Guosen Securities (HK)  
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总市值(十亿/十亿美元) 日均成交额(百万美元) 收盘 52周最高/最低()
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绝对回报 (%) 1.32 (11.53) (19.84) (24.38) (34.12) (25.76) 0 (30.62)
绝对回报 (美元, %) 1.32 (11.53) (19.84) (24.38) N.A. (24.89) N.A. (30.25)
相对于 HSI 回报 (%) 3.14 (7.30) (11.07) (18.45) N.A. (14.46) 7.41 (13.31)
金斯瑞生物科技 (1548 HK) 即将实现稳健业绩 - 9月 6, 2018 (9 页)  

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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