三星生物制剂 (207940.KS): Takeaways from NDR

This Nomura Quick Note summarizes takeaways from NDR meetings hosted with Europe-based investors for Samsung Biologics (207940.KS). Investors understood the rationale behind the company's KRW3.0tn rights issue and were constructive on the PolyPeptide acquisition, but wanted to understand why equity financing was the main method. Management explained that the large multi-year investment plan through 2034 requires financial flexibility, funded by proceeds from the rights offering. On orders, new order wins have been smaller this year than last, though management still sees opportunities for new orders. On demand, customer interest is strengthening markedly at the CDO stage rather than CMO, and with US Section 232 pharma measures raising tariff risk on non-US supply chains, a rising share of inquiries now comes from the US;