J.P. Morgan South Korea FTM 1 Jul 26 Ecopro BM; Korea Healthcare; Korea Economics and More

Research evidence excerpt

J.P. Morgan South Korea FTM 1 Jul 26 Ecopro BM; Korea Healthcare; Korea Economics and More

Asia Pacific Equity Research

South Korea First to Market 01 July 2026

Top Stories

Ecopro BM (Sonny Lee) (247540 KS, N)

W1.2tn rights issue; more emphasis on nickel upstream involves risk factors

Ecopro BM (EBM) announced a W1.2tn rights issue on June 30 via 9.9mn new shares at a preliminary W121,200 (20%

discount), implying ~10% dilution; its parent Ecopro will take 100% of its allocation (up to 120% if unsubscribed). Proceeds are

mainly to be used for a ~20% stake in Indonesia’s BNSI nickel smelter (W765bn), with the balance for Hungary funding

(W150bn), Korea capex (W150bn), and working capital (W135bn). We view deeper nickel upstream integration as adding

incremental risks: 1) reduced flexibility toward LFP opportunities; 2) higher sensitivity to nickel price swings, and 3) policy risk

from Indonesian controls. We stay Neutral and continue to prefer battery makers over materials (L&F OW; EBM N; PFM UW;

SDI OW).

Korea Healthcare (Jihyun Cho)

IQVIA May US drug sales: steady growth with gradual uptake in newer products

We provide monthly IQVIA US drug sales data (as National Sales Perspective, NSP) for Korean healthcare names. May NSP

sales remained firm, sustaining solid y/y growth and broadly tracking within our expectations. Despite largely muted growth in

legacy drugs, Samsung Bioepis delivered sales of $58mn (+2% m/m, +47% y/y) with steady growth in Hadlima and newer

launches (Pyzchiva/Epysqli/Ospomyv). Celltrion posted $231mn (+1% m/m, +40% y/y). While inflectra/Zymfentra sales growth

has turned muted, Truxima and Yuflyma have advanced alongside new products, expanding from a low base. SK Biopharm