Jingu Wealth News | The stock price of Kexin Bote Biological (06990) has risen. As of press time, it has increased by 3.74% to HKD 155.3, with a turnover of HKD 76.0615 million.
Sinolink Securities stated that the company is a leader in domestic TROP2ADC and has reached three cooperation agreements with Merck relating to ADC assets in 2022 and 2023. Merck and the company's other key products SKB315 (MK-1200, CLDN18.2ADC) and SKB410 (MK-3120, NECTIN-4ADC) have also started global clinical trials. The smooth progress of the clinical trials of these ADC products once again confirms the company's strong R&D capabilities in the ADC field. It is expected that the company will achieve operating income of 1.25/1.55/2.4 billion yuan in 2024/25/26, and based on DCF valuation, the company's current reasonable market value is HKD 45.193 billion, corresponding to a target price of HKD 202.66 per share. First coverage, rated as "buy".
Soochow Securities stated that specific terms of the "Implementation Plan for Supporting the Development of Innovative Drugs in the Whole Chain" are expected to be implemented soon. Coupled with the innovative drug sector being at a historically relative low position, there are multiple catalysts in the second half of the year, such as the ESMO Conference, WCLC Conference, medical insurance negotiations, and the expectation that innovative drugs will go overseas, making the innovative drug sector expected to strengthen.