We upgrade our rating from Marketperform to BUY in light of the potential milestone payments from
global pharmas over its out-licensed pipeline drugs in the mid to long term and above-average growth
in outpatient prescriptions.
- We raised the PSR applied to the current operating value to better recognize the rapidly growing sales
of new drugs and revise up our target price to KRW670,000 as we upwardly adjusted the success rates of
key pipeline drugs and a potential expansion of drug indications for a key pipeline drug.
Hanmi Pharm is engaged in the manufacture of pharmaceuticals. Co. provides pharmaceutical products, including antibiotics, osteoarthritis drugs, anti-inflammatory drugs, nootropics, epilepsy drugs, and intestinal tonics. Co. also provides beverages and processes soft capsules for other pharmaceutical firms.
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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