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《大行報告》大和上調信達生物(01801.HK)目標價至52元 與百濟神州(06160.HK)同為行業首選
大和發表研究報告指,近日內地生物科技股表現向好,相信是由於中國重新開放導致醫院流量及藥品銷售復甦,以及市場憧憬今年當局監管取態較為溫和所致。 根據估值模型,大和提升了信達生物(01801.HK)、君實生物(01877.HK)、榮昌生物-B(09995.HK)及康方生物-B(09926.HK)的目標價,詳見另表。 當中大和以信達生物為首選股,看好其成熟的價值鏈能力和研發平台,對公司今年發展持樂觀看法,憧憬核心產品Tyvyt(PD-1)將恢復增長,同時mazdutide用於肥胖症的臨床研究第三階段將公布中期數據,Tyvyt以外的產品銷售持續增長,以及多種在研藥物預料將獲批,將其目標價由39.4元上升至52元。 除信達生物外,大和亦將百濟神州(06160.HK)列為首選股,預期憑藉Brukinsa(BTK)和tislelizumab(PD-1)於全球市場的滲透率提商,百濟神州的商業化進程將步入轉捩點,現時預測核心產品VV116今明兩年風險調整後收入將達到40億及36億元人民幣。 該行亦看好康方生物及榮昌生物,同予「買入」評級。前者與Summit Therapeutics(SMMT.US)的合作,上半年料合共可獲得現金4.75億美元,資金可用於產品管線研發及商業化基礎設施建設。
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