[ET Net News Agency, 28 October 2019] UBS Global Research initiated coverage on
Shanghai Henlius (02696) with a "buy" and an HK$59.5 price target.
The research house said Henlius' pipeline has over 20 candidates. Henlius is trading at
30-50% price/sales (P/S) discounts to global biosimilar stocks in 2021-23 and similar
price/peak sales (P/PS) to its China biotech peers.
UBS thinks the market is overly concerned about biosimilar pricing pressure, while it
expects mild competition in the next three to four years. It think Henlius' platform value
is also not fully priced in. Catalysts could be performance ramp-up of its Rituxan
biosimilar, biosimilar pricing movement, approval of Herceptin and Humira biosimilars, and
any material R&D progress of its early-stage pipeline. (KL)
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02696 HENLIUS
Nominal 
15.700 +0.440 (+2.883%) Research Report
28/10/2019 18:01
{I-bank focus}UBS starts Henlius (02696) at "buy" & HK$59.5
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