Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Yungjin Pharmaceutical Co / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/yungjin-pharmaceutical-co" target="_blank" data-smartkarma-citation="entities:9781:1" rel="noopener">Yungjin Pharmaceutical Co (003520 KS)</a> earns 15% of total revenue from exports. The company mainly exports antibiotic product cephalosporins to Japan.</li>
<li>Yungjin’s export income declined 47% y/y in 2021 due to COVID. With Japan’s policy of reducing the usage of antibiotics, we are not upbeat on the recovery of this business.  </li>
<li>Yungjin’s outlicensed new drug candidate completed only phase 1 trial. If the candidate successfully completes later stages of trials, it is expected to be marketed only in 2024.</li>
</ul>



Yungjin Pharmaceutical Co (003520 KS) earns 15% of total revenue from exports. The company mainly exports antibiotic product cephalosporins to Japan.
Yungjin’s export income declined 47% y/y in 2021 due to COVID. With Japan’s policy of reducing the usage of antibiotics, we are not upbeat on the recovery of this business.  
Yungjin’s outlicensed new drug candidate completed only phase 1 trial. If the candidate successfully completes later stages of trials, it is expected to be marketed only in 2024.


Yungjin Pharm (003520 KS): Antibiotic Business on a Jeopardy; Long Way to Go Before New Drug Launch

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<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> obtained marketing approval for world’s first donepezil patch, a treatment of Alzheimer’s-type dementia in Korea. Donepezil accounts for 80% of the local Alzheimer's treatment market.</li>
<li>For the domestic market, donepezil is expected to generate revenue of KRW 3.4 billion, equivalent to nearly 10% of existing annual revenue, with significantly higher profitability.</li>
<li>The company is currently negotiating for sales right contract in the U.S. and aims to launch the product by 2024 in the U.S.  </li>
</ul>



Icure Pharm Inc (175250 KS) obtained marketing approval for world’s first donepezil patch, a treatment of Alzheimer’s-type dementia in Korea. Donepezil accounts for 80% of the local Alzheimer's treatment market.
For the domestic market, donepezil is expected to generate revenue of KRW 3.4 billion, equivalent to nearly 10% of existing annual revenue, with significantly higher profitability.
The company is currently negotiating for sales right contract in the U.S. and aims to launch the product by 2024 in the U.S.  


Icure Pharm (175250 KS): High Hope for Transdermal Patch-Type Dementia Treatment Option

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<a href="https://www.smartkarma.com/entities/aptabio-therapeutics-inc" target="_blank" data-smartkarma-citation="entities:34894:1" rel="noopener">AptaBio Therapeutics (293780 KS) </a>shares surged 28% in last one month, increasing its one-year gain to 213% versus KOSPI’s gain of 26%. Share price was driven by presentation of clinical progress of AptaBio’s pipeline at a virtual meeting held from October 7 to 9, 2021.</li>
<li>By leveraging on its two proprietary platform technologies, NOX inhibitor discovery platform and Aptamer-drug conjugate platform, AptaBio has developed eight new clinical candidates for complications of diabetes mellitus and three new candidates for anticancer agents. Its lead candidate APX-115 is also being studied as an oral COVID-19 treatment.  </li>
<li>This insight has analyzed the strength and potential of AptaBio’s late-stage pipeline to find whether further stream is left after a spectacular rally in share price in last one year.</li>
</ul>



AptaBio Therapeutics (293780 KS) shares surged 28% in last one month, increasing its one-year gain to 213% versus KOSPI’s gain of 26%. Share price was driven by presentation of clinical progress of AptaBio’s pipeline at a virtual meeting held from October 7 to 9, 2021.
By leveraging on its two proprietary platform technologies, NOX inhibitor discovery platform and Aptamer-drug conjugate platform, AptaBio has developed eight new clinical candidates for complications of diabetes mellitus and three new candidates for anticancer agents. Its lead candidate APX-115 is also being studied as an oral COVID-19 treatment.  
This insight has analyzed the strength and potential of AptaBio’s late-stage pipeline to find whether further stream is left after a spectacular rally in share price in last one year.


AptaBio Therapeutics (293780 KS): Promising, Innovative, and First-In-Class Pipeline

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p>Emerging markets continue to outperform developed international equities, and within EM, the BRIC country grouping remains leadership.  In addition to sector and regional market comments, today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.</p>

Emerging markets continue to outperform developed international equities, and within EM, the BRIC country grouping remains leadership.  In addition to sector and regional market comments, today’s report includes a wide variety of bottom-up recommendations, spanning most sectors and all market capitalizations.

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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Thematic (Sector/Industry)

<p>SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a biosimilar maker either. It makes new biomedical products. A majority of Korea's pharmaceutical makers are still generic drug makers. The likes of Celltrion and Samsung Bioepis have emerged as a biosimilar maker. But they are still a few. Biomedical makers are even rarer. Hanmi Pharmaceutical is one of these rare breeds. Now, another biomedical maker…</p>

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a biosimilar maker either. It makes new biomedical products. A majority of Korea's pharmaceutical makers are still generic drug makers. The likes of Celltrion and Samsung Bioepis have emerged as a biosimilar maker. But they are still a few. Biomedical makers are even rarer. Hanmi Pharmaceutical is one of these rare breeds. Now, another biomedical maker…

SillaJen's December IPO: Valuation, Growth Expectation and IPO Timing

South Korea

Samjin Pharmaceutical Co., Ltd. produces antipyretic, analgesic, circulatory, anti-inflammatory, gastrointestinal, herbal tonic, and hepatic pharmaceutical products.  The Company also manufactures respiratory, antibiotic, anti-cancer, and detoxifying medications.

Samjin Pharmaceutical Co, Ltd. (005500 KS)

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Samjin Pharmaceutical Co, Ltd. (005500 KS)

Yungjin Pharm (003520 KS): Antibiotic Business on a Jeopardy; Long Way to Go Before New Drug Launch

Yungjin’s export revenue is declining due to weak demand of antibiotics in Japan. The company reported operating loss in 2021. New drug launch is...

Tina Banerjee

Icure Pharm (175250 KS): High Hope for Transdermal Patch-Type Dementia Treatment Option

Icure received approval for world’s first donepezil patch for the treatment of dementia. The company estimates the patch will be over KRW 1...

Tina Banerjee

AptaBio Therapeutics (293780 KS): Promising, Innovative, and First-In-Class Pipeline

AptaBio has a strong and innovative pipeline targeting multi-billion-dollar revenue opportunity. This insight has analyzed the potential of the...

Tina Banerjee

EM Equity Strategy: Overweight BRIC

Emerging markets continue to outperform developed international equities, and within EM, the BRIC country grouping remains leadership. In addition...

Vermilion Research

SillaJen's December IPO: Valuation, Growth Expectation and IPO Timing

SillaJen Biotherapeutics (established in 2006) is indeed a rare breed in Korean pharmaceutical world. It is not a generic drug maker. It is not a...

Sanghyun Park

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