China Merchants Securities Maintains 'Buy' Rating on Hansoh Pharmaceutical (03692.HK) with Target Price of HK$26.5

Intelligent Finance APP learned that China Merchants Securities issued a research report stating that Hansoh Pharma (03692) exceeded expectations in the second half of last year, benefiting from the dual drivers of innovative drug business and BD collaboration. The oncology and anti-infective segments became the main growth engines. Operational efficiency continued to improve, with R&D expenditure remaining high. The annual dividend payout ratio was 42%. The firm is optimistic about the strong growth of core products, including Almonertinib (Ameile), and the R&D prospects of its proprietary pipeline. Meanwhile, Hansoh Pharma is also infusing new vitality into its pipeline through efficient BD collaborations. The target price of HK$26.5 is maintained. Good predictability of corporate profitability and continuous realization of pipeline R&D will be important catalysts for future valuation re-rating. The "Outperform" rating is maintained.