In today’s briefing:
- Seegene (096530 KS): Recovery of Non-COVID Sales to Drive Future Growth
- Yunsung F&C IPO Preview
Seegene (096530 KS): Recovery of Non-COVID Sales to Drive Future Growth
- Seegene Inc (096530 KS) reported a 30% y/y growth in revenue from non-COVID products to KRW69.5 billion in H1 2022. Q2 non-COVID product revenue was up 21% compared to Q1.
- The company expects strong demand for respiratory virus testing in fall and winter as the flu season starts in its key markets of Europe and North America.
- Seegene stock is trading near its lows, mainly due to muted financial performance. Seegene can be a value pick and long-term play on the non-COVID product recovery.
Yunsung F&C IPO Preview
- Yunsung F&C is a leading maker of materials mixing equipment that are used in the rechargeable battery production.
- The IPO price range is from 53,000 won to 62,000 won and offering amount is from 106 billion won to 124 billion won. The book building starts on 26 October.
- According to the bankers’ valuation, the expected IPO market cap range is from 423 billion won to 495 billion won.
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