Moderna's Surge, Impact on Domestic Biotech Stocks, and Analysis of Samsung Electronics & SK Hynix Shareholder Return Strategies

While Rznomics and Olix share the common ground of developing RNA-based therapies, they exhibit clear differences in their technological approaches. Rznomics utilizes a mechanism that cleaves dysfunctional RNA and replaces/corrects it with normal therapeutic sequences. Olix, on the other hand, employs siRNA (small interfering RNA) technology to completely remove dysfunctional RNA itself, thereby fundamentally blocking the production of harmful proteins.

AprilBio's suspension of the clinical trial for APB-A1 (thyroid eye disease), which was out-licensed, acted as a clear negative for the market. The halt of this project, which had garnered high expectations through collaboration with Lundbeck, negatively impacted AprilBio's stock price. With the disappearance of a key anticipated momentum, short-term stock price decline pressure is considered inevitable. However, the company has hinted at the possibility of continuing clinical trials for APB-A1 in other indications. Furthermore, attention is focused on whether the data presentation at the European Academy of Dermatology and Venereology in September can serve as a new rebound momentum.

SK Hynix announced that it will return more than 50% of its cumulative free cash flow (FCF) to shareholders over three years, from 2025 to 2027. This strengthens the policy from the previous 'within 50%' to 'at least 50%', demonstrating the company's strong commitment to enhancing shareholder value. This policy change, coupled with an increased share buyback volume, is interpreted as reflecting the company's recognition of its stock's undervaluation.

SK Hynix expressed a strong commitment to defending against its stock's undervaluation through share buybacks. The company announced yesterday a net share buyback of over approximately 975 billion KRW, indicating its judgment that the current stock price is significantly undervalued. Compared to its usual daily average share buyback of approximately 645.2 billion KRW, this constitutes an unusually large-scale buyback. This implies that the company itself believes its shares are too cheap at the current level and is actively increasing its buying intensity. It is emphasized that the company's judgment in this regard is more important than individual investors' trading trends for understanding the current stock price situation.