Author: ksb220805@gmail.com

[Research] Samsung SDI (006400) – IBK Securities | Fully Booked North America ESS Expected · European IAA Benefits · 1Q Earnings Resilience / 2026-04-02

April 2, 2026August 22, 2026 ksb220805@gmail.com

Brokerage : IBK Securities Analyst : Hyun-wook Lee Investment Rating : BUY (Maintained) Target Price : KRW 500,000 (Raised) Core Momentum : Initiating a fundamental turnaround starting with resilient 1Q26 results, supported by P6 battery shipments for European Hyundai/Kia volume models, North American ESS capacity expected to be fully booked through 2028, and European Industrial…

Research, EV & Battery

[Research] Samsung Biologics (207940) – Kiwoom Securities | Plant 6 Groundbreaking Visibility · Labor Negotiation · Rockville Revenue Recognition / 2026-04-02

April 2, 2026August 23, 2026 ksb220805@gmail.com

Brokerage : Kiwoom Securities Analyst : Hyemin Huh Investment Rating : BUY (Maintained) Target Price : KRW 2,100,000 (Maintained) Core Momentum : Solid Q1 earnings driven by deferred Q4 revenue recognition, paired with uncertainty resolution via labor negotiations, order pipeline expansion, Plant 6 groundbreaking clarity, and Q3 Rockville revenue recognition. 📊 1. [Valuation & Key…

Research, Bio & Healthcare

[Research] Samsung Biologics (207940) – Yuanta Securities | US Site Acquisition · Biosecure Act Beneficiary · Bio Campus 3 Expansion / 2026-04-02

April 2, 2026August 23, 2026 ksb220805@gmail.com

Brokerage : Yuanta Securities Analyst : Hyunsoo Ha Investment Rating : BUY (Maintained) Target Price : KRW 2,100,000 (Maintained) Core Momentum : Finalization of the US Maryland facility acquisition and anticipated Biosecure Act beneficiary orders drive earnings upside, complemented by Plant 6 groundbreaking and next-generation modality expansions at Bio Campus 3. 📊 1. [Valuation &…

Research, Bio & Healthcare

[Research] Samsung Biologics (207940) – Hana Securities | Rockville Acquisition Finalized · Guidance Revision Outlook · Tariff Resilience / 2026-04-02

April 2, 2026August 23, 2026 ksb220805@gmail.com

Brokerage : Hana Securities Analyst : Seona Kim (RA: Changkeun Yoo) Investment Rating : BUY (Maintained) Target Price : KRW 2,050,000 (Maintained) Core Momentum : Acquisition of the US Rockville site finalized, driving scheduled H2 revenue recognition and an estimated ~5% upward revision in annual guidance alongside enhanced tariff risk resilience. 📊 1. [Valuation &…

Research, Bio & Healthcare

[Research] SK hynix (000660 / SKHY) – Mirae Asset | Memory Pricing Resilience · Earnings Visibility · Valuation Appeal / 2026-04-01

April 1, 2026August 24, 2026 ksb220805@gmail.com

Market: KOSPI (000660) Brokerage : Mirae Asset Securities Analyst : Younggun Kim Investment Rating : BUY (Maintained) Target Price : 1,540,000 KRW (Maintained) Core Momentum : Resilient DRAM spot and contract pricing despite macro and geopolitical uncertainty indicates limited fundamental deterioration, while sustained earnings visibility and the sharp decline in forward P/B reinforce valuation appeal…

Research, Semiconductors

[Research] LigaChem Biosciences (141080) – Kyobo Securities | Pipeline Clinical Progress · IND Filings · Tech Transfer / 2026-04-01

April 1, 2026August 21, 2026 ksb220805@gmail.com

Brokerage : Kyobo Securities Analyst : Hee-ryung Jung Investment Rating : Buy (Maintain) Target Price : KRW 230,000 (Upward) Core Momentum : Increased pipeline success probabilities driven by clinical advancements across core ADC assets and planned IND submissions, enhancing potential for new licensing deals 📊 1. [Valuation & Key Financial Metrics] 🚀 2. [Market Opportunities…

Research, Bio & Healthcare

[Research] SK hynix (000660 / SKHY) – iM Securities | Memory ASP · Server Demand · Earnings Upgrades / 2026-03-31

March 31, 2026August 24, 2026 ksb220805@gmail.com

Market: KOSPI (000660) Brokerage : iM Securities Investment Rating : Buy (Maintain) Target Price : 1,500,000 KRW (Upgraded) Core Momentum : Sharp DRAM and NAND ASP increases are driving substantial earnings upgrades, while sustained server shipment growth and rising memory content supported by Big Tech Capex are critical to extending demand momentum beyond the first…

Research, Semiconductors

[Research] Samsung SDI (006400) – Kyobo Securities | 1Q Trough Passing · ESS Utilization Gains · Humanoid Client Expansion / 2026-03-30

March 30, 2026August 22, 2026 ksb220805@gmail.com

Brokerage : Kyobo Securities Analyst : Bo-young Choi Investment Rating : Buy (Maintained) Target Price : KRW 580,000 (Raised) Core Momentum : Passing an earnings trough in 1Q26 and entering an operational turnaround supported by EV-to-ESS line conversions, LFP supply chain enhancements, and high-power cylindrical cell client expansion across AI data centers and humanoid robotics….

Research, EV & Battery

[Research] Alteogen (196170) – Shinhan Securities | 2 Out-Licensing Deals in Q1 · Biogen Deal Analysis · Major Catalysts Ahead from April / 2026-03-27

March 27, 2026August 23, 2026 ksb220805@gmail.com

Brokerage : Shinhan Securities Analyst : Minyong Eom, Seokhyeon Yoon Investment Rating : BUY (Maintained) Target Price : KRW 570,000 (Maintained) Core Momentum : Execution of an KRW 870.0 Billion deal with Biogen just two months after the GSK agreement confirms shortened licensing deal cycles and mid-single digit royalty economics, with major catalysts lined up…

Research, Bio & Healthcare

[Research] Alteogen (196170) – Hana Securities | Exclusive Biogen Licensing Deal · ~USD 40M Q1 Cumulative Upfronts · Rich Q2 Catalysts Ahead / 2026-03-26

March 26, 2026August 23, 2026 ksb220805@gmail.com

Brokerage : Hana Securities Analyst : Seona Kim (RA: Changkeun Yoo) Investment Rating : BUY (Maintained) Target Price : KRW 580,000 (Maintained) Core Momentum : Execution of a USD 579 Million exclusive licensing agreement with Biogen brings Q1 cumulative upfront payments to ~KRW 59.5 Billion (combining GSK and Biogen), supported by sequential catalysts including April…

Research, Bio & Healthcare