In today’s briefing:
- Initial Thoughts on the K Bank IPO
- Celltrion (068270 KS): 2Q24 Result- Biosimilar Sales Roar; Operating Profit Recovers Sequentially
Initial Thoughts on the K Bank IPO
- In this insight, we provide an update on the K Bank IPO, which is more likely in 1H 2025. K Bank is one of the largest Internet-only banks in Korea.
- A successful IPO of K Bank could have a positive impact on KT Corp (030200 KS) which is the indirectly the largest shareholder of K Bank.
- K Bank had total operating income of 51.5 billion won (up 328% YoY) in 1Q 2024. Operating margin improved materially from 5.7% in 1Q 2023 to 19.5% in 1Q 2024.
Celltrion (068270 KS): 2Q24 Result- Biosimilar Sales Roar; Operating Profit Recovers Sequentially
- Celltrion Inc (068270 KS) posted revenue of KRW875B in 2Q24, driven by balanced growth in both the existing core and new biosimilar products.
- Operating profit ‘temporarily’ declined 60% YoY due to the ongoing impact of the merger. However, operating profit improved by a massive 371% sequentially.
- Celltrion maintains its 2024 revenue target of KRW3.5T (+60% YoY). The improvement in sales and operating profit in the second half of the year is expected to become increasingly evident.
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