="https://www.smartkarma.com/entities/access-bio-inc-kdr" target="_blank" data-smartkarma-citation="entities:5729:1" rel="noopener">Access Bio Inc (950130 KS)</a>, Cellid (299660 KS), <a href="https://www.smartkarma.com/entities/kona-i-co-ltd" target="_blank" data-smartkarma-citation="entities:19695:1" rel="noopener">Kona I Co Ltd (052400 KS)</a>, <a href="https://www.smartkarma.com/entities/wonik-qnc-corp" target="_blank" data-smartkarma-citation="entities:6828:1" rel="noopener">Wonik Qnc Corp (074600 KS)</a>, <a href="https://www.smartkarma.com/entities/dk-d-i-co-ltd" target="_blank" data-smartkarma-citation="entities:9948:1" rel="noopener">Dk D&amp;I Co Ltd (033310 KS)</a>, <a href="https://www.smartkarma.com/entities/komico-ltd" target="_blank" data-smartkarma-citation="entities:24033:1" rel="noopener">KoMiCo Ltd. (183300 KS)</a>, PSK Inc (319660 KS), <a href="https://www.smartkarma.com/entities/aptc-co-ltd" target="_blank" data-smartkarma-citation="entities:27355:1" rel="noopener">APTC Co Ltd (089970 KS)</a> and <a href="https://www.smartkarma.com/entities/tk-chemical-corp" target="_blank" data-smartkarma-citation="entities:13428:1" rel="noopener">Tk Chemical (104480 KS)</a>.The potential deletions are <a href="https://www.smartkarma.com/entities/daea-ti-co-ltd" target="_blank" data-smartkarma-citation="entities:1473:1" rel="noopener">Daea Ti Co Ltd (045390 KS)</a>, <a href="https://www.smartkarma.com/entities/advanced-process-systems-corporation" target="_blank" data-smartkarma-citation="entities:24087:1" rel="noopener">Advanced Process Systems (265520 KS)</a>, <a href="https://www.smartkarma.com/entities/telcon-inc" target="_blank" data-smartkarma-citation="entities:15231:1" rel="noopener">Telcon Inc (200230 KS)</a>, <a href="https://www.smartkarma.com/entities/winix-inc" target="_blank" data-smartkarma-citation="entities:19972:1" rel="noopener">Winix Inc (044340 KS)</a>, <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>, <a href="https://www.smartkarma.com/entities/ubiquoss-inc" target="_blank" data-smartkarma-citation="entities:14341:1" rel="noopener">Ubiquoss Holding (078070 KS)</a>, <a href="https://www.smartkarma.com/entities/danawa-co-ltd" target="_blank" data-smartkarma-citation="entities:7191:1" rel="noopener">Danawa Co Ltd (119860 KS)</a>, <a href="https://www.smartkarma.com/entities/wisol-co-ltd" target="_blank" data-smartkarma-citation="entities:14463:1" rel="noopener">Wisol Co Ltd (122990 KS)</a>, <a href="https://www.smartkarma.com/entities/spigen-korea-co-ltd" target="_blank" data-smartkarma-citation="entities:9852:1" rel="noopener">Spigen Korea (192440 KS)</a>, <a href="https://www.smartkarma.com/entities/dongkuk-structures-constru" target="_blank" data-smartkarma-citation="entities:20412:1" rel="noopener">Dongkuk Structures &amp; Constru (100130 KS)</a>, <a href="https://www.smartkarma.com/entities/g-treebnt-co-ltd" target="_blank" data-smartkarma-citation="entities:1933:1" rel="noopener">G Treebnt (115450 KS)</a> and <a href="https://www.smartkarma.com/entities/lemon-co-ltd" target="_blank" data-smartkarma-citation="entities:28841:1" rel="noopener">Lemon Co Ltd (294140 KQ)</a>.There are a few potential inclusions that will have over 2 days of ADV to buy from passive funds, while the impact on the potential deletions is a lot higher.Short interest on the stocks is minimal though it has been increasing on a few of the potential deletions.

