Report

Chong Kun Dang (185750.KS): Moderate growth to continue

  •  Key pipeline drugs such as Gliatilin (supports brain health), Januvia (diabetes drug), Telminuvo (antihypertensive) are on the firm growth track. We expect to see solid earnings growth in 2018.

  • -  Prescriptions for drugs licensed in from global pharmas as well as its incrementally modified drugs (IMDs) and generics are growing faster than the market average. We maintain BUY and our target price of KRW170,000.

Underlying
CKD Bio Corp.

CKD Bio is engaged in the manufacture of pharmaceutical products. Co.'s product lines can be therapeutically classified such as antibiotics, diagnostics including contrast media, and the products for cardiovascular, antimicrobials, metabolism disorders, ophthalmological disorders, neuromuscular disorder, and inhalation anesthetics.

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. 

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