★★KR:Daily Local Color(KISIPO:ImmuneOncia,PhrmRsrch,HDElec,SamyangFoods,ESG)
[KIS IPO] ImmuneOncia (424870): ImmuneOncia, Yuhan Corp's subsidiary, specialises in antibody-based immunotherapy cancer drug development; its basic biz model is to develop new drug candidates based on antibodies and generate revenue through L/O in the early clinical stage. Investment points include significant earnings growth along with the growth of immunotherapy market and entry into the dual antibody market, which is emerging as a next-gen growth engine. IPO px (band: W3~3.6k) is calculated by giving 32.1~43.4%% discount on W5,301 derived by applying the avg P/E of 19.2x (based on FY24 earnings) of domestic peers to Co's FY28e earnings. Free-float ratio would be slightly burdensome at 29.4% of the total # of the shrs.
PharmaResearch (214450): Raise TP to W410k on solid sales of Conjuran and entry into Eastern and Northern Europe scheduled in 2H25 along with the offline expansion of Rejuran cosmetics in SEA in 2025. 1Q preview: sales W106.3bn (+3.6% QoQ, +42.3% YoY), to slightly beat on strong domestic sales and export growth of Rejuran. OP W41.1bn (+22.0% QoQ, +54.2% YoY) on end of one off marketing costs in 4Q24. 2Q sales W110.6bn (+4.0% QoQ, +33.0% YoY), OP W42.1bn (+2.5% QoQ, +36.9% YoY) on rising # of foreign patients.
HD Hyundai Electric (267260): Cut TP to W470k by slashing EE to reflect tariff impact and increase in COE; however, maintain BUY, as there is still an upside potential of 42.2%, while valuation attractiveness is expanding with relatively limited impact of tariffs. Considering that the robust demand in the US market is centered on the expansion of renewable energy facilities and replacement of aging facilities rather than data centers, increase in orders and sales will continue even if data center investment is somewhat delayed. 1Q preview: sales W986.5bn (+23.2% YoY, +20.9% QoQ), OP W208.6bn (+62.0% YoY, +25.4% QoQ).
Samyang Foods (003230): Raise TP to W1.1m and maintain as sector top pick by reflecting EE upgrade from improvement in regional mix and strong USD. In the long term, accelerated top-line growth is expected as the China plant go online in Jan 2027. 1Q preview: sales W500.7bn (+29.8% YoY), OP W106.7bn (+33.1% YoY); to be inline thx to YoY increase in export sales, regional mix, and improved input cost. Export expansion to Europe and SEA is +IVE while the penetration rate into the US mainstream channel remains largely unchanged. Improved GPM on rising utilization rate of Miryang plant is also +IVE. In the long term, accelerated top-line growth is expected as the China plant go online in Jan 2027.
ESG: The defense industry was typically excluded from ESG investment due to its nature of manufacturing weapons. However, ESG investors’ perception of the defense industry began to change due to the expansion of geopolitical risks. Particularly, major European countries emphasize the strategic value of the defense industry in terms of national security, and this trend is now spreading globally, incl. Asia. India is pursuing domestic production and technological independence in the defense industry, and shr px of DPSU listed companies recently surged along with the changes in global EGS investment perspectives. These changes will have an impact on ESG assessment and investment frameworks, as well as investment practices in general.
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