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《大行報告》大摩下調信達生物(01801.HK)目標價至65元 評級「增持」
阿思達克 02-14 10:29
摩根士丹利發表研究報告指,信達生物(01801.HK)的產品管線價值被嚴重低估,認為現價水平存在投資機會,因此維持「增持」評級。 該行認為,指出美國FDA仍未對公司主要產品信迪利單抗(Tyvyt)作出最終審批, 專家委員會建議進行額外臨床試驗,由於前景可見性不高,目前將Tyvyt在美國的銷售預測歸零。 但大摩指,信達生物股價已經過度調整,現時已跌至 2020 年初以來的最低點,認為市場對事件反應過度,負面情緒蓋過了公司價值,強調信達生物產品具有廣度及深度,產品管線包括6種商業化產品,其中5種將在未來兩年內商業化,預期全球化發展佈局不會受到影響。 基於Tyvyt銷售預期更為保守,大摩下調信達生物2021至2023年及收入及盈利預測,目標價相應由95元下調至65元。
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