In today’s briefing:
- Full Details & Trading Ramifications of Official Revisions to CFD Trade Rules in Korea
- Jeisys Medical (287410 KS): Solid Q1 Result; New Product Launch and China Expansion to Drive Growth
- Keymed Biosciences (2162.HK) – Behind the Plunge in Share Price and the Outlook
- Sun Pharmaceutical (SUNP IN): Specialty Business Drove Q4 Revenue; Propose to Acquire 100% of Taro
Full Details & Trading Ramifications of Official Revisions to CFD Trade Rules in Korea
- It’s crucial to note that margin balances from CFDs will also be disclosed through each brokerage’s Home Trading System (HTS), providing insight into the risk of margin call-triggered covering trades.
- It has been challenging to discern which are being targeted for illegal trading operations using CFDs. The disclosure of CFD margin balances can be an indicator to address this issue.
- This may lead to a short-term selling spiral on suspected stocks, where illegal trading forces rush to liquidate their positions, and additional selling pressure targeting such activities exacerbates the situation.
Jeisys Medical (287410 KS): Solid Q1 Result; New Product Launch and China Expansion to Drive Growth
- Jeisys Medical (287410 KS) recorded 15% YoY revenue growth in 1Q23, mainly driven by a 25% YoY growth in consumables due to the increasing number of aesthetic procedures globally.
- As of 1Q23, cumulative sales of two major devices of Jeisys, LinearFirm/LinearZ and Potenza reached 3,411 and 2,431 units, respectively. Expanding installed base should further drive consumables revenue growth.
- Jeisys has launched a new device in domestic market and Japan in current quarter. The company aims to accelerate growth momentum through entry in to new market, including China.
Keymed Biosciences (2162.HK) – Behind the Plunge in Share Price and the Outlook
- The “horror story” of Keymed yesterday alerted us. The delay in submission of marketing application for CM310 should have been known by Keymed long ago, indicating shortcomings in information disclosure/expectation management.
- The earliest time CM310 would be launched is 2024. This means that CM310 may miss out next year’s NRDL negotiations and be in a passive position in competition with dupilumab.
- We still maintain our view on Keymed’s valuation for the time being. If there is “black swan event”, we may need to adjust valuation as the competitive landscape could change.
Sun Pharmaceutical (SUNP IN): Specialty Business Drove Q4 Revenue; Propose to Acquire 100% of Taro
- Sun Pharmaceutical Industries (SUNP IN) recorded 14% YoY revenue growth in Q4FY23, driven by 21% growth in U.S. formulation business. Adjusted net profit for Q4FY23 was INR21.6B, up 36% YoY.
- Global specialty business continues to maintain strong momentum. Adjusted for milestone received, global specialty contributed 18% of Q4FY23 overall sales and grew 28% YoY to $244M.
- Sun Pharma has proposed to acquire the remaining stake in Taro Pharmaceutical for a purchase price of $38 per share in cash. Management expects high single-digit revenue growth in FY24.
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