"Hanmi Pharmaceutical Takes Center Stage in Roche's Obesity Reversal Drama"... W3.2 Trillion Jackpot for Hanmi; Doosan Enerbility Sees Orders Before U.S. Nuclear Plant Groundbreaking [Jutopia]

[Financial News] Here is a roundup of major brokerage reports as of the morning of August 25.
Hanmi Pharmaceutical has emerged as a key player that could shake up the global obesity treatment race after signing a technology transfer deal worth more than W3 trillion for an obesity drug with Genentech, a Roche Group subsidiary.
Doosan Enerbility may see its order timeline accelerate as the U.S. nuclear power market opens the door to ordering major equipment before construction begins. Hyundai Motor Company was also highlighted as a likely beneficiary, as it is building an industrial platform that combines group capabilities from robot development to production and logistics.
◆ Hanmi Pharmaceutical (128940)― NH Investment & Securities / Analyst Han Seung-yeon
- Target price: W760,000 (up 33.3% from W570,000) | Previous close: W540,000
- Investment opinion: Buy (maintained)
In a report titled "The Star of Roche's Obesity Reversal Scenario," NH Investment & Securities raised its target price for Hanmi Pharmaceutical to W760,000, saying the large-scale obesity drug technology transfer deal with Genentech, a Roche Group subsidiary, would lift the company's drug value.
The deal concerns Hanmi Pharmaceutical's obesity drug candidate, HM17321 (LA-UCN2). It is a new class of drug designed to reduce weight while preserving muscle, and the total deal value could reach as much as $2.305 billion, or about W3.1892 trillion.
Analyst Han Seung-yeon said, "Following Roche's massive obesity technology transfer deal the previous day, we revised the value of the LA-UCN2 drug candidate from W2 trillion to W4.1 trillion." She added, "We estimated the value of LA-UCN2 attributable to Hanmi Pharmaceutical at W2.3 trillion."
Han also said, "The total value of $2.3 billion makes this the second-largest global obesity deal ever for a single candidate molecule," and described it as "a contract that shows Roche's determination to expand its obesity business." The interpretation is that Roche, which had been trailing Lilly and Novo Nordisk in the obesity treatment race, chose Hanmi Pharmaceutical's drug as the final piece in its push to enter the global top three big pharma companies. This is the second mega technology transfer deal of the year after Lilly's, and domestic obesity drug approval in the fourth quarter, along with additional technology transfers, are seen as the next key events.※ UCN2 analog (LA-UCN2)Existing obesity treatments such as Wegovy and Mounjaro, which belong to the GLP-1 class, have been criticized for causing muscle loss along with weight loss. UCN2 analogs work through a different mechanism and are being developed as a new class of drug candidates aimed at reducing weight while preserving muscle. They are also drawing attention as a combination strategy alongside existing therapies.
◆ Doosan Enerbility (034020)― KB Securities / Analyst Jeong Hye-jeong
- Target price: W140,000 (maintained) | Closing price: W73,300 (as of the report, August 21)
- Investment opinion: Buy (maintained)
In a report titled "It Is Only a Matter of Time Before North America's New Nuclear Market Becomes Visible," KB Securities maintained its target price of W140,000 for Doosan Enerbility, saying the company's U.S. nuclear order timeline could accelerate. That is because utilities can now place orders for long-lead equipment, such as reactors, before construction begins.
The catalyst was the long-lead equipment procurement loan program announced by the United States Department of Energy (DOE) in June. Through this program, companies can place orders for key equipment even before the Final Investment Decision (FID), the step that formally confirms a project.
Analyst Jeong Hye-jeong said, "The most notable project is the 10 AP1000 units being pursued by Westinghouse Electric Company and a U.S. utility through a special purpose vehicle (SPV)." She added, "Since the goal is to begin operations in the mid-2030s, early orders for long-lead equipment are expected to be a key driver of future order momentum."
Jeong also said, "Ultimately, the key point to watch is not the 'groundbreaking timing' of U.S. nuclear plants, but the 'equipment order timing.'" She added, "Now that pre-FID orders are possible, the expansion of the North American nuclear market could first show up in Doosan Enerbility's orders."
The report also suggested that if orders for the Czech Republic nuclear project and gas turbines for U.S. data centers are added in the second half of the year, the company could exceed its annual order target.※ AP1000This is a large reactor model designed by Westinghouse Electric Company. It is a Generation III+ pressurized water reactor with an output of 1.1 million kW, and Doosan Enerbility manufactures and supplies core equipment such as the reactor vessel and steam generator.
◆ Hyundai Motor Company (005380)― IBK Securities / Analyst Lee Hyun-wook
- Target price: W670,000 (down 13.0% from W770,000) | Previous close: W414,000
- Investment opinion: Buy (maintained)
In a report titled "The Value of Robots," IBK Securities said Hyundai Motor Company is securing a new growth engine by building capabilities in robot development and mass production. However, it lowered its target price to W670,000 to reflect adjustments to the valuation of its core business and robot operations. The target price includes a W39 trillion equity value for the robot business.
Hyundai Motor Group plans to combine Boston Dynamics' robot technology with its production base in Georgia, Hyundai Motor Group Metaplant America (HMGMA), Hyundai Mobis' parts, and Hyundai Glovis' logistics to build an industrial platform that connects robot development with production and logistics. After a pilot run next year, the group plans to deploy the humanoid robot Atlas on manufacturing lines starting in 2028.
Analyst Lee Hyun-wook said, "If the U.S. humanoid robot market is reshaped around companies that can produce locally while excluding Chinese products, Hyundai Motor Group, which has a production base in the United States, could benefit."
Lee added, "Hyundai Motor Group has both the manufacturing sites where robots can actually be deployed and a non-China production base." He said the group is one of the companies most likely to commercialize humanoid robots because it can combine its capabilities from robot development to manufacturing and logistics.

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