《大行報告》麥格理上調藥明生物(02269.HK)目標價25%至262.05元 為行業首選
麥格理發表的研究報告指,藥明生物(02269.HK)首席執行官昨日舉行了投資者會議,並將今年下半年盈利增長指引由30%升至40%,而2021及22年的增長指引則由逾40%增至逾50%。他指出公司的新業務策略Win-the-Molecule、跟隨藥物分子發展階段擴大業務(Follow-the-Molecule)策略以及新冠病毒項目等料涉5.28億美元,將會在未來兩至三年入帳,雖然公司估值較貴,但基本面上行吸引,短期政策及定價風險亦最少,將其目標價由209.21元升至262.05元,為行業首選。
該行指出6月份時公司簽訂逾10個新冠病毒單克隆抗體(mAb)計劃,涉及3.2億美元。現時公司已擁有逾20個相關項目(贏得全球新冠病毒新藥臨床試驗項目超過80%),另外亦有相關的疫苗合約涉資1.5億美元。總體而言新冠病毒訂單達5.28億美元,該行估計有三分一將在2021年體現,另外三分二則會在2022年,而2023年料額外會有5億美元的潛在合約。管理層指未來3-5個月將可進行新藥臨床試驗申報(包括一名新加坡客戶只需2.5個月),速度之快全球競爭對手難以趕上,而在疫情下公司亦展現了執行力、技術、能力及質素。
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