In today’s briefing:
- Initial Thoughts on Golfzon County IPO: Impact on Golfzon Newdin Holdings
- BNC Korea (256840 KS): Base Business Faces Regulatory Headwind; Delay in COVID Drugs Approval
Initial Thoughts on Golfzon County IPO: Impact on Golfzon Newdin Holdings
- In this insight, we discuss our initial thoughts on the Golfzon County IPO which is likely in 1H 2023.
- As of September 2022, Golfzon County owned and operated 18 golf courses and 387 holes, the largest in Korea.
- Golfzon Newdin owns a 43.2% in Golfzon County. We estimate Golfzon Newdin’s market cap to be 273 billion won or 6,369 won per share, representing a 44% upside.
BNC Korea (256840 KS): Base Business Faces Regulatory Headwind; Delay in COVID Drugs Approval
- BNC Korea (256840 KS) has been found guilty for the violation of the Pharmaceutical Affairs Act. Consequently, production of its Bienox injection has temporarily been halted till May 30, 2023.
- The company’s in-licensed COVID-19 drug candidate could not secure emergency use approval from the FDA, which has asked for further clinical trial demonstrating efficacy and safety.
- BNC Korea is not a bottom fishing idea, due to lack of any strong growth engine in near-term. Despite attractive valuation, we still like to avoid the stock.
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