In today’s briefing:
- BeiGene Ltd (6160.HK/BGNE.US/688235.CH) – Valuation Remodeling if the TIGIT Project Fails
- Leapmotor Pre-IPO – The Positives – Planned Launches Should Prop up Growth
- Morning Views Asia: China South City, JSW Steel Ltd, Ronshine China Holdings, Sunac China Holdings
BeiGene Ltd (6160.HK/BGNE.US/688235.CH) – Valuation Remodeling if the TIGIT Project Fails
- With Roche’s failure of several clinical trials on TIGIT project tiragolumab, the market’s future expectations on this target have discounted. Investors may need to get prepared in advance.
- Ociperlimab means a lot to BeiGene. If ociperlimab fails, BeiGene would have no big catalyst for a long time. BeiGene’s label of superior global R&D capability + potential BIC doesn’t hold water.
- Without ociperlimab, BeiGene’s valuation could fall back to about RMB60 billion to RMB80 billion. If the valuation is finally in line with Innovent, it would be no surprising.
Leapmotor Pre-IPO – The Positives – Planned Launches Should Prop up Growth
- Leapmotor (LM) aims to raise around US$1bn in its Hong Kong IPO. LM is a smart EV company based in China, founded in 2015.
- It focuses on the mid- to high-end segment in China’s NEV market with a price range of RMB150,000-300,000. As of end FY21, it had delivered a total of 52,832 cars.
- In this note, we talk about the positive aspects of the deal.
Morning Views Asia: China South City, JSW Steel Ltd, Ronshine China Holdings, Sunac China Holdings
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
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