BOCOM International Raises Hansoh Pharmaceutical (03692.HK) Target Price to HK$48, Maintains 'Buy' Rating

According to the Zhicheng Finance APP, Bank of Communications International released a research report stating that Hansoh Pharma (03692), as the leading prescription pharmaceutical company with the highest proportion of innovative drugs and the most advanced overseas expansion in the industry, maintains a "Buy" rating and is highly recommended in the sector. The target price has been raised from 33 HKD to 48 HKD, representing a predicted dynamic P/E ratio of 2.2 times for next year.

BOCOM International noted that Hansoh Pharma's product sales maintained strong double-digit growth in the first half of the year. Meanwhile, its BD (licensing, acquisitions, collaborations, and strategic expansion) partnerships in ADC and GLP-1 product lines continued to contribute significant collaboration revenue. The firm estimates that Almonertinib still has an annual sales growth potential of RMB 3 to 4 billion and is optimistic about the international performance contribution after the normalization of BD activities.

The report indicates that Hansoh Pharma has raised its full-year revenue guidance to a high double-digit percentage, up from the previous double-digit figure. Sales guidance for Almonertinib (Ameile) and the overall innovative drug portfolio remains unchanged at RMB 6 billion and RMB 10 billion, respectively. The company plans to increase R&D investment in the second half of the year, with an expected rise in R&D expenses of over 38% for the half and over 30% for the full year.