大行評級丨交銀國際:上調榮昌生物目標價至66港元 預期2027年實現盈虧平衡
交銀國際發表報告指,基於現金流折現率(DCF)估值,將榮昌生物的目標價由35.2港元上調至66港元,評級“買入”,維持公司在2025至2026年持續減虧、並在2027年實現盈虧平衡的預期。榮昌生物剛宣佈以每股42.44元配售1900萬股新H股,較前十個連續交易日H股平均收盤價 41.01元折讓約3.49%。扣除傭金及估計開支後,配售總募資淨額約7.96億港元,預計將用於泰它西普的適應症拓展(如重症肌無力、膜性腎病)及企業日常營運。該行指,此次配售價格折讓幅度合理,完成後將顯著緩解公司現金消耗壓力。該公司現金儲備近15億元,足以支持公司研發和營運直至盈虧平衡,經營風險有效降低。
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