Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sd-biosensor-inc" target="_blank" data-smartkarma-citation="entities:33333:1" rel="noopener">SD Biosensor (137310 KS)</a> is reporting significant decline in revenue due to the fading demand of COVID-19 tests. 2Q23 revenue declined 80% YoY and 11% QoQ to KRW162.6B.</li>
<li>SD Biosensor reported operating loss of KRW97.8B and KRW76.4B in 1Q23 and 2Q23, respectively, leading to 1H23 operating loss of KRW174.2B, compared with an operating profit of KRW348B in 1H22.</li>
<li>SD Biosensor is on track to launch next-generation ultra-small continuous blood glucose meter (CGMS) in Korea in 2024. Thus far, Korea has approved four CGMS, including one locally-developed.</li>
</ul>



SD Biosensor (137310 KS) is reporting significant decline in revenue due to the fading demand of COVID-19 tests. 2Q23 revenue declined 80% YoY and 11% QoQ to KRW162.6B.
SD Biosensor reported operating loss of KRW97.8B and KRW76.4B in 1Q23 and 2Q23, respectively, leading to 1H23 operating loss of KRW174.2B, compared with an operating profit of KRW348B in 1H22.
SD Biosensor is on track to launch next-generation ultra-small continuous blood glucose meter (CGMS) in Korea in 2024. Thus far, Korea has approved four CGMS, including one locally-developed.


SD Biosensor (137310 KS): No Change of Fate Is Seen in Near-Term; Visibility to Improve in 2024 Only

<ul>
<li>
<a href="https://www.smartkarma.com/entities/eubiologics-co-ltd" target="_blank" data-smartkarma-citation="entities:23739:1" rel="noopener">Eubiologics (206650 KS)</a> received UNICEF oral cholera vaccine order of KRW124B in 2024. This is nearly 1.9x higher than last year's sales, making the case for record-high sales in 2024.</li>
<li>Eubiologics is not expecting any near-term competition. The company is boosting its production capability to 90M doses annually by 2025 from 33M doses currently.</li>
<li>Eubiologics is planning to enter the premium vaccine market, which should further accelerate the revenue growth and improve its margins. Recently, <a href="https://www.smartkarma.com/entities/bionote-inc" target="_blank" data-smartkarma-citation="entities:36446:1" rel="noopener">Bionote (377740 KS)</a> has increased stake in Eubiologics.</li>
</ul>



Eubiologics (206650 KS) received UNICEF oral cholera vaccine order of KRW124B in 2024. This is nearly 1.9x higher than last year's sales, making the case for record-high sales in 2024.
Eubiologics is not expecting any near-term competition. The company is boosting its production capability to 90M doses annually by 2025 from 33M doses currently.
Eubiologics is planning to enter the premium vaccine market, which should further accelerate the revenue growth and improve its margins. Recently, Bionote (377740 KS) has increased stake in Eubiologics.


EuBiologics (206650 KS): Secular Sectoral Tailwind Is Not The Only Catalyst

Thematic (Sector/Industry)

<ul>
<li>We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.</li>
<li>Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter.  </li>
<li>Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.</li>
</ul>


We have screened for APAC (ex-China) healthcare companies using their respective Smart Score, a compound score for a company indicating its overall outlook based on key factors.
Smart Score screens the stock based on five major components including value, dividends, growth, resilience, and momentum. It also provides a cumulative score, which puts equal weightage on each parameter.  
Parameters used to screen the stocks: market cap≥ $800M and smart score≥ 3.5. We have seen stocks having high smart score has strong growth prospects and qualify for investment proposition.


Top APAC (Ex-China) Investment Worthy Healthcare Companies Using Smartkarma’s Smart Score Screener

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>There has been a new, highly mutated COVID variant found in South Africa named Omicron by the WHO.</li>
<li>Is this the onset of the 'dark winter' that many people have warned? In this insight, we will provide further details of this new COVID variant Omicron.</li>
<li>While the world waits on more data on the Omicron variant, we believe SK Bioscience, SD Biosensor, and Seegene could soundly outperform the market in the next several weeks. </li>
</ul>


There has been a new, highly mutated COVID variant found in South Africa named Omicron by the WHO.
Is this the onset of the 'dark winter' that many people have warned? In this insight, we will provide further details of this new COVID variant Omicron.
While the world waits on more data on the Omicron variant, we believe SK Bioscience, SD Biosensor, and Seegene could soundly outperform the market in the next several weeks. 


The Highly Mutated Omicron COVID Variant - Onset of the Dark Winter?