The Korea Exchange (KRX) will announce the results of the December 2021 review of the KOSDAQ 150 Index (KOSDQ150 INDEX) in November. The constituent changes will be effective after the close of trading on 9 December.At the current time we see 12 potential changes to the index in December.The potential inclusions are Eubiologics (206650 KS), Nanos Co Ltd (151910 KS), Huons Co Ltd (084110 KS), Access Bio Inc (950130 KS), Cellid (299660 KS), Kona I Co Ltd (052400 KS), Wonik Qnc Corp (074600 KS), Dk D&amp;I Co Ltd (033310 KS), KoMiCo Ltd. (183300 KS), PSK Inc (319660 KS), APTC Co Ltd (089970 KS) and Tk Chemical (104480 KS).The potential deletions are Daea Ti Co Ltd (045390 KS), Advanced Process Systems (265520 KS), Telcon Inc (200230 KS), Winix Inc (044340 KS), Icure Pharm Inc (175250 KS), Ubiquoss Holding (078070 KS), Danawa Co Ltd (119860 KS), Wisol Co Ltd (122990 KS), Spigen Korea (192440 KS), Dongkuk Structures &amp; Constru (100130 KS), G Treebnt (115450 KS) and Lemon Co Ltd (294140 KQ).There are a few potential inclusions that will have over 2 days of ADV to buy from passive funds, while the impact on the potential deletions is a lot higher.Short interest on the stocks is minimal though it has been increasing on a few of the potential deletions.

KOSDAQ150 Index Rebalance Preview: Lots of Changes Early in the Review Period

APAC IPOs & Placements

Zhen Zhou, Toh

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.<div><h2>Accuracy Rate:</h2></div>It's only the second week in the new year and we are already seeing an uptick in the number of IPOs and Placements. There are currently 3 IPOs and 2 Placements ongoing now.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/019/090/original/Total-Deals-Since-Inception-Accuracy-Rate-Since-Inception-_chartbuilder%20%281%29.png?1484295459" class="editor-image img-responsive" data-smartkarma-image-id="19090"></figure><h2>Placements:</h2><a href="https://www.smartkarma.com/insights/japan-prime-realty-decent-property-strong-track-record" target="_blank" data-smartkarma-citation="insights:8168">Japan Prime Realty - Decent Property, Strong Track Record</a><ul class="ember-tether-target ember-tether-enabled ember-tether-element-attached-top ember-tether-element-attached-left ember-tether-target-attached-top ember-tether-target-attached-right"><li>The company has a strong track record despite its high valuation relative to its 5-year average and large deal size (24 days…</li></ul>

Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:It's only the second week in the new year and we are already seeing an uptick in the number of IPOs and Placements. There are currently 3 IPOs and 2 Placements ongoing now.Placements:Japan Prime Realty - Decent Property, Strong Track RecordThe company has a strong track record despite its high valuation relative to its 5-year average and large deal size (24 days…

Smartkarma - ECM Coverage Weekly Update (16 Jan 2017)

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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Eubiologics IPO price was set at ₩6,000, the lowest end of the indicative price band, after conducting the demand survey (bookbuilding) (Jan 9-10) from the institutional investors. The subscription competition rate is 31.09 to 1. A total of 299 institutional investors have participated in this demand survey. Well, to me, this is a bit disappointing result not only because it was set at the lowest end of the indicative price band but also because no institutional investor pledged any lock-up…

Eubiologics IPO price was set at ₩6,000, the lowest end of the indicative price band, after conducting the demand survey (bookbuilding) (Jan 9-10) from the institutional investors. The subscription competition rate is 31.09 to 1. A total of 299 institutional investors have participated in this demand survey. Well, to me, this is a bit disappointing result not only because it was set at the lowest end of the indicative price band but also because no institutional investor pledged any lock-up…

