Guosen Securities (HK)  
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股票数据
 一天一周一个月三个月六个月一年从月初从年初
绝对回报 (%) 4.44 (0.84) (27.85) (41.64) (54.59) 22.50 (11.04) (41.14)
绝对回报 (美元, %) 4.43 (0.90) (27.80) (41.56) (54.54) 21.90 (11.17) (41.33)
相对于 HSI 回报 (%) 4.02 0.09 (21.12) (32.89) (37.83) 31.73 (3.03) (26.58)
 
最新五个研究报告
下面包含5个最新的研究报告,请到研究报告存库页面检索所有相关文件。
 
金斯瑞生物科技 (1548 HK) 即将实现稳健业绩 - 9月 6, 2018 (9 页)  
金斯瑞于8月27日公布其18上半年核心利润同比增长20%至1,900万美元,占我们2018财年预期的41.0%(2017年中期:45.8%)。我们看到(1)管理层关注其原有CDMO(生物医药代工)业务销售额以维持总收入;(2)至18年四季度结束将提供靶向BCMA(B细胞成熟抗原)的CAR-T疗法在美国及中国的临床试验结果,分别有84名及60名患者参与。基于较高营业费用率及较低CAR-T临床成功能见度,下调目标价至34.00港元,并维持买入评级。

Genscript Biotech (1548 HK) Lifting TP on CAR-T’s IND approval in US - 5月 31, 2018 (5 页)  
On 30 May, Genscript announced its collaborative CAR-T drug with Janssen, namely JNJ-68284528, had received IND (Investigational New Drug) approval by US’ FDA to conduct phase 1B/2 clinical trials for white blood cell cancers (multiple myeloma). This JNJ-68284528 is regarded to be identical to Genscript’s CAR-T drug LCAR-B38M. On (1) higher success probability for US’ CAR-T work; and (2) moving valuation base year to FY19F, our TP rises to HKD48.45. Keep BUY.

Genscript Biotech (1548 HK) Smarter cost balance - 3月 20, 2018 (9 页)  
On 18 Mar, Genscript Biotech announced its FY17 core profit at USD35m, climbed 52% y-o-y and beat ours of USD29m, on smaller operating cost (opex) to sales. This was due to R&D cost having covered by adding new Cell Therapy sales, derived from booking Janssen Biotech‘s USD350m and milestone payment. Post Management road-show with us on 19 Mar, we see this P&L booking will continue to cover its high R&D cost for CAR-T as installments. Keep BUY with higher SOTP-TP at HKD36.20 on lower opex to sales.

China Healthcare Focus on biotech and high-end drugmakers - 3月 14, 2018 (18 页)  
In the upcoming (Dec-ended) result season and from those stocks we actively cover, we expect biotech (Genscript) and high-end drugmakers (3SBio and Livzon Pharm) to have in-line results with Bloomberg consensus and ours. Moreover, concentrated Chinese medicine granule (CCMG) leader (China TCM) is forecast to beat consensus, on recovering finished drug and stable CCMG sales and margins. We see drug-makers like United Lab, Luye and Sinopharm as the key distributor would likely fall short of consensus estimate.

Genscript Biotech (1548 HK) 124% TP upside post all INDs for CAR-T drug - 1月 3, 2018 (10 页)  
On 27 Dec 17, Genscript announced to acquire Customarray Inc, an US’s oligo-DNA service provider. Also on 22 Dec, Janssen Biotech (Johnson & Johnson’s company) agreed to collaborate and invest to Genscript at USD350m on CAR-T. Albeit of bigger R&D cost to sales, our SOTP-TP rises to HKD34.50 on higher CAR-T’s (pipeline) success probability, and treatment cost. Should its CAR-T drug attain all IND approvals, our TP will offer 124% upside vs. current price. Keep BUY.


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