You are browsing the Hong Kong website, Regulated by Hong Kong SFC (CE number: BJA907). Investment is risky and you must be cautious when entering the market.
金斯瑞生物科技(1548.HK):擬分拆傳奇赴美上市,金斯瑞仍具控制權,維持“買入”評級,目標價29.02 港元
格隆匯 03-17 08:39

機構:廣發證券

評級:買入

目標價:29.02 港元

核心觀點:

 擬分拆傳奇生物赴美上市,金斯瑞仍具控制權。金斯瑞公告擬分拆細 胞治療平台傳奇生物赴美上市,並於 3 月 9 日向美國 SEC 保密提交了 F-1 註冊聲明草案。金斯瑞目前對傳奇持股比例約 85%,傳奇 IPO 後 其持股比例會被稀釋,但稀釋程度有限,報表仍然合併。分拆傳奇成為 上市公司有利於增強金斯瑞和傳奇的經營聚焦度與戰略發展,更好匹 配管理團隊的責任和權力,提升財務透明度和公司治理,增強傳奇和金 斯瑞的財務靈活度,提高傳奇和金斯瑞的品牌價值和市場影響力。 

 美國上市所需時間較短、進度相對可控、後續再融資簡便。通常美國 SEC 需要幾個月的時間審核上市,傳奇將根據 SEC 的回覆更新註冊 聲明草案。赴美上市所需時間相對較短、進度可控,再融資簡便。靈活 的融資方式便於傳奇迅速補充研發資金,有利於傳奇研發管線的推進。

 傳奇主營主體與主要銷售市場均在美國,核心產品年內將於美國報產。 傳奇研發進度最快的核心產品為 BCMA CAR-T,先後獲得美國 FDA 孤 兒藥資格認證、歐洲 PRIME 藥物資格和 FDA 突破性療法認證,表明 歐美藥監部門對其優秀療效和創新性的認可。該產品為強生與傳奇合 作開發,創下中國創新藥對外授權最高首付款和最優合作協議。該產品 有望在 2020 年 Q3 向美國 FDA 提交 BLA 申請,美國也是其未來主要 的銷售市場,銷售前景值得期待。且傳奇在 2020 年會有更多產品向美 國 FDA 申報 IND 並在美國推進臨牀,傳奇赴美上市為合理選擇。 

 投資建議:預計 2019-2021 年收入 2.7/3.2/3.8 億美元,同比增長 16%/21%/19%。採用 SOTP 方法得到公司合理價值為 29.02 港元/股。 公司傳統業務發展穩健,CAR-T 產品上市後將貢獻較大利潤彈性,傳 奇 IPO 融資有望推進其產品研發進度,維持“買入”評級。 

 風險提示 費用投入超預期;研發進展低於預期;臨牀數據不達預期 

Follow us
Find us on Facebook, Twitter , Instagram, and YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of this article is for reference only. It does not constitute an offer, solicitation, recommendation, opinion or guarantee of any securities, financial products or instruments.The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance.
uSMART
Wealth Growth Made Easy
Open Account