Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seegene-inc" target="_blank" data-smartkarma-citation="entities:11483:1" rel="noopener">Seegene Inc (096530 KS)</a> reported a 30% y/y growth in revenue from non-COVID products to KRW69.5 billion in H1 2022. Q2 non-COVID product revenue was up 21% compared to Q1.</li>
<li>The company expects strong demand for respiratory virus testing in fall and winter as the flu season starts in its key markets of Europe and North America.</li>
<li>Seegene stock is trading near its lows, mainly due to muted financial performance. Seegene can be a value pick and long-term play on the non-COVID product recovery.  </li>
</ul>



Seegene Inc (096530 KS) reported a 30% y/y growth in revenue from non-COVID products to KRW69.5 billion in H1 2022. Q2 non-COVID product revenue was up 21% compared to Q1.
The company expects strong demand for respiratory virus testing in fall and winter as the flu season starts in its key markets of Europe and North America.
Seegene stock is trading near its lows, mainly due to muted financial performance. Seegene can be a value pick and long-term play on the non-COVID product recovery.  


Seegene (096530 KS): Recovery of Non-COVID Sales to Drive Future Growth

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.

Event-Driven

<ul>
<li>Juice for cash &amp; carry arbitrage doesn't seem like much. Several names in contango, but the basis widening isn't at a sufficiently arb-tradable level.</li>
<li>Reverse cash &amp; carry isn't all that attractive either, but it certainly does offer more juice, even with borrow fees. Ssangyong C&amp;E, SKT, Shinhan, and KB deserve our attention.</li>
<li>A bit uncertain is whether the pattern of "LONG Spot until ex-dividend and Conversion to Short" through cash &amp; carry will repeat itself this time.</li>
</ul>


Juice for cash &amp; carry arbitrage doesn't seem like much. Several names in contango, but the basis widening isn't at a sufficiently arb-tradable level.
Reverse cash &amp; carry isn't all that attractive either, but it certainly does offer more juice, even with borrow fees. Ssangyong C&amp;E, SKT, Shinhan, and KB deserve our attention.
A bit uncertain is whether the pattern of "LONG Spot until ex-dividend and Conversion to Short" through cash &amp; carry will repeat itself this time.


3Q Dividend Estimates of Those with SSF for Cash & Carry Arb in Korea

<ul>
<li>We can consider three types of dividend stocks, targeting the March 31 dividend base date: 1. 1Q fiscal year-ending dividends, 2. Interim (quarterly) dividends, 3. REITs regular dividends</li>
<li>The ex-dividend price corrections of fiscal year-ending dividend stocks have been pretty tight recently. In addition, the futures basis has not reached a desirable level either.</li>
<li>So, either outright dividend trading or dividend arb play does not have much trade opening. So, I'd consider setting up a long/short basket trading, by focusing on high DTV ones.</li>
</ul>


We can consider three types of dividend stocks, targeting the March 31 dividend base date: 1. 1Q fiscal year-ending dividends, 2. Interim (quarterly) dividends, 3. REITs regular dividends
The ex-dividend price corrections of fiscal year-ending dividend stocks have been pretty tight recently. In addition, the futures basis has not reached a desirable level either.
So, either outright dividend trading or dividend arb play does not have much trade opening. So, I'd consider setting up a long/short basket trading, by focusing on high DTV ones.


KOSPI/KOSDAQ End-March Dividends: 1Q Fiscal Year-Ending, Interim(Quarterly), & REITs

<ul>
<li>There are 71 interim dividend stocks on KOSPI and KOSDAQ. Of these, 9 stocks pay quarterly dividends: 7 KOSPI and 2 KOSDAQ.</li>
<li>All except POSCO and Shinhan Financial employ an equal quarterly split. As expected, SKT offers the highest quarterly dividend yield. At the last closing price, it is 1.55%.</li>
<li>Since the absolute yield level is tight, it may not be appropriate to consider a dividend arb play, except for SKT. Nevertheless, it may act as short-term price momentum.</li>
</ul>


There are 71 interim dividend stocks on KOSPI and KOSDAQ. Of these, 9 stocks pay quarterly dividends: 7 KOSPI and 2 KOSDAQ.
All except POSCO and Shinhan Financial employ an equal quarterly split. As expected, SKT offers the highest quarterly dividend yield. At the last closing price, it is 1.55%.
Since the absolute yield level is tight, it may not be appropriate to consider a dividend arb play, except for SKT. Nevertheless, it may act as short-term price momentum.


KOSPI/KOSDAQ Quarterly Dividend Stocks: DPS & Yield Estimations

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Cross Asset Strategy

<ul>
<li>In this insight, we discuss the big divergence in COVID-19 cases in South Korean and Japan in the past several months. </li>
<li>There has been a MIRACLE of near elimination of COVID-19 cases and deaths in Japan. </li>
<li>The near elimination of COVID-19 cases in Japan could be a combination of factors including vaccination and social distancing. Plus, there is a big controversy on ivermectin's role in this.</li>
</ul>


In this insight, we discuss the big divergence in COVID-19 cases in South Korean and Japan in the past several months. 
There has been a MIRACLE of near elimination of COVID-19 cases and deaths in Japan. 
The near elimination of COVID-19 cases in Japan could be a combination of factors including vaccination and social distancing. Plus, there is a big controversy on ivermectin's role in this.


The Big Divergence in COVID-19 Cases in South Korea and Japan: Data, Miracle, & Mystery

South Korea

Seegene, Inc. manufactures In Vitro Diagnostic (IVD) products mainly through molecular diagnostic method.  The Company provides diagnostic & screening products for cancer, sepsis, influenza and virus infection.

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Seegene Inc (096530 KS)

Seegene (096530 KS): Recovery of Non-COVID Sales to Drive Future Growth

Seegene is seeing slow recovery in non-COVID product revenue, with Q2 non-COVID product revenue increasing 21% q/q. At the current level Seegene...

Tina Banerjee

3Q Dividend Estimates of Those with SSF for Cash & Carry Arb in Korea

This post provides the market consensus estimates for the 3Q dividends of those with single-stock futures in Korea and looks into the cash-and...

Sanghyun Park

KOSPI/KOSDAQ End-March Dividends: 1Q Fiscal Year-Ending, Interim(Quarterly), & REITs

This post offers the latest update on the expected dividends and dividend yields of the three types of end-1Q dividend stocks.

Sanghyun Park

KOSPI/KOSDAQ Quarterly Dividend Stocks: DPS & Yield Estimations

This post lists all 71 interim dividend stocks, of which 9 are quarterly dividend stocks. It then estimates DPS and dividend yield of these 9...

Sanghyun Park

The Big Divergence in COVID-19 Cases in South Korea and Japan: Data, Miracle, & Mystery

In this insight, we discuss the big divergence in COVID-19 cases in South Korean and Japan in the past several months. There has been a MIRACLE of...

Douglas Kim

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