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Jul 12th which has an aggregated short interest worth USD6.1bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Samsung Electronics (005930 KS) , Posco (005490 KS) .</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Jul 12th which has an aggregated short interest worth USD6.1bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Samsung Electronics (005930 KS) , Posco (005490 KS) .


KRX Short Interest Weekly (Jul 12th): Samsung Electronics, Posco

South Korea

Lutronic Corporation is an innovator in advanced aesthetic, medical laser and related technology. The Company reinvests large portion of its revenue in R&D, developing breakthrough applications to explore future medical laser opportunities that include ophthalmology, neurosurgery, urology, and other surgical laser applications. Lutronic serves customers globally.

Dentium Co., Ltd. manufactures dental instruments and materials.  The Company's products include dental implant kits and lab tool kits.

I-Sens Inc. develops, produces and distributes medical devices.  The Company's main products include blood glucose monitoring systems, electrolyte and gas analyzers, and immunosensors.

Value Added Technology Co., Ltd. develops, manufactures, and engages in sales of digital radiography medical equipments for dental clinics.  The Company also supplies digital sensor for X-ray equipments.

Curexo Inc. distributes medical equipment such as MRI (Magnetic Resonance Imaging) and endoscope used in operating of breast cancer.  The Company also produces goods for aromatic therapy.

INTEROJO CO LTD manufactures and markets contact lens.  The Company's main brands are Clalen, Morning-Q, Festival-II, Bandage, Multivision.

InBody Co., Ltd. manufactures and markets a body composition analyzer and other related medical instruments.  The Company supplies its products to the hospitals, clinics, fitness clubs, and households.  Biospace also exports its products to overseas markets, such as America, Europe, and Asia.

Huons Co., Ltd. manufactures pharmaceutical products.  The Company produces medical drugs in the fields of nervous system, sensory organs, anti-histamines, circulatory system, respiratory system, digestive system, metabolic agents and hormones.

Vieworks Company Ltd. designs and manufactures camera systems for digital radiography, digital fluoroscopy, and angiography systems.

Access Bio Inc. develops, manufactures, and markets in-vitro diagnostic (IVD) tests.  The Company develops rapid diagnostic test (RDT) for Malaria and Pregnancy.

Atrion Corporation, through its subsidiaries, designs, develops, manufactures, markets, sells, and distributes medical products and components.  The Company's products are used in ophthalmic, diagnostic, and cardiovascular procedures. Atrion's products are sold primarily to health care companies which market and distribute its products in conjunction with their name-brand products.

HOGY MEDICAL CO., LTD. manufactures and sells medical supply and related products including sterilized tools and disposable injectors and masks used by surgeons.

Lifetech Scientific Corporation develops, manufactures and markets minimally invasive interventional medical devices for cardiovascular and peripheral vascular diseases and disorders.  The Company produces congenital heart defect occluders, vena cava filters, stent grafts, balloon catheters, and vascular plugs.

Edan Instruments Inc develops, produces and sells medical electronic equipments.  The Company's main products are fetal dopplers, electrocardiographs, fetal monitors and ultrasound scanners.

Easywell Biomedical Inc manufactures thermometers for the medical industry. The Company offers a wide range of thermometers, including transparent and fast read thermometers.

Cardiovascular Systems, Inc. developed and manufactures a medical device that removes hardened plaque and calcium from arteries.

Paul Hartmann AG manufactures and markets personal hygiene and medical products. The Company sells baby diapers under the Fixie brand name, diagnostic equipment, and first aid, operating, skin care, feminine hygiene, and incontinence products.  Paul Hartmann operates approximately six production facilities in Germanyand markets its products worldwide.

Advanced Medical Solutions Group plc designs, develops and produces novel high performance polymers, both natural and synthetic, for the healthcare market in the United Kingdom.  The Company's products include wound care products and non-wound care products such as biomaterials, tubing products, textiles and dipped products.

OrthoPediatrics Corp. operates as a medical device company. The Company designs, develops, and commercializes orthopedic implants and instruments to improve the lives of children with orthopedic conditions. OrthoPediatrics markets surgical systems for trauma and deformity, bone fractures, and reconstruction procedures. OrthoPediatrics serves orthopedic market globally.

Zhende Medical Co., Ltd. manufactures medical products. The Company researches, develops, produces, and sells medical dressings, pressure treatment and fixation, modern wound care, surgical infection management, and other products. Zhende Medical markets its products worldwide.

SD Biosensor, INC. operates medical device manufacturing businesses. The Company produces electric medical instruments and other products. SD Biosensor conducts businesses across worldwide.

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SD Biosensor (137310 KS)