《大行報告》大和:藥明生物(02269.HK)雖遭大股東減持 但對未來業務增長趨勢仍樂觀
藥明生物(02269.HK)今早公布,獲主要股東Biologics Holdings知會計劃配售1.08億股現有股份(佔公司已發行股本2.56%),每股配售價為107元,較昨收市價114.8元折讓6.79%共套115.56億元,完成後對藥明生物持股量降至17.44%。大和發表報告表示,在今輪配股減持交易之前,Biologics Holdings已進行了10輪配售舊股及4輪配售新股的交易。
大和認為,藥明生物主要股東Biologics Holdings配股減持,相信是受到風險投資(VC)及私募股權投資(PE)基金所推動,因很多風險投資及私募股權投資基金曾參與了2015年身為中概股的藥明康德(02359.HK)的私有化計劃(藥明康德其後分別在香港及內地掛牌),當時藥明生物屬藥明康德的一部份,而該行稱對藥明生物的未來增長趨勢仍然樂觀。
該行重申對藥明生物「買入」評級及目標價140元,指公司截至3月15日總體未交付訂單共120億美元,指藥明生物屬該行在中國醫藥研發生產外包(CXO)行業首選股,相信公司在行業屬具防守性。
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