Eubiologics IPO Part 3 - IPO Bookbuilding Results & Personal View

* In Part 2 (as below), I examined the company's business fundamentals in more detail along with its growth potential and appropriate valuation level.Eubiologics is basically a vaccine developer. Its main product is an oral cholera vaccine. In addition, it is also developing other kinds of vaccines. This company was founded in 2010. It is relatively a young company. Now, you may wonder how Eubiologics could first get the opportunity to develop the cholera vaccine. For this, we first have to study the background of this global vaccine community briefly. Back in 90s, when UN wanted to establish an organization that would be solely responsible for the prevention of infectious diseases. As a result, UN finally established this organization called IVI (International Vaccine Institute), and guess what? It is located in Korea. IVI first opened its door in Korea in 1997. IVI’s main mission is to make various kinds of vaccine products widely available at a very affordable price across the world. That is, one of IVI’s main missions is to transfer vaccine development technologies to qualified drug companies who mass produce vaccines at a very affordable price.India's Shantha Biotechnics first raised its hand and produced the public vaccine called "Shanchol". After then, Valneva jumped in. Valneva accepted IVI's technology transfer proposal and produced Dukoral, which was the first oral vaccine. But Shantha Biotechnics has never been able to mass produce Shanchol at an affordable price. In the case of Valneva's Dukoral, it was originally designed to serve the private vaccine market. So, Dukoral has never reached the price level either, which IVI wanted. Lastly, Korea's Eubiologics also accepted IVI's proposal and started the development and production. Thanks to Korea's supremacy in the area of "mass producing at a low cost", Eubiologics has become the only company that could successfully produce an affordable public cholera vaccine product.

* In Part 2 (as below), I examined the company's business fundamentals in more detail along with its growth potential and appropriate valuation level.Eubiologics is basically a vaccine developer. Its main product is an oral cholera vaccine. In addition, it is also developing other kinds of vaccines. This company was founded in 2010. It is relatively a young company. Now, you may wonder how Eubiologics could first get the opportunity to develop the cholera vaccine. For this, we first have to study the background of this global vaccine community briefly. Back in 90s, when UN wanted to establish an organization that would be solely responsible for the prevention of infectious diseases. As a result, UN finally established this organization called IVI (International Vaccine Institute), and guess what? It is located in Korea. IVI first opened its door in Korea in 1997. IVI’s main mission is to make various kinds of vaccine products widely available at a very affordable price across the world. That is, one of IVI’s main missions is to transfer vaccine development technologies to qualified drug companies who mass produce vaccines at a very affordable price.India's Shantha Biotechnics first raised its hand and produced the public vaccine called "Shanchol". After then, Valneva jumped in. Valneva accepted IVI's technology transfer proposal and produced Dukoral, which was the first oral vaccine. But Shantha Biotechnics has never been able to mass produce Shanchol at an affordable price. In the case of Valneva's Dukoral, it was originally designed to serve the private vaccine market. So, Dukoral has never reached the price level either, which IVI wanted. Lastly, Korea's Eubiologics also accepted IVI's proposal and started the development and production. Thanks to Korea's supremacy in the area of "mass producing at a low cost", Eubiologics has become the only company that could successfully produce an affordable public cholera vaccine product.

Eubiologics IPO Part 2 - Growth Potential & Appropriate Valuation Level

Eubiologics is a very "young" vaccine company that develops an oral cholera vaccine product called "Euvichol". This company will be Korea's first vaccine development company to be listed in KOSDAQ. Initially, Eubiologics was slated to be listed last December, but to get a better reception, it decided to delay the IPO to January this year. Moreover, the company lowered the indicative price band from ₩6,500 - ₩7,300 to ₩6,000 - ₩6,800. Also, the company increased the number of shares to be locked up. So, the number of shares to be floated after the IPO decreased to 43.69% from 61.25%. The company's flagship product "Euvichol" is the first product from a venture biomedicine company in Korea to be PQ certified by WHO, and it is the third product in the world to be certified as an oral cholera vaccine. Finally, the company successfully broke into the public market for cholera vaccine. Last May, the company got a 3-year supply contract with UNISEF from 2016 to 2018. Under this supply contract with UNISEF, the company will supply at least 10.3 million dose (worth about ₩21bil). In addition, the company is expected to launch the plastic tube type of Euvichol, which will significantly reduce manufacturing cost and also improve the convenience of storage, shipment and administration. So, the company expects to generate about ₩18bil in sales and turn operating profits this year. In the short-term, the company will focus on developing countries. But in the long-term, it will also try to break into developed countries such as Europe and the US. For instance, Europe currently has a ₩100bil cholera vaccine market, which is almost monopolized by Valneva's Dukoral.It is hard to tell at this point, but once Euvichol's plastic tube type is approved, then there will be a good possibility that Euvichol will be a strong competitor to Valneva's Dukoral. In addition, Eubiologics is currently working on obtaining the US registration for Euvichol by early 2019. If the company's Euvichol gets registered in the US, the company will get a PRV (Priority Review Voucher). This PRV will be worth about US$250mil. * In the IPO valuation done by the bookrunner, this PRV was not reflected. The company will offer 3.2 million shares in this IPO, and the total number of outstanding shares after the IPO will be 24,231,986 shares. Market capitalization will be about ₩145.3bil (based on the lower end of the indicative price band ₩6,000). KIS is the bookrunner.* In Part 1 (as below), I summarized the overview of this IPO with the financials and valuation. In Part 2, I will touch the company's business fundamentals in more detail along with its growth potential and appropriate valuation level.

