[ANALYST REPORT] Celltrion: Expect healthy 3Q16 share price momentum

Celltrion’s sales and profit should normalize from 2Q16. Looking at 2H16, we suggest that investors focus on: 1) the start of supply (from 3Q16) of Celltrion Healthcare’s Remsima to Pfizer; 2) expected approvals for Celtrion’s Rituxan and Herceptin biosimilars; 3) a planned IPO for Celltrion Healthcare; and 4) new disclosure rules for short-selling balances.2Q16 preview: Earnings normalizing; COGS-to-sales ratio and SG&A-to-sales ratio stabilizingCeltrion chairmanSeo Jung-jinWe expect Celltrion

July 1, 2016

Asia-Pacific central banks to invest in local currency bonds

[THE INVESTOR] Central banks of 11 Asia-Pacific nations will invest in bonds denominated in the currencies of concerned nations, Bank of Korea announced on July 1. According to SouthKorea’s central bank, the 11 central banks included in the Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) agreed to invest in local currency bonds. Members of EMEAP include the central banks of South Korea, Australia, China and Japan.Until now, the EMEAP’s Asia Bond Fund invested in dollar-denominated

July 1, 2016

Jangwon Tech to float IPO in July

[THE INVESTOR] Jangwon Tech, a Korean die casting company, will go public on the tech-heavy KOSDAQ in July, the firm’s chief executive said on June 30. The company plans to use the funds from the initial public offering to “expand its production facilities and diversify product portfolio,” said Park Sae-hyuk, CEO of the firm in a press conference held in Seoul. The company is expected to offer 1.5 million shares to the public against the total issue size of 6,045,000 shares at a tentative price

July 1, 2016