Korea Healthcare: Investor feedback from Europe and Asia: weak sentiment for now, but awaiting near-term reversal

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Korea Healthcare: Investor feedback from Europe and Asia: weak sentiment for now, but awaiting near-term reversal

J P M O R G A N Asia Pacific Equity Research

29 June 2026

Korea Healthcare

Investor feedback from Europe and Asia: weak

sentiment for now, but awaiting near-term reversal

Risk appetite for Korean equities remains strong, but investor engagement in Korea Healthcare

AChealthcare has been limited amid an AI-led rally and a higher-rate backdrop, which Jihyun Cho

has tightened funding conditions for R&D and capacity expansion. Together with (82-2) 758-5480

company-specific overhangs, this has widened the performance gap (KRXHLTH jihyun.cho@jpmorgan.com

-14% YTD vs. KOSPI +99%). Within our coverage, investor interest has been most Tae Wook Kim

resilient in large-cap biologics (e.g., Samsung Biologics, Celltrion) and select (82-2) 758-5719

small-cap esthetics benefiting from the K-beauty wave (e.g., Classys, APR). taewook.kim@jpmorgan.com

J.P. Morgan Securities (Far East) Limited, Seoul

Discussions have focused on (1) what has driven the de-rating across the space, and Branch

(2) the near-term company and sector catalysts required to rebuild risk appetite. We

see the recent sector-wide weakness as overdone and expect multiple near-term

catalysts to help restore momentum. We maintain OW on Samsung Biologics,

Classys and APR, underpinned by (1) expected relief as company-specific issues

fade and (2) underlying operating resilience absent one-off disruption.

• Broadly weak interest in Korea Healthcare. We have seen strong risk

appetite for Korean equities, but limited interest in healthcare names due to

unfavorable market conditions amidst AI-driven market rallies and rising rates

environment weighing on funding for R&D and capacity expansion. At the