- Korea is increasingly seeing the need to localize production of COVID-19 vaccines, as the world’s makers are planning to raise their prices.

- We maintain BUY on ST Pharm and raise our target price to KRW130,000 to reflect: 1) an increase in orders at the oligonucleotide division; and 2) possible domestic sales of an in-house developed mRNA-based COVID-19 vaccine from 2022.