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Yuhan Corp: 1Q18 Preview: Pipeline Value To Be Highlighted

Summary

We expect 1Q18 results to be in line with market expectations as outpatient prescription growth is offset by slower API exports.

On a parent basis, we expect Yuhan Corp to report KRW359.5bn in sales (+2.9% YoY, -3.7% QoQ) and KRW23.7bn in operating profit (-14.4%, +70.9% QoQ) on a 6.6% operating margin.

e maintain BUY as we see its key pipelines reviving out-licensing momentum in the mid to long term.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.