《大行》摩通料對外授權推動增長 升信達生物(01801.HK)目標價至109元
摩根大通研究報告指,對外授權(Out-licensing)已成為今年內地生物醫藥行業最重要的推動力之一,並認為信達生物(01801.HK)在該行覆蓋的企業中最有能力從中受惠。該行指,信達生物強大的產品管線涵蓋腫瘤、心血管、自身免疫及眼科等領域,形成多元化的早晚期資產組合,有望在未來幾年持續達成對外授權交易。
該行將未來潛在授權收入佔總收入的比例預測上調至5%至7%,並料有利的銷售佔比可推動毛利率擴張。同時將早期階段資產估值提升43%,因集團研發能力的市場認可日益提高;目標價由90元上調至109元,予「增持」評級,並列為行業首選。
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