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| HSI1 | 23,093.37 | +158.69 | 249.78B |
| HSCEI1 | 7,756.25 | +67.06 | 87.14B |
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2026-10-22 15:40:54 UBS published a research report stating that it has reassessed the growth outlook of its China pharmaceutical coverage universe, evaluating whether existing blockbuster products have peaked and where the next batch of RMB5 billion-level products may emerge from. The broker reiterated SIMCERE PHARMA (02096.HK) as its top pick, while downgrading UNITED LAB (03933.HK) and HUADONG MEDICINE (000963.SZ) from Buy to Neutral. The broker noted that its peak sales assumptions remain broadly unchanged. The major changes include a 23% cut in mainland China peak sales forecasts and a 25% reduction in overseas sales forecasts for UNITED LAB (03933.HK)'s UBT251; the peak sales forecast for SBP GROUP (01177.HK)'s anlotinib was lowered from RMB5.8 billion to RMB4.9 billion; and forecasts for mature products of HUADONG MEDICINE (000963.SZ) were also reduced. The broker reiterated its Buy rating and HKD7.7 TP for SBP GROUP (01177.HK). It maintained ratings on other covered companies and made moderate forecast and TP adjustments where applicable. Considering product life cycles, SIMCERE PHARMA (02096.HK) remains UBS's top pick, supported by solid growth and attractive valuation; HANSOH PHARMA (03692.HK) is also favored due to better visibility for its existing commercialized assets. The broker added that assets such as CSPC PHARMA (01093.HK)'s NBP, 3SBIO (01530.HK)'s TPIAO, and SBP GROUP (01177.HK)'s anlotinib have largely peaked, while HANSOH PHARMA (03692.HK)'s aumolertinib and SIMCERE PHARMA (02096.HK)'s Xianbixin injection and sublingual tablets still have room for growth. For HENGRUI PHARMA (01276.HK), UBS slightly lowered its revenue forecasts, cutting the A-share TP from RMB72.4 to RMB70.2 and the H-share TP from HKD81.7 to HKD76.1, while maintaining its Buy rating. Stock | Investment Rating | TP (HKD) HENGRUI PHARMA (01276.HK) | Buy | HKD81.7 -> HKD76.1 HANSOH PHARMA (03692.HK) | Buy | HKD50.8 CSPC PHARMA (01093.HK) | Buy | HKD11.8 SBP GROUP (01177.HK) | Buy | HKD7.7 3SBIO (01530.HK) | Buy | HKD26.4 SIMCERE PHARMA (02096.HK) | Buy | HKD16.6 UNITED LAB (03933.HK) | Buy -> Neutral | HKD12.8 -> HKD7.8 HUADONG MEDICINE (000963.SZ) | Buy -> Neutral | RMB42 -> RMB28 (su/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |