《大行報告》摩通首予金斯瑞生物科技(01548.HK)「增持」評級 目標價30元
摩通發表研究報告指出,首次覆蓋金斯瑞生物科技(01548.HK),給予「增持」評級,目標價30元。該行指出,金斯瑞於四個子領域作多元化發展,在基因合成領域具領先地位,而且在生命科學研究和應用領域累積技術知識。
該行預期,公司在細胞/基因治療(CGT)相關業務的銷售加速,加上嵌合抗原受體T細胞(CAR-T)產品的商業化推動下,公司未來三年收入年均複合增長率約為40%,料經調整溢利將於2026年轉盈。
此外,摩通指金斯瑞持有傳奇生物(LEGN.US)的53%股權,後者市值達79億美元,意味非細胞治療業務估值只有8億美元,但該行預期有關業務將在2022財年貢獻公司收入約5.41億美元(按年增長77%),故認為金斯瑞被低估。
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