Celltrion is also worried about Donghak ants… Individuals net selling 27.6 billion futures last month

Input 2021.02.02 15:04 | Revision 2021.02.02 15:20

Individual investors net selling futures of 7200 contracts last month
Controversy over corporate value and fair share price likely

Last month individual investors Celltrion (068270)It was found that the stock futures were net sold close to 30 billion won. This is among 151 stock futures in the securities market. SK innovation (096770)It is the largest after all.

Net selling of stock futures means selling the stock in advance with the expectation that Celltrion’s stock price will decline in the future. In general, institutional investors such as pension funds and foreigners often trade futures to avoid (hedge) the risk of spot trading. Samsung Electronics (005930)In case the stock price falls in the future while buying the stock in kind, it sells a certain amount of Samsung Electronics stock futures to reduce losses even if the stock price falls.

However, in the case of individual investors, futures trading is rarely intended for hedging, and they buy and sell in anticipation of a rise or fall in stock price. Selling a lot of Celltrion as futures means that you bet that Celltrion’s share price will decline in the future.

Celltrion is a company that is at the center of controversy over short selling (an investment method that borrows and repays the stock when the stock price falls after borrowing and selling stock). There are many individual investors who claim that the stock price is lower than the corporate value because of short selling. However, the fact that many individual investors have sold futures means that some view Celltrion’s stock price, which is currently in the 300,000 won range, is too high.

According to the Korea Exchange on the 2nd, for one month from January 4 to January 29, the first trading day of this year, individual investors net sold Celltrion futures of 27.6 billion won (7212 contracts). Stock futures maturity (usually around 1 to 3 months), and the difference between the spot price and the stock price is settled on the maturity date. Before the expiration date, they can be traded in real time, just like spot stocks.

Individual investors’ net selling of Celltrion futures this year is analyzed to reflect the view that the stock price will decline in the future. A senior official at a large brokerage company said, “(Net selling of Celltrion futures) is likely to be downward (fall) rather than upward (rise).” It seems to have been bought and sold.” This means that futures investors are selling futures because they believe that Celltrion’s share price will decline in the future.

In this regard, a financial investment industry official also said, “Some argue that Celltrion’s corona vaccine will lead to enormous corporate profits, but it is also true that there are many skeptical views about how much real profits can be generated and how much it will help the corporate value.” .

Celltrion has been recognized for its competitiveness in the biosimilar (pharmaceutical) field, and is currently ranked 8th in the market capitalization of the securities market, but there are still a number of investors who have doubts about technology. For this reason, institutions and foreign investors have continuously short-selled Celltrion, claiming that Celltrion’s stock price is too high for its corporate value. It was an investment that the stock price was expected to fall a little further.

However, Chairman Seo Jeong-jin, the largest shareholder, and a number of Celltrion individual investors have strongly opposed such short selling as a negative operation to lower Celltrion’s share price.

On the 1st, the’Korea Stock Investors Association’, an investor group with more than 32,000 individual investors, released a statement and said, “Han Too-yeon will make a Korean version of the’Wall Street Betz’, an American stock bulletin board,’Case Treat Betsu’ “Celltrion, HLB (028300)“We will join forces with shareholders of a number of listed companies, where short selling is concentrated.”

Wall Street Betz, a group of individual investors in the United States, was opposed to short-selling investors (institutional investors such as hedge funds) who gained profit only when stock prices fell. In the sense of opposing short-selling investors, individual investors intensively bought stocks such as Gamestop and AMC to raise the stock price, and as the stock price rose, hedge funds that sold short suffered losses. It is a plan to carry out such a movement for individual investors in Korea.

An official in the securities industry analyzed, “The meaning of selling Celltrion shares in the futures market by many investors with considerable investment experience reflects the perception that the stock price is considerably higher than the corporate value.”

A high-ranking brokerage official said, “There was a lot of controversy (about the stock price) so that researchers (analysts) of the securities company could not easily comment on the fair share price of Celltrion.” You will have to invest,” he added.