[서울신문] SK Bioscience’s’failure’ ending down… Do you step on the SK Biopharm train for leaving the line?

1.48% compared to the previous day for foreigners and institutions to realize profits ↓
Interest in employee churn due to slowing stock price explosive power
Last year, SK Biopharm’s 30 people left the line.
Industry “A bright earnings outlook is sufficient for an additional rise in stock prices”

SK Bioscience, which led the public offering (IPO) market in the first half of this year, fell down on the 19th, the second day of listing, and failed to achieve “tasang” (the upper limit was recorded for two days in a row after the initial price was determined to be twice the public offering price). As the explosive power of stock price hikes declined than expected, it is attracting attention whether there will be a large-scale departure of employees to realize the profits of our stockholders, as in the case of SK Biopharm, where 30 people left last year.

On this day, in the securities market, SK Bioscience finished trading at 166,000 won, down 1.48% from the previous day.

At the beginning of the market, it increased by more than 10%, and then gradually narrowed as the profit-taking sale was poured out. Eventually, it turned to a downtrend at the end of the market. Based on the closing price, the market cap was about 12.700 trillion won, ranking 29th in the KOSPI (excluding preferred stocks).

Foreigners and institutions net sold 123.1 billion won and 29.7 billion won, respectively. Individuals net bought 168.6 billion won and received the sale thrown by foreigners and institutions. Some securities companies’ mobile trading system (MTS) apps, such as Mirae Asset Daewoo, once experienced a connection failure due to a surge in orders.

Earlier, SK Bioscience set new records in both institutional investor demand forecasts and general subscriptions, sparking the heat. When entering the stock market on the 18th, SK Bioscience, whose initial price was set at 130,000 won, which is twice the public offering price of 65,000 won, jumped to the upper limit of 169,000 won at the beginning of the market, and recorded a’tasang’ effortlessly. The day before, the intraday contract amount was only 770,000 shares, but the remaining purchase amount reached 6.4 million shares, raising the expectation for a’tasangsang’.

There are also concerns that the line-out procession of employees such as SK Biopharm last year continues. Employee stock shares cannot be sold after being tied to the protection deposit for one year, so they can only be sold after leaving the company. In the case of SK Bioscience, there was little risk of churn as the stock price was expected to continue rising for the time being, but it is explained that the judgment on the timing of profit taking may change as the stock price rises lower than expected. In particular, from 2023, it is reported that there is an internal atmosphere that’the last car to realize profits should be taken as the related law changed to pay a transfer tax on all listed stocks.

In the case of SK Bioscience, more than 600 employees participated in the subscription to employee stock ownership. The amount allocated through the employee stock ownership association was 4.49 million shares, which means that about 7484 shares were allocated on average per employee.

In fact, at SK Biopharm, which was listed last year, 34 out of 210 employees left the company. Employees of SK Biopharm were assigned an average of 11,000 shares per employee. SK Biopharm’s stock price has risen and fell in the 200,000 won range for about a month, recording a ‘tasangsang’. At this time, it is calculated that the retired employee would have earned an average price margin of 1.6 billion won.

However, the industry predicted that the line exit process will not continue right away. First of all, the allocation per capita is not as large as SK Biopharm, and unlike SK Biopharm, which had no sales at the time of listing, SK Bioscience is already showing results and has bright prospects, so the stock price still has sufficient upside potential. .

In fact, SK Bioscience is expected to generate approximately 625 billion won in sales related to the Corona 19 vaccine consignment production (CMO) and consignment development production (CDMO) from this year. According to the stock market, if you add the flu, shingles, and chickenpox vaccine sales, this year’s sales and operating profit are expected to surge 316% and 940%, respectively, compared to the previous year.

Han Byeong-hwa, a researcher at Eugene Investment & Securities, said, “The performance after next year is expected to change depending on the pandemic situation and the development and commercialization of the Corona 19 vaccine.” If possible, the stock price will be at the level of the market capitalization (16 trillion to 25 trillion won) of global new vaccine companies, such as Curevec, Novavex, and BioEntech, which have grown rapidly due to Corona 19.”

Reporter Kim Hee-ri [email protected]