Eubiologics is a very "young" vaccine company that develops an oral cholera vaccine product called "Euvichol". This company will be Korea's first vaccine development company to be listed in KOSDAQ. Initially, Eubiologics was slated to be listed last December, but to get a better reception, it decided to delay the IPO to January this year. Moreover, the company lowered the indicative price band from ₩6,500 - ₩7,300 to ₩6,000 - ₩6,800. Also, the company increased the number of shares to be locked up. So, the number of shares to be floated after the IPO decreased to 43.69% from 61.25%. The company's flagship product "Euvichol" is the first product from a venture biomedicine company in Korea to be PQ certified by WHO, and it is the third product in the world to be certified as an oral cholera vaccine. Finally, the company successfully broke into the public market for cholera vaccine. Last May, the company got a 3-year supply contract with UNISEF from 2016 to 2018. Under this supply contract with UNISEF, the company will supply at least 10.3 million dose (worth about ₩21bil). In addition, the company is expected to launch the plastic tube type of Euvichol, which will significantly reduce manufacturing cost and also improve the convenience of storage, shipment and administration. So, the company expects to generate about ₩18bil in sales and turn operating profits this year. In the short-term, the company will focus on developing countries. But in the long-term, it will also try to break into developed countries such as Europe and the US. For instance, Europe currently has a ₩100bil cholera vaccine market, which is almost monopolized by Valneva's Dukoral.It is hard to tell at this point, but once Euvichol's plastic tube type is approved, then there will be a good possibility that Euvichol will be a strong competitor to Valneva's Dukoral. In addition, Eubiologics is currently working on obtaining the US registration for Euvichol by early 2019. If the company's Euvichol gets registered in the US, the company will get a PRV (Priority Review Voucher). This PRV will be worth about US$250mil. * In the IPO valuation done by the bookrunner, this PRV was not reflected. The company will offer 3.2 million shares in this IPO, and the total number of outstanding shares after the IPO will be 24,231,986 shares. Market capitalization will be about ₩145.3bil (based on the lower end of the indicative price band ₩6,000). KIS is the bookrunner.* In Part 1 (as below), I summarized the overview of this IPO with the financials and valuation. In Part 2, I will touch the company's business fundamentals in more detail along with its growth potential and appropriate valuation level.

Eubiologics IPO Part 1 - Schedule, Financials & Valuation

South Korea

Eubiologics Co. Ltd. researches and develops biopharmaceuticals. The Company offers bacterial vaccines for new epidemics and antibiotic resistance. Eubiologics operates in South Korea.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Eubiologics (206650 KS)

KOSDAQ150 Index Rebalance Preview: Lots of Changes Early in the Review Period

A month into the review period for the KOSDAQ150 December rebalance, we can already see 12 potential changes. The potential inclusions should...

Brian Freitas

Smartkarma - ECM Coverage Weekly Update (16 Jan 2017)

Smartkarma ECM Team puts out a weekly update on the deals we have covered recently, along with updates for upcoming IPOs.Accuracy Rate:It's only...

Zhen Zhou, Toh

Eubiologics IPO Part 3 - IPO Bookbuilding Results & Personal View

Eubiologics IPO price was set at ₩6,000, the lowest end of the indicative price band, after conducting the demand survey (bookbuilding) (Jan 9-10)...

Sanghyun Park

Eubiologics IPO Part 2 - Growth Potential & Appropriate Valuation Level

* In Part 2 (as below), I examined the company's business fundamentals in more detail along with its growth potential and appropriate valuation...

Sanghyun Park

Eubiologics IPO Part 1 - Schedule, Financials & Valuation

Eubiologics is a very "young" vaccine company that develops an oral cholera vaccine product called "Euvichol". This company will be Korea's first...

Sanghyun Park

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)