Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Cross Asset Strategy

<ul>
<li>There are some major surprises (both inclusions and exclusions) in the Korea Value Up index. </li>
<li>In particular, the telecom sector (SK Telecom and KT) and large cap holding companies (Samsung C&amp;T and LG Corp) are surprising exclusions in the index.</li>
<li>There are many surprising inclusions in the Korea Value Up Index. We provide 30 companies are surprising inclusions in the Korea Value Up Index (19 KOSDAQ and 11 KOSPI listed).</li>
</ul>


There are some major surprises (both inclusions and exclusions) in the Korea Value Up index. 
In particular, the telecom sector (SK Telecom and KT) and large cap holding companies (Samsung C&amp;T and LG Corp) are surprising exclusions in the index.
There are many surprising inclusions in the Korea Value Up Index. We provide 30 companies are surprising inclusions in the Korea Value Up Index (19 KOSDAQ and 11 KOSPI listed).


Korea Value Up Index - Surprising Inclusions and Exclusions

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Alteogen has signed an exclusive license agreement with Daiichi Sankyo to develop and commercialize a subcutaneous version of Enhertu. Volpara won $7.3M contract from the U.S. Defense Health Agency.</li>
<li>Santen Pharmaceutical has rolled out Rhopressa ophthalmic solution in South Korea for the treatment of open-angle glaucoma or ocular hypertension.</li>
<li>Sun Pharmaceutical’s launch of alopecia drug Leqselvi in the U.S. will be delayed due to litigation with Incyte. Recently, a U.S. District Court decided to grant a preliminary injunction.</li>
</ul>


Alteogen has signed an exclusive license agreement with Daiichi Sankyo to develop and commercialize a subcutaneous version of Enhertu. Volpara won $7.3M contract from the U.S. Defense Health Agency.
Santen Pharmaceutical has rolled out Rhopressa ophthalmic solution in South Korea for the treatment of open-angle glaucoma or ocular hypertension.
Sun Pharmaceutical’s launch of alopecia drug Leqselvi in the U.S. will be delayed due to litigation with Incyte. Recently, a U.S. District Court decided to grant a preliminary injunction.


APAC Healthcare Weekly (Nov 10)- Alteogen, Santen Pharmaceutical, Beigene, Sun Pharmaceutical

Equity Capital Markets

Orum Therapeutics / Equity Capital Markets

<ul>
<li>Our base case target price for Orum Therapeutics is 35,170 won per share, which is within the IPO price range of 30,000 won to 36,000 won per share. </li>
<li>Given the lack of upside relative to the target price, we have a Negative View of this IPO. </li>
<li>FSS has requested correction to the company's IPO prospectus. As a result, it now appears the IPO could be delayed. </li>
</ul>


Our base case target price for Orum Therapeutics is 35,170 won per share, which is within the IPO price range of 30,000 won to 36,000 won per share. 
Given the lack of upside relative to the target price, we have a Negative View of this IPO. 
FSS has requested correction to the company's IPO prospectus. As a result, it now appears the IPO could be delayed. 


<ul>
<li>Orum Therapeutics is getting ready to complete its IPO in KOSDAQ in November 2024. The IPO price range is from 30,000 won to 36,000 won. </li>
<li>The expected market cap after IPO is from 648 billion won to 778 billion won. The book building for the institutional investors starts on 24 October. </li>
<li>Orum Therapeutics' main pipelines include 'ORM-6151', a new drug candidate for acute myeloid leukemia, 'ORM-5029', a HER2-targeting breast cancer treatment candidate, and 'ORM-1023', a small cell carcinoma tumor candidate. </li>
</ul>


Orum Therapeutics is getting ready to complete its IPO in KOSDAQ in November 2024. The IPO price range is from 30,000 won to 36,000 won. 
The expected market cap after IPO is from 648 billion won to 778 billion won. The book building for the institutional investors starts on 24 October. 
Orum Therapeutics' main pipelines include 'ORM-6151', a new drug candidate for acute myeloid leukemia, 'ORM-5029', a HER2-targeting breast cancer treatment candidate, and 'ORM-1023', a small cell carcinoma tumor candidate. 


Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hk-inno-n-corp" target="_blank" data-smartkarma-citation="entities:33522:1" rel="noopener">HK inno.N (195940 KS)</a> recorded impressive sequential improvement in 2Q23 result, while YoY comparison is negatively impacted by high base due to one-off cervical cancer vaccine revenue recorded in 2Q22.</li>
<li>In 2Q23, revenue increased 11% QoQ to KRW204B and operating profit grew 172% QoQ to KRW15B. Growth was mainly driven by a 19% QoQ growth in K-CAB domestic revenue.</li>
<li>HK inno targets KRW1T K-CAB revenue by entering 100 countries globally by 2028. The company is adding new growth engines such as IV fluids products, MSD vaccine, and biosimilars.</li>
</ul>



HK inno.N (195940 KS) recorded impressive sequential improvement in 2Q23 result, while YoY comparison is negatively impacted by high base due to one-off cervical cancer vaccine revenue recorded in 2Q22.
In 2Q23, revenue increased 11% QoQ to KRW204B and operating profit grew 172% QoQ to KRW15B. Growth was mainly driven by a 19% QoQ growth in K-CAB domestic revenue.
HK inno targets KRW1T K-CAB revenue by entering 100 countries globally by 2028. The company is adding new growth engines such as IV fluids products, MSD vaccine, and biosimilars.


HK Inno.N (195940 KS): 2Q23 Result Shows Strong Sequential Improvement; K-CAB Continues to Fly High

South Korea

JW Pharmaceutical Corp manufactures prescription and over-the counter drugs. The Company produces transfusion fluids, antibiotics, anesthetics, and respiratory and circulatory medications.

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Jw Pharmaceutical (001060 KS)

Korea Value Up Index - Surprising Inclusions and Exclusions

There are many surprising inclusions and exclusions in the Korea Value Up Index. We provide 30 companies that are surprising inclusions and 10...

Douglas Kim

APAC Healthcare Weekly (Nov 10)- Alteogen, Santen Pharmaceutical, Beigene, Sun Pharmaceutical

Alteogen partners with Daiichi Sankyo for Enhertu, Volpara secures $7.3M contract, Santen launches Rhopressa in South Korea, Sun Pharma's Leqselvi...

Tina Banerjee

Orum Therapeutics IPO Valuation Analysis

Our base case target price for Orum Therapeutics is 35,170 won per share, which is within the IPO price range of 30,000 won to 36,000 won per share.

Douglas Kim

Orum Therapeutics IPO Preview

Orum Therapeutics is getting ready to complete its IPO in KOSDAQ in November 2024.The expected market cap after IPO is from 648 billion won to 778...

Douglas Kim

HK Inno.N (195940 KS): 2Q23 Result Shows Strong Sequential Improvement; K-CAB Continues to Fly High

In 2Q23, revenue increased 11% QoQ and operating profit grew 172% QoQ. K-CAB domestic revenue grew 19% QoQ. Flagship drug, K-CAB has been launched...

Tina Banerjee

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52-week Range

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Korea Value Up Index - Surprising Inclusions and Exclusions

There are many surprising inclusions and exclusions in the Korea Value Up Index. We provide 30 companies that are surprising inclusions and 10...

Douglas Kim

APAC Healthcare Weekly (Nov 10)- Alteogen, Santen Pharmaceutical, Beigene, Sun Pharmaceutical

​Alteogen partners with Daiichi Sankyo for Enhertu, Volpara secures $7.3M contract, Santen launches Rhopressa in South Korea, Sun Pharma's Leqselvi...

Tina Banerjee

Orum Therapeutics IPO Valuation Analysis

Our base case target price for Orum Therapeutics is 35,170 won per share, which is within the IPO price range of 30,000 won to 36,000 won per share.

Douglas Kim

Orum Therapeutics IPO Preview

Orum Therapeutics is getting ready to complete its IPO in KOSDAQ in November 2024.The expected market cap after IPO is from 648 billion won to 778...

Douglas Kim

HK Inno.N (195940 KS): 2Q23 Result Shows Strong Sequential Improvement; K-CAB Continues to Fly High

In 2Q23, revenue increased 11% QoQ and operating profit grew 172% QoQ. K-CAB domestic revenue grew 19% QoQ. Flagship drug, K-CAB has been launched...

Tina Banerjee

Alteogen partners with Daiichi Sankyo for Enhertu, Volpara secures $7.3M contract, Santen launches Rhopressa in South Korea, Sun Pharma's Leqselvi...