In today’s briefing:
- PhilEnergy IPO Bookbuilding Results Analysis
- At the Core Lies Why Anything Named Samsung Deserves a Discount
- Fadu IPO Valuation Analysis
- Celltrion (068270 KS): Humira Biosimilar Launch in US; Filed New Biosimilar Marketing Application
PhilEnergy IPO Bookbuilding Results Analysis
- PhilEnergy’s IPO price has been determined a 34,000 won. The company will raise 95.6 billion won in this IPO offering.
- A total of 1,955 institutional investors participated in the IPO offering with a competition demand ratio of 1,812 to 1.
- Given the exceptional book building results, it is highly likely that PhilEnergy will have a strong price performance once it starts trading.
At the Core Lies Why Anything Named Samsung Deserves a Discount
- Samsung Electronics (005930 KS) has been a nice outperformer relative to SK Hynix (000660 KS) and Micron Technology (MU US) due to valuation, tech merit and exposure to AI
- For cyclical stocks, no matter defensive vs. peers, does it make more sense to play the pure plays?
- On the recent settlement between Elliott and Samsung C&T (028260 KS) , there was a secret payment made to just Elliott. What about the other minority shareholders?!
Fadu IPO Valuation Analysis
- Our base case valuation analysis suggests implied market cap of 2.2 trillion won or 43,676 won per share, representing 41% higher than the high end of the IPO price range.
- At the high end of our valuation sensitivity analysis, it suggests implied price of 62,893 won per share, representing 103% higher than the high end of the IPO price range.
- Fadu is a system semiconductor fabless company specializing in data centers, which is experiencing a strong growth due to higher data demand for cloud, AI/Big data, 5G, and autonomous driving.
Celltrion (068270 KS): Humira Biosimilar Launch in US; Filed New Biosimilar Marketing Application
- Celltrion Inc (068270 KS) has launched Humira biosimilar Yuflyma in the U.S. market, with a list price of $6,576.50 per month, 5% cheaper than Humira.
- Yuflyma is a citrate-free formulation that is highly concentrated. More than 80% of patients treated with Humira in the U.S. rely on a high-concentration and citrate-free formulation.
- Celltrion has submitted marketing application to the FDA for Eylea biosimilar candidate, CT-P42. The company plans to file for approval for the same in Europe and other countries later.
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