In today’s briefing:
- Checking on Dongwon Industries’ KS200 Deletion Situation After Last Friday’s Share Cancellation Plan
- NPS: Increasing Capital Allocation to More Defensive Stocks in Korea
- SD Biosensor: Further Share Price Decline Likely & Candidate for KOSPI 200 Exclusion in 2024
- Celltrion Inc (068270 KS): Turning Bullish As Biosimilar Revenue Rebounds & US Launches Imminent
Checking on Dongwon Industries’ KS200 Deletion Situation After Last Friday’s Share Cancellation Plan
- It is highly likely that Dongwon Industries will be removed from the KOSPI 200 index in this June review.
- Additionally, based on the confirmed cancellation timeline, the possibility of reinstatement during the December review seems unlikely.
- As a result, it would be wise to maintain shorting position strategies that factor in this information.
NPS: Increasing Capital Allocation to More Defensive Stocks in Korea
- In this insight, we discuss the recent Korean stock portfolio allocation changes by the NPS.
- The data suggests that NPS has been increasing its holdings into more defensive sectors such as insurance, convenience stores, and industrials.
- On the other hand, it has been decreasing capital allocation in consumer discretionary related stocks.
SD Biosensor: Further Share Price Decline Likely & Candidate for KOSPI 200 Exclusion in 2024
- We discuss about the likely exclusion of SD Biosensor from KOSPI 200 in 2024, a big earnings miss in 1Q 2023, and higher probability of further share price decline.
- SD Biosensor reported terrible earnings in 1Q 2023. It had sales of 182.4 billion won (down 86.9% YoY and 48% lower than consensus) in 1Q 2023.
- Our core bearish case of SD Biosensor is that in most countries around the world, there is no longer any need to test millions of people for COVID-19.
Celltrion Inc (068270 KS): Turning Bullish As Biosimilar Revenue Rebounds & US Launches Imminent
- Celltrion Inc (068270 KS) recorded double-digit revenue and operating profit growth in Q1. Biosimilars reported first-ever KRW400B+ quarterly revenue. Operating margin reached to 30.5% in 1Q23 from 24.3% in 1Q22.
- Remsima SC sales (27% of revenue) resumed at full scale and rebounded to KRW100B quarterly revenue after a gap of ~2.5 years, driven by increasing market share in EU.
- This year, Celltrion is expected to launch three products in the U.S.: Vegzelma (biosimilar bevacizumab), Yuflyma (biosimilar adalimumab), and a novel subcutaneous formulation of infliximab.
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