Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/samsung-biologics-co-ltd" target="_blank" data-smartkarma-citation="entities:22932:1" rel="noopener">Samsung Biologics (207940 KS)</a> achieved highest ever semi-annual revenue of KRW 1.62 trillion in H1 2022, with an operating profit of KRW346.1 billion, mainly driven by its contract manufacturing business.</li>
<li>At the end of Q2, the company had an order book of $7.9 billion, entailing revenue visibility. Its new plant is on track to start operation in October.</li>
<li>Samsung Bioepis has launched first ophthalogy biosimilar in the U.S. in June. Both the CDMO and biosimilar businesses are expected to clock solid annual revenue growth in 2022.</li>
</ul>



Samsung Biologics (207940 KS) achieved highest ever semi-annual revenue of KRW 1.62 trillion in H1 2022, with an operating profit of KRW346.1 billion, mainly driven by its contract manufacturing business.
At the end of Q2, the company had an order book of $7.9 billion, entailing revenue visibility. Its new plant is on track to start operation in October.
Samsung Bioepis has launched first ophthalogy biosimilar in the U.S. in June. Both the CDMO and biosimilar businesses are expected to clock solid annual revenue growth in 2022.


Samsung Biologics (207940 KS): Record-High Semi-Annual Revenue Exceeding KRW1 Trillion

Thematic (Sector/Industry)

<ul>
<li>With the declining number of daily new infections, most countries in APAC region are in process to relax their COVID-related restrictions and border re-opening.</li>
<li>While hospitals are the prime beneficiaries of re-opening, medical devices companies will also benefit from the resumption of elective surgeries. Monkeypox is not expected to have big adverse effect.</li>
<li>Investment thesis for four top picks in APAC healthcare sector remains intact, and their recent quarterly results depict their continued growth momentum.</li>
</ul>


With the declining number of daily new infections, most countries in APAC region are in process to relax their COVID-related restrictions and border re-opening.
While hospitals are the prime beneficiaries of re-opening, medical devices companies will also benefit from the resumption of elective surgeries. Monkeypox is not expected to have big adverse effect.
Investment thesis for four top picks in APAC healthcare sector remains intact, and their recent quarterly results depict their continued growth momentum.


APAC Healthcare – Good Bet on Re-Opening; Continued Strong Recovery in Top Picks

<ul>
<li>
<a href="https://www.smartkarma.com/entities/santen-pharmaceutical-co-ltd" target="_blank" data-smartkarma-citation="entities:8602:1" rel="noopener">Santen Pharmaceutical (4536 JP)</a> is the market leader for prescription ophthalmic pharmaceuticals in Japan, with 52% market share. 68% of total revenue comes from domestic market.  </li>
<li>Santen’s key partnered drug, Eylea, which contributes 29% of total revenue, is set to lose patent protection in Japan this year.</li>
<li>Eylea is expected to face competition from biosimilars as well as new biologic drugs launched. This will limit Santen’s near-term growth potential.  </li>
</ul>



Santen Pharmaceutical (4536 JP) is the market leader for prescription ophthalmic pharmaceuticals in Japan, with 52% market share. 68% of total revenue comes from domestic market.  
Santen’s key partnered drug, Eylea, which contributes 29% of total revenue, is set to lose patent protection in Japan this year.
Eylea is expected to face competition from biosimilars as well as new biologic drugs launched. This will limit Santen’s near-term growth potential.  


Santen Pharmaceutical (4536 JP): Future Is Uncertain Beyond Eylea

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.

Equity Capital Markets

Samsung Biologics   / Equity Capital Markets

<ul>
<li>Samsung Biologics (207940 KS) has succeeded in a rights offering worth ₩3.2T to the existing shareholders. The subscription rate of the existing shareholders and the ESOP came out at 100.25%.</li>
<li>The size of immediately floatable shares is estimated at 1 million, representing 1.55% of SO and 22.82x ADTV. It is a size that will significantly impact the short-term flow.</li>
<li>There is a sufficient circumstantial probability that the 1M new stocks, currently at a 20% return, will lead to immediate profit realization after listing.</li>
</ul>


Samsung Biologics (207940 KS) has succeeded in a rights offering worth ₩3.2T to the existing shareholders. The subscription rate of the existing shareholders and the ESOP came out at 100.25%.
The size of immediately floatable shares is estimated at 1 million, representing 1.55% of SO and 22.82x ADTV. It is a size that will significantly impact the short-term flow.
There is a sufficient circumstantial probability that the 1M new stocks, currently at a 20% return, will lead to immediate profit realization after listing.


Samsung Biologics: Post-Offering Trading Dynamics on Potential Overhang

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Temasek aims to raise around US$450m+ via selling 1.7% of <a href="https://www.smartkarma.com/entities/celltrion-inc" target="_blank" data-smartkarma-citation="entities:991:1" rel="noopener">Celltrion Inc (068270 KS)</a> and <a href="https://www.smartkarma.com/entities/celltrion-healthcare" target="_blank" data-smartkarma-citation="entities:23641:1" rel="noopener">Celltrion Healthcare (091990 KS)</a> each.</li>
<li>We have looked at its two previous sell downs in 2018 and 2020.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the recent updates.</li>
</ul>


Temasek aims to raise around US$450m+ via selling 1.7% of Celltrion Inc (068270 KS) and Celltrion Healthcare (091990 KS) each.
We have looked at its two previous sell downs in 2018 and 2020.
In this note, we will run the deal through our ECM framework and talk about the recent updates.


Celltrion and Celltrion Health Placement - Past Deals Have Been Mixed

South Korea

Samsung Biologics Co.,Ltd. manufactures bio-healthcare products. The Company develops, refines, and distributes biopharmaceutical products.

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Samsung Biologics (207940 KS)