[Click eStock] "Hanmi Pharm, Focus on Group Integration Synergy... Target Price Maintained"

Korea Investment & Securities maintained its buy rating and target price of 440,000 KRW for Hanmi Pharm on the 15th, stating, "There is nothing in the integrated contract between Hanmi Pharm Group and the materials and energy specialist OCI Group that fundamentally affects Hanmi Pharm's stock price."

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On the same day, researchers Oh Eui-rim and Kim Jeong-chan from Korea Investment & Securities said, "This contract is the result of the alignment of the two groups' interests." They maintained Hanmi Pharm's target price, which was raised nearly 16% on the 10th with the expectation that the metabolic abnormality steatohepatitis (MASH) treatment would contribute to operating profit growth.

They added, "OCI Group has been striving to enter the pharmaceutical and bio sectors, including acquiring shares of Bukwang Pharm at the end of last year," and "The management of Hanmi Science has been burdened by the continuous need to secure funds for inheritance tax. Since the passing of the late Chairman Lim Seong-gi in 2020, Hanmi management partially paid about 500 billion KRW of inheritance tax through share-collateralized loans, but the burden increased due to rising interest rates."

Researcher Oh stated, "If elements that change corporate value are identified as the integration of the two groups progresses, we plan to adjust the value accordingly," and "This contract does not fundamentally affect Hanmi Pharm's stock price. Attention should be paid to business strategies aimed at generating synergy between the two groups in the future." He also added, "Hanmi Pharm holds multiple R&D growth drivers, including Madrigal's MASH treatment approval in the first half of this year and the disclosure of obesity treatment efficacy at the American Diabetes Association (ADA) conference in June."

Earlier, Hanmi Science announced on the 12th that it would conduct a third-party allotment capital increase worth 240 billion KRW targeting OCI Holdings. OCI Holdings, the holding company of OCI Group, will acquire a total of 27% of Hanmi Science, the holding company of Hanmi Pharm Group, by investing 770.3 billion KRW, including 18.6% through existing shares and in-kind contributions and 8.4% through new share issuance. Meanwhile, major shareholders of Hanmi Science, including Lim Joo-hyun, the eldest daughter of the late Chairman Lim and head of strategic planning, will acquire 10.4% of OCI shares.

Accordingly, 6,434,316 new common shares will be issued at 37,300 KRW per share. The third-party allotment recipient is OCI Holdings Co., Ltd. Since the announcement of the integration with OCI Group, Hanmi Pharm Group has experienced internal strife, including opposition from the eldest son and Hanmi Pharm President Lim Jong-yoon, increasing the possibility of a management dispute.

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