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<Research> BOCI Downgrades ZAI LAB (09688.HK) to Hold, Halves TP to HKD17
BOCI said ZAI LAB (09688.HK) reported weak first-quarter results, with revenue declining 6% YoY to USD99.6 million, 9% below market expectations, mainly due to a larger-than-expect...
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<Research> BOCI Downgrades ZAI LAB (09688.HK) to Hold, Halves TP to HKD17
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BOCI said ZAI LAB (09688.HK)  +0.740 (+4.821%)    Short selling $62.51M; Ratio 23.098%   reported weak first-quarter results, with revenue declining 6% YoY to USD99.6 million, 9% below market expectations, mainly due to a larger-than-expected drop in Zejula sales and medical insurance price cuts for Efgartigimod. Continued increases in R&D investment led to a widening net loss of USD51 million. Management expects revenue to gradually improve over the remainder of 2026, but full-year growth will remain under pressure, with a return to growth likely only in 2027.

The broker noted that pipeline progress remained the biggest highlight this quarter. Zoci (DLL3 ADC) continued to demonstrate differentiated potential. Data updates released at the 2026 American Association for Cancer Research (AACR) annual meeting showed a confirmed intracranial objective response rate (ORR) of 62.5% in SCLC patients with brain metastases, while maintaining a favorable safety profile. Management further positioned zoci as a potential future "cornerstone therapy" for SCLC.

Related News M Stanley Cuts ZAI LAB (09688.HK) TP to HKD19, Reflecting Post-1Q Results Forecast Revisions
BOCI substantially lowered its revenue forecasts for ZAI LAB for the next three years to USD470 million, USD620 million and USD780 million, respectively, and projected net losses of USD210 million, USD150 million and USD70 million. It believes visibility on mid-term profitability remains limited. Based on discounted cash flow (DCF) valuation, the broker slashed its target price to HKD17 from HKD35, and cut the ADR target price for Zai Lab Limited (ZLAB.US.US) to USD22 from USD45. The rating was downgraded from Buy to Hold, as it believes the current valuation largely reflects optimistic short-term pipeline expectations, while commercialization and execution risks remain relatively high. (ad/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-15 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)

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