HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Sinopharm Group (1099.HK) - Performance Pressure May Continue Until 2024H1

Sinopharm Group (1099.HK) - Don't Waste the Low Point of Performance, Valuation Will Bounce Back

China Healthcare Weekly (Sep.22) - CR Sanjiu's Trouble, Weight-Loss Drug Market Saturation, Keymed

Keymed Biosciences (2162.HK) - The $1.2B Deal with AstraZeneca for ADC and the Logic Behind

Keymed Biosciences (2162.HK) - Behind the Plunge in Share Price and the Outlook

Keymed Biