Category: Bio & Healthcare

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” »

Brokerage : Kiwoom Securities Analyst : Hyemin Huh Investment Rating : BUY (Maintained) Target Price : KRW 2,100,000 (Maintained) Core Momentum : Despite near-term raw material inflation and US plant acquisition overhead, 100% capacity utilization across Plants 1–4 and H2 Plant 5 revenue contributions will defend 2026 OPM at 2025 levels. 📊 1. [Valuation &…

Read More “[Research] Samsung Biologics (207940) – Kiwoom Securities | Plant 5 H2 Revenue Recognition · US Site Cost Control · 2026 Profitability Defense / 2026-01-07” »

Brokerage : Yuanta Securities Analyst : Hyunsoo Ha Investment Rating : BUY (Maintained) Target Price : KRW 2,100,000 (Upgraded) Core Momentum : Full capacity operation across Plants 1–4 combined with the acquisition of the US Maryland facility, continuous contract momentum following the Biosecure Act passage, and modality expansions at Campus 3. 📊 1. [Valuation &…

Read More “[Research] Samsung Biologics (207940) – Yuanta Securities | US Site Acquisition · Biosecure Act Beneficiary · Plant 6 & Campus 3 Expansion / 2026-01-07” »

Brokerage : Hana Securities Analyst : Seona Kim (RA: Changkeun Yoo) Investment Rating : BUY (Maintained) Target Price : KRW 2,050,000 (Upgraded) Core Momentum : Sustained mid-40% OPM post-spinoff and annual orders surpassing KRW 6.8 Trillion, with 2026 JPMHC presentations set to provide visibility on Plant 6 groundbreaking and new modality CAPEX. 📊 1. [Valuation…

Read More “[Research] Samsung Biologics (207940) – Hana Securities | Post-Spinoff Profitability · Record KRW 6.8T Orders · Plant 6 Groundbreaking Visibility / 2026-01-07” »

Brokerage : IBK Securities Analyst : E-soo Jung, CFA Investment Rating : Not Rated Target Price : – Core Momentum : Demonstration of clinical efficacy in Enhertu-resistant patients and concentrated 1H26 clinical readouts driving subsequent out-licensing deals 📊 1. [Valuation & Key Financial Metrics] 🚀 2. [Market Opportunities & Business Outlook] 📝 Editor’s Comment (Perspective)…

Read More “[Research] LigaChem Biosciences (141080) – IBK Securities | Enhertu Resistance · Clinical Readouts · Tech Transfer / 2025-11-27” »

Brokerage : iM Securities Analyst : Jaewon Jeong Investment Rating : Buy (Maintain) Target Price : KRW 200,000 (Upward) Core Momentum : Upward revision of platform valuation coupled with 2H clinical milestones across core ADC assets and potential execution of advanced platform deals 📊 1. [Valuation & Key Financial Metrics] 🚀 2. [Market Opportunities &…

Read More “[Research] LigaChem Biosciences (141080) – iM Securities | Platform Valuation · Pipeline Milestones · Deal Expansion / 2025-08-12” »