Report

Boryung Pharm (003850.KS): Bottom confirmed

- We keep our BUY rating intact for the mid/long term as Boryung Pharm’s key original medicine “Kanarb”

and its family at home and abroad gains growth momentum.

- However, we cut our target price to KRW50,000 from KRW62,000 as outpatient prescriptions have been

falling over the past two months and the recognition of KRW73bn in proceeds from the disposal of a

property is likely to be delayed to 1H18 from 2H17.

Underlying
Boryung Pharmaceutical Co. Ltd.

Boryung Pharmaceutical is engaged in the manufacture of pharmaceuticals. Co. produces antibiotics, vaccines, herbal medicines, remedies for thrombus, gastroenteric disorder and high blood pressure.

Provider
Hyundai Motor Investment & Securities
Hyundai Motor Investment & Securities

Hyundai Motor Investment & Securities is the investment banking arm of the Hyundai Motor Group. The company offers stock brokerage and advisory services; derivative products brokerage and advisory services; wrap account portfolio management services; and VIP wealth management and tax planning, institutional equities, derivatives, and futures brokerage services, as well as sells investment and institutional products. It also provides equity offering, ABS, real estate PF and real estate PF securitization, offshore SOC, structured financing, asset securitization, real estate sales, IPO advisory, and private equity fund and fund management services; and CMA/RP portfolio management and fixed income based investments, as well as involved in the issuance, management, and brokerage of OTC derivatives. In addition, the company offers research services, including macro economic forecasts and stock market outlook, industry overviews and forecasts, fixed income strategies, corporate credit analysis, and valuation analysis. Further, it offers a range of retirement and pension services for individuals and corporate members; portfolios and asset allocation consulting and marketing services; proposing retirement pension plans; contract and payment management services; pension plan advisory and actuarial services; and system development and implementation services, as well as operates call centers for retirement pension services, etc. 

Analysts
Yang Ku Kang

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