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<Research>UOB Kay Hian: Industry Enters New Phase of Accelerated Growth; Top Picks INNOVENT BIO/ HANSOH PHARMA/ SINO BIOPHARM
Recommend 23 Positive 36 Negative 19 |
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The Chinese biotech industry entered a phase of accelerated growth, with companies expanding their innovative commercial product portfolios, nailing major out-licensing deals, and exceeding expected profitability, UOB Kay Hian's research report said. Ongoing policy support and globalization efforts will further foster the industry's expansion, the broker suggested, believing that the industry will continue to execute well and is expected to deliver sustainable growth in the coming years, upgrading the industry's rating to Overweight. UOB Kay Hian emphasized that INNOVENT BIO (01801.HK), HANSOH PHARMA (03692.HK) and SINO BIOPHARM (01177.HK) are its top picks. The global biopharmaceutical market sized USD1.089 trillion in 2023, approximately 10 times the domestic market. In light of the humungous opportunities in the global market, Chinese companies are ambitiously pursuing international expansion through differentiated strategies. BEIGENE (06160.HK), having established a fully integrated global platform, launched two innovative therapies overseas. Meanwhile, HUTCHMED (00013.HK), HANSOH PHARMA, and ABBISKO-B (02256.HK) are forming out-licensing partnerships with multinational companies, achieving significant milestones. Furthermore, the rise of the "NewCo model" enables companies like HENGRUI PHARMA (01276.HK) to combine local R&D efforts with global resources and networks, while new insurance policies may speed up drug innovation. The following are the ratings and target prices of some Chinese biopharmaceutical companies by UOB Kay Hian: Shares│Ratings│TPs INNOVENT BIO (01801.HK)|Buy|HK$110 HANSOH PHARMA (03692.HK)|Buy|HK$40 SINO BIOPHARM (01177.HK)|Buy|HK$7.7 BEIGENE (06160.HK)|Buy|HK$220 HUTCHMED (00013.HK)|Buy|HK$36 CSPC PHARMA (01093.HK)|Buy|HK$10.8 ABBISKO-B (02256.HK)|Buy| Not Rated CKLIFE SCIENCES (00775.HK)|Buy|Not Rated AASTOCKS Financial News Website: www.aastocks.com |
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