Author: ksb220805@gmail.com

Brokerage : Hana Securities Analyst : Seona Kim (RA: Changkeun Yoo) Investment Rating : BUY (Maintained) Target Price : KRW 580,000 (Downgraded) Core Momentum : Target price adjusted reflecting Keytruda SC’s economics in Merck’s Form 10-Q (USD 1B in sales milestones prior to receiving a 2% royalty) alongside calibrated future licensing milestone assumptions, with share…

Read More “[Research] Alteogen (196170) – Hana Securities | Target Price Adjusted on Royalty Structure & Deal Assumptions · Deal Acceleration Starts in 2026 / 2026-01-22” »

Brokerage : iM Securities Analyst : Jaewon Jeong Investment Rating : Buy (Maintained) Target Price : KRW 2,200,000 (Maintained) Core Momentum : Becoming the first Korean biotech company to surpass KRW 2 Trillion in annual operating profit, accelerating medium-to-long-term growth as a pure-play CDMO across three pillars: capacity, portfolio, and global sites. 📊 1. [Valuation…

Read More “[Research] Samsung Biologics (207940) – iM Securities | Annual Operating Profit Surpasses KRW 2T · Pure-CDMO Transition · Three-Pillar Growth Strategy / 2026-01-22” »

Brokerage : Hana Securities Analyst : Seona Kim (RA: Changkeun Yoo) Investment Rating : BUY (Maintained) Target Price : KRW 640,000 (Maintained) Core Momentum : Execution of a USD 285 Million exclusive licensing agreement with GSK for Jemperli SC shows terms broadly comparable to the Enhertu single-asset agreement (USD 20M upfront for a sub-KRW 1T…

Read More “[Research] Alteogen (196170) – Hana Securities | GSK Single-Asset Deal Analysis · Expanding SC Competitiveness · Ongoing 2026 Deal Catalysts / 2026-01-21” »

Brokerage : Shinhan Securities Analyst : Minyong Eom, Seokhyeon Yoon Investment Rating : BUY (Maintained) Target Price : KRW 570,000 (Downgraded) Core Momentum : Execution of a new out-licensing deal with GSK significantly eases patent litigation concerns, while clarification of Keytruda SC’s 2% royalty reduces key estimation uncertainties, paving the way for additional multi-partner licensing….

Read More “[Research] Alteogen (196170) – Shinhan Securities | GSK Deal Supports Low Patent Risk View · Keytruda SC Royalty Calibrated · Target Price Adjusted / 2026-01-21” »

Brokerage : iM Securities Analyst : Jaewon Jeong Investment Rating : Buy (Maintained) Target Price : KRW 2,200,000 (Upgraded) Core Momentum : Pure-CDMO valuation re-rating following the Bioepis spinoff and annual orders surpassing KRW 6.8 Trillion, reinforced by structural tailwinds from the US Biosecure Act and Plant 6 expansion expectations. 📊 1. [Valuation & Key…

Read More “[Research] Samsung Biologics (207940) – iM Securities | Spin-off Valuation Re-rating · Biosecure Act Inflows · Plant 6 Groundbreaking / 2026-01-09” »