HanAll Biopharma Says "Limited Impact on Share Price" Despite Lupus Development Halt; Seojin System's Target Price Raised 27% [Stocktopia]

[Financial News] Here is a roundup of reports from major securities firms as of the morning of September 28.
Analysts said HanAll Biopharma's partner had abandoned development for cutaneous lupus erythematosus, but that this did not represent a failure of the drug's mechanism of action itself. They identified next year's Graves' disease trial as the company's next major test.
Seojin System's target price was raised sharply on expectations of a clear pattern of weak first-half performance followed by stronger second-half results, with all uncertainty surrounding its Vietnamese subsidiary expected to be resolved and the company forecast to return to profitability from the third quarter. Daeduck Electronics was also assessed as likely to catch up with peer stocks as earnings season approaches, after discussions of a long-term supply agreement with a major customer and the receipt of advance payments were confirmed.
◆ HanAll Biopharma (009420)— IBK Securities / Researcher Jeong I-su
- Target price: 70,000 won (down 4.1%, from 73,000 won) | Previous day's closing price: 46,600 won
- Investment opinion: Buy (maintained)
IBK Securities slightly lowered HanAll Biopharma's target price to 70,000 won, saying its partner Immunovant had announced the clinical results for Imeroprubart in cutaneous lupus erythematosus on the 23rd and decided to discontinue development for that indication. Rather than including CLE among the six indications used to calculate the drug's value, the firm incorporated Immunovant's upwardly revised estimate of the target patient population for refractory rheumatoid arthritis, minimizing the reduction.
Researcher Jeong I-su stated, "There is little reason to interpret these results as a failure of Imeroprubart's mechanism itself." Imeroprubart is a neonatal Fc receptor (FcRn) inhibitor that lowers antibody (IgG) levels. Jeong analyzed, "IgG reduction through FcRn inhibition produced a certain level of clinical response in CLE as well, but the effect was apparently not sufficient to justify continuing development given the competitive landscape." 
Jeong identified follow-up data on refractory rheumatoid arthritis scheduled for the fourth quarter, along with next year's clinical results for Graves' disease and myasthenia gravis, as the next catalysts. He highlighted Graves' disease in particular, explaining, "The target patient population in the United States is approximately 330,000, making it the largest market among the indications currently under development. In addition, Imeroprubart is the only FcRn inhibitor currently conducting a registration trial, raising expectations that it could be the first in its class to launch."
He added, "If efficacy is confirmed in the registration trials for Graves' disease and myasthenia gravis scheduled for 2027, the value of the drug is expected to rise as its commercialization prospects improve."※Cutaneous Lupus Erythematosus (CLE)Cutaneous lupus erythematosus is a form of lupus, an autoimmune disease in which immune cells attack the body, that primarily causes rashes and lesions on the skin. It commonly appears on sun-exposed areas such as the face and scalp and may leave scars or cause hair loss, creating steady demand for treatments.※FcRn InhibitorThe body contains a receptor called the neonatal Fc receptor, or FcRn, which captures antibodies (IgG) to prevent their breakdown and recycle them. In autoimmune diseases, even harmful antibodies that attack the body can survive longer through this system. FcRn inhibitors block this recycling pathway and broadly reduce antibody levels. Imeroprubart, developed by HanAll Biopharma and licensed to Immunovant, is a drug candidate in this class.
◆ Seojin System (178320)— SK Securities / Researcher Na Seung-du
- Target price: 70,000 won (up 27.3%, from 55,000 won) | Previous day's closing price: 32,150 won
- Investment opinion: Buy (maintained)
SK Securities raised its target price for Seojin System to 70,000 won, saying uncertainty had been resolved and profitability was expected to recover in the second half.
Researcher Na Seung-du noted, "Seojin System has firmly established itself as a key company in the global artificial intelligence (AI) infrastructure supply chain." He added, "Hydrogen fuel cells, which have emerged as a key energy source for AI infrastructure, are seeing a sharp increase in customer orders, making discussions on long-term contract manufacturing supply agreements increasingly concrete." 
He continued, "As the U.S. supply line also appears to have begun shipments, its contribution to year-end results is likely to be substantial." He forecast, "A clear pattern of weak first-half performance followed by stronger second-half results will emerge." SK Securities expects third-quarter operating profit to turn positive from an operating loss in the previous quarter and to increase further in the fourth quarter.
Na said, "All uncertainty surrounding the Vietnamese subsidiary has also been removed," adding, "The company appears to have entered a period in which it will benefit from stronger relations and expanded cooperation between South Korea and Vietnam." He further stated, "With the South Korean stock market having moved beyond its broader correction phase and individual uncertainties now clearly removed, it is time for the stock to be revalued as profitability recovers." He added that this was "why raising the target price is not burdensome."※Energy Storage System (ESS)An energy storage system stores electricity in large batteries and releases it when needed. It is mainly used to store intermittently generated electricity from sources such as solar and wind power and to ensure a stable power supply for data centers that consume large amounts of electricity. Seojin System handles the enclosures and assembly for these ESS units.※Hydrogen Fuel CellA hydrogen fuel cell generates electricity through a chemical reaction between hydrogen and oxygen, allowing power to be produced on-site without a power plant. Demand is surging as AI data centers, which cannot afford to wait for connections to the power grid, rush to adopt fuel cells as independent power sources.
◆ Daeduck Electronics (353200)— iM Securities / Researcher Go Ui-yeong
- Target price: 190,000 won (up 26.7%, from 150,000 won) | Previous day's closing price: 119,400 won
- Investment opinion: Buy (maintained)
iM Securities raised its target price for Daeduck Electronics to 190,000 won, saying the company would gradually increase annual operating profit, supported by long-term agreements (LTAs) with major customers. The revision reflected increases of 4.5% and 2.1%, respectively, in its operating profit estimates for next year and the following year, as well as the stock revaluation trend among overseas peers.
Researcher Go Ui-yeong analyzed, "If the exchange rate had remained at the second-quarter level, third-quarter operating profit would easily have exceeded 80 billion won." He added, "We believe the fundamentals are strengthening, and the company is likely to catch up as earnings season approaches."
Go cited ongoing discussions on LTAs with multiple customers as the first reason, saying, "The semiannual report indirectly confirms that the company has already received advance payments from some customers." He forecast, "Additional LTAs and advance payments will serve as catalysts supporting the visibility of long-term demand." 
He also pointed out that demand for substrates used in optical modules and NAND flash controllers, Daeduck Electronics' main products, is growing rapidly. The company is also securing additional customers in the highly profitable aerospace sector. Go explained, "In the second quarter, the company benefited from approximately 50 billion won in capacity expansion through the conversion of key product lines. After the first quarter of next year, annual capacity is expected to expand from the current 950 billion won to 1.2 trillion won."※Long-Term Agreement (LTA)An LTA is a contract under which a customer commits in advance to purchase several years' worth of products. It is a favorable agreement suppliers can secure when goods are in short supply. If the supplier also receives an advance payment, it effectively secures future sales, making LTAs an important basis for securities firms' earnings forecasts.※NAND Flash ControllerA NAND flash controller is a semiconductor that acts as the brain inside storage devices such as USB drives and SSDs, directing where data is written and read. As demand for high-capacity SSDs for AI data centers increases, demand for the substrates that carry these chips is also growing.

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