In today’s briefing:
- MSCI Korea Rebalance: Bottom 5% Continue to Underperform
- Bionote Pre-IPO – The Negatives – Fortunes Generated from a Sole Related Party
MSCI Korea Rebalance: Bottom 5% Continue to Underperform
- In this insight, we provide a ranking system for targeting the bottom 5% of potential exclusion candidates in the upcoming MSCI Korea index rebalance in November.
- The ranking system is based on a combined weighted rankings based on MSCI weight, market cap, and ADTV.
- The six stocks that have received lowest weights include Meritz Financial Group, S 1 Corp, Amorepacific Group, CJ Corp, Green Cross Corp, and LG Household & Health Care-Pref.
Bionote Pre-IPO – The Negatives – Fortunes Generated from a Sole Related Party
- Bionote (377740 KS) is looking to raise approximately US$200m in its Korean IPO. The IPO would consist of both a primary and secondary selldown.
- Bionote is an integrated producer of diagnostics test products and biocontent products. Based on its unique recombinant antigen and antibody manufacturing technology, the firm researches and develops diagnostic reagent products.
- A large part of the firm’s fortunes came from supplying to a sole customer, which is also a related party. Margins have since come under pressure as well.
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