Author: ksb220805@gmail.com

Brokerage : Daishin Securities Analyst : Kahye Hong, Cherry Lee Investment Rating : BUY (Initiation) Target Price : KRW 280,000 (Initiation) Core Momentum : Structural EBITDA margin expansion into the upper-30% range following merger channel inventory resolution, backed by portfolio leverage and new CMO contracts 📊 1. [Valuation & Key Financial Metrics] 🚀 2. [Market…

Read More “[Research] Celltrion (068270) – Daishin Securities | Merger Noise Resolution · Portfolio Expansion Leverage · CMO Revenue Visibility / 2026-05-19” »

Brokerage : Daishin Securities Analyst : Kahye Hong (RA: Cherry Lee) Investment Rating : Buy (Initiation) Target Price : KRW 500,000 (Initiation) Core Momentum : Clinically and commercially validated ALT-B4 platform drives ongoing big pharma licensing, while Keytruda SC commercialization secures long-term milestone/royalty cash flows alongside modality expansion into ADCs. 📊 1. [Valuation & Key…

Read More “[Research] Alteogen (196170) – Daishin Securities | Validated ALT-B4 Platform · Keytruda SC Milestones Accelerate · Coverage Initiation / 2026-05-19” »

Brokerage : Daishin Securities Analyst : Kahye Hong (RA: Chaeri Lee) Investment Rating : BUY (Initiation) Target Price : KRW 2,000,000 (Initiation) Core Momentum : Operating leverage maximization driven by Plant 5 full operation and US plant revenue integration, complemented by medium-to-long-term growth engines including Plant 6 construction and ADC modality expansion. 📊 1. [Valuation…

Read More “[Research] Samsung Biologics (207940) – Daishin Securities | Plant 5 Operation · Fixed-Cost Operating Leverage · Plant 6 Expansion / 2026-05-19” »

Brokerage : Shinhan Securities Analyst : Ho-chul Lee, Min-yong Eom Investment Rating : BUY (Maintained) Target Price : KRW 290,000 (Maintained) Core Momentum : Sustained earnings growth driven by expanding sales mix of new products, operating leverage from SG&A efficiency, US facility operations, and ramping global CMO orders 📊 1. [Valuation & Key Financial Metrics]…

Read More “[Research] Celltrion (068270) – Shinhan Securities | New Product Sales Expansion · Operating Leverage · Global CMO Contracts / 2026-05-15” »

Brokerage : Shinhan Securities Analyst : Minyong Eom, Seokhyeon Yoon Investment Rating : BUY (Maintained) Target Price : KRW 620,000 (Upgraded) Core Momentum : Major patent overhangs materially eased following US PTAB’s invalidation of Halozyme’s core patent, addressing triple valuation discounts across patents, royalty clarity, and rapid Keytruda SC conversion. 📊 1. [Valuation & Key…

Read More “[Research] Alteogen (196170) – Shinhan Securities | Halozyme Patent Invalidated · Key Overhangs Materially Eased · Target Price Raised / 2026-05-14” »

Brokerage : Hana Securities Analyst : Seona Kim (RA: Changkeun Yoo) Investment Rating : BUY (Maintained) Target Price : KRW 580,000 (Maintained) Core Momentum : Sustained quarterly milestone inflows following licensing-heavy 1Q26 earnings, strategic differentiation highlighted by GSK’s deal structures, and favorable expectations for the upcoming PGR final written decision in early June. 📊 1….

Read More “[Research] Alteogen (196170) – Hana Securities | Steady Milestone Inflows · Interpreting GSK’s Enhanze Deal · PGR Final Ruling Catalysts / 2026-05-13” »

Brokerage : Shinhan Securities Analyst : Minyong Eom, Seokhyeon Yoon Investment Rating : BUY (Maintained) Target Price : KRW 570,000 (Maintained) Core Momentum : Keytruda SC April sales reach KRW 123.5 Billion post-J-code rollout, securing trillion-KRW annualized revenue visibility, backed by Biogen’s mid-single digit royalty clarity and early June PTAB PGR catalysts. 📊 1. [Valuation…

Read More “[Research] Alteogen (196170) – Shinhan Securities | Keytruda SC Growth Accelerates · Favorable Contract Terms · Early June PGR Catalysts / 2026-05-11” »