大行評級|大摩:藥明系3間公司前景改善 藥明合聯仍為首選
摩根士丹利發佈研報指,去年訂單積壓趨勢及今年業績指引,確認藥明系3間公司前景改善,推動了3月份股價上升。全球生物技術融資正常化、中國藥物海外授權、海外設施資本支出及商業項目增加,是推動增長主要驅動力。該行將藥明生物的目標價從31.6港元上調至35港元,藥明康德目標價從74.3港元上調至85港元,藥明合聯的目標價從41.3港元上調至60港元,評級均為“增持”。
該行指,藥明合聯仍是該行首選,相信其在2024至2030年期間持續高於行業增長,受惠全球強勁的外包需求及全球現有ADC產能稀缺性。中國對全球藥物授權增加對公司未來收入增長有利,因公司去年中國授權交易規模超過10億美元的ADC中佔據約六成份額。
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