In today’s briefing:
- SM Entertainment: Provides a Detailed Analysis of a Strategic Partnership with Kakao
- EuBiologics (206650 KS): Accelerated Double-Digit Sales Growth In 2022; Strong Demand to Continue
SM Entertainment: Provides a Detailed Analysis of a Strategic Partnership with Kakao
- Today (22 February), S.M.Entertainment Co (041510 KS) provided a detailed analysis of the strategic partnership with Kakao from shareholders and fans perspectives.
- The timing of this detailed strategic partnership announcement is a bit unusual since it comes BEFORE the actual tender offer announcement and potential capital injection into SM Entertainment by Kakao.
- Our call on this M&A remains consistent. In the last week of February/early March, Kakao could make a tender offer at prices of at least 140,000/150,000 won, in our view.
EuBiologics (206650 KS): Accelerated Double-Digit Sales Growth In 2022; Strong Demand to Continue
- In 2022, Eubiologics (206650 KS) reported revenue growth of 41% YoY to KRW55.47B, driven by increased supply of cholera vaccine to UNICEF following the outbreak of cholera worldwide.
- In 2022, more than 29 countries reported cholera cases or outbreaks, up from 20 countries five year ago. Globally cholera vaccine is in short supply.
- Eubiologic’s vaccine manufacturing capacity is expected to go up to 90 million doses after completion of the expansion project this year, which will drive sustainable sales growth.
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