In today’s briefing:
- Korean Air – Another US Example Of A Ruling Against Consolidation Raises Asiana Merger Questions
- Samsung Biologics (207940 KS): Stellar Performance in 4Q23; Outlook Remains Strong
- EQD | The KOSPI 200 Could Go Lower
Korean Air – Another US Example Of A Ruling Against Consolidation Raises Asiana Merger Questions
- The US Department of Transport (DOT) has ordered the termination of Delta and Aeromexico’s joint venture from October 2024 due to access restrictions in Mexico City.
- This follows the (unrelated) US blocking of JetBlue’s planned acquisition of Spirit Airlines on the grounds that it would negatively impact consumers.
- Each case is different, but the US has previously voiced concerns regarding Korean Air’s planned merger with Asiana, and the bar continues to rise for M&A/JV approval globally.
Samsung Biologics (207940 KS): Stellar Performance in 4Q23; Outlook Remains Strong
- Samsung Biologics (207940 KS) reported 11% YoY growth in revenue to KRW1.07 trillion in 4Q23 driven by the ramp-up of operation of its Plant 4 and robust sales backlog.
- The company closed 2023 with record high revenue and operating profit, bucking the weakening trend in overall global CDMO sector.
- The outlook remains strong, with resilient business performance expected to drive a 10–15% annual growth in revenue for 2024.
EQD | The KOSPI 200 Could Go Lower
- The KOSPI 200 INDEX closed the last week up, after 3 weeks down in a row (CC=-3).
- The index could pullback again this week, after last week’s bounce, support is around 332-325 or, if the market goes lower, around the 313 price area.
- Most likely the pullback will last only for 1-2 weeks (if any), but caution is advised: a longer pullback that could reach below 313 is not impossible.
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