In today’s briefing:
- Eoflow Announced that US Federal Court Has Decided to Suspend the Effect of 1st Injunction Decision
- South Korean Banks; Stick with Woori (316140 KS) And KB Financial (105560 KS)
- Celltrion (068270 KS): 1Q24 Result- Sales Hit Quarterly High; Profit Sinks on Merger Effect
- EQD | KOSPI 200 Ready to Pullback
Eoflow Announced that US Federal Court Has Decided to Suspend the Effect of 1st Injunction Decision
- On 8 May, Eoflow announced that the U.S. federal court has decided to suspend the effect of the first injunction decision.
- While the effect of the second preliminary injunction decision remains intact, Eoflow has requested a review of the suspension of the effect of the second revised injunction decision as well.
- There has been a renewed optimism on Eoflow (294090 KS)’s share price in the past week which increased by 46% from 7 May to 10 May.
South Korean Banks; Stick with Woori (316140 KS) And KB Financial (105560 KS)
- In our latest South Korean banks screener, we keep Woori on the buy list along with KB Financial as our Korean banks picks
- Delinquency ratios continued to worsen QoQ, yet Woori is the benchmark for NPL ratio; Woori had lagged in terms of returns, but these are holding at the pre-provision level
- KB has a low PBV ratio relative to its ROE, it delivers rising post-provision returns, with cost of risk declining and it has a healthy CET1 ratio
Celltrion (068270 KS): 1Q24 Result- Sales Hit Quarterly High; Profit Sinks on Merger Effect
- Celltrion Inc (068270 KS) posted revenue of KRW700B+ in 1Q24, thanks to increasing demand for Remsima in Europe. The market share of Remsima is approaching 80–90% in select European countries.
- 1Q24 profit setback is temporary as COGS ratio is expected to improve rapidly starting from 2Q24 as the inventory is digested, leading to sequentially improved profit margins in coming quarters.
- With the successful U.S. launch of Zymfentra and continued solid uptake of the existing products, the company is well-positioned to meet its 2024 revenue target of KRW3.5T (+60% YoY).
EQD | KOSPI 200 Ready to Pullback
- This is an update to our previous insight published on April 22nd: “EQD | KOSPI 200 WEEKLY Bounce: Rally or Not?“.
- The KOSPI 200 INDEX has performed a nearly +6% rally in the last 3 weeks, closing up 3 weeks in a row (CC=+3).
- We have something to say about this pattern that was identified 3 weeks and ago and so we wanted to post this insight to explicit our view.
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