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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Equity Capital Markets

Samsung Biologics   / Equity Capital Markets

Samsung BioLogics is quite busy with NDR this week. BioLogics executives are doing their best to justify the proposed valuation for BioLogics IPO. It is not hard to figure out that the proposed valuation is quite inflated given that the company has never made any profit since its inception. Basically, BioLogics is arguing that its bio CMO (contract manufacturing organization) is worth ₩7.1tril and its 50% stake in Bioepis is worth ₩3.5tril. To come up with these valuations, BioLogics has used…

Samsung BioLogics is quite busy with NDR this week. BioLogics executives are doing their best to justify the proposed valuation for BioLogics IPO. It is not hard to figure out that the proposed valuation is quite inflated given that the company has never made any profit since its inception. Basically, BioLogics is arguing that its bio CMO (contract manufacturing organization) is worth ₩7.1tril and its 50% stake in Bioepis is worth ₩3.5tril. To come up with these valuations, BioLogics has used…

3 Main Debatable Points to Be Discussed in Samsung BioLogics NDR This Week

Samsung BioLogics has just filed an IPO report. I will summarize Samsung BioLogics IPO report in the following three parts:Part 1 - IPO ProceedingPart 2 - FinancialsPart 3 - ValuationBelow is Part 3 - Valuation.

Samsung BioLogics has just filed an IPO report. I will summarize Samsung BioLogics IPO report in the following three parts:Part 1 - IPO ProceedingPart 2 - FinancialsPart 3 - ValuationBelow is Part 3 - Valuation. 

Samsung BioLogics, Samsung Group's contract manufacturing organization (CMO) of bio logic drugs, is expected to seek preliminary approval from Korea Exchange on Thursday this week in an effort to go public on the main KOSPI market.It is currently the world's third-largest producer of biomedicines. Its annual production capacity is 180,000 liters, only behind Lonza (240,000 liters) and Boehringer Ingelheim (210,000 liters). Samsung BioLogics plans to use IPO money for expanding its annual…

Samsung BioLogics, Samsung Group's contract manufacturing organization (CMO) of bio logic drugs, is expected to seek preliminary approval from Korea Exchange on Thursday this week in an effort to go public on the main KOSPI market.It is currently the world's third-largest producer of biomedicines. Its annual production capacity is 180,000 liters, only behind Lonza (240,000 liters) and Boehringer Ingelheim (210,000 liters). Samsung BioLogics plans to use IPO money for expanding its annual…

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

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Thematic (Sector/Industry)

Democratic presidential candidates' potential drug policy reforms have pressured drug stocks, and ongoing political campaigns are likely to continue to create volatility despite the Republican-majority Congress and low probability of reforms passing into law.Among all the reforms, dual-eligible legislation—offering mandatory Medicaid-level drug rebates to some Medicare Part D beneficiaries— looks the most likely, and most impactful (5% earnings cut on average).Analysts: Karen Andersen, Damien Conover &amp; Kelsey Tsai

Democratic presidential candidates' potential drug policy reforms have pressured drug stocks, and ongoing political campaigns are likely to continue to create volatility despite the Republican-majority Congress and low probability of reforms passing into law.Among all the reforms, dual-eligible legislation—offering mandatory Medicaid-level drug rebates to some Medicare Part D beneficiaries— looks the most likely, and most impactful (5% earnings cut on average).Analysts: Karen Andersen, Damien Conover &amp; Kelsey Tsai

Low Odds of U.S. Drug Pricing Reforms Create Favorable Valuations

Switzerland

Lonza is a global partner to the pharmaceutical, biotech and nutrition markets. The company works with healthcare customers to develop, manufacture and commercialize medical treatments and technologies to treat patients against a range of diseases. Founded in the Swiss Alps, Lonza now operates across Europe, North America, South America, Asia and Oceania.

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Lonza Group (LONN SE)

3 Main Debatable Points to Be Discussed in Samsung BioLogics NDR This Week

Samsung BioLogics is quite busy with NDR this week. BioLogics executives are doing their best to justify the proposed valuation for BioLogics IPO....

Sanghyun Park

Samsung BioLogics IPO Part 3 - Valuation

Samsung BioLogics has just filed an IPO report. I will summarize Samsung BioLogics IPO report in the following three parts:Part 1 - IPO...

Sanghyun Park

Samsung BioLogics IPO Valuation Debate

Samsung BioLogics, Samsung Group's contract manufacturing organization (CMO) of bio logic drugs, is expected to seek preliminary approval from...

Sanghyun Park

Low Odds of U.S. Drug Pricing Reforms Create Favorable Valuations

Democratic presidential candidates' potential drug policy reforms have pressured drug stocks, and ongoing political campaigns are likely to...

Morningstar, Inc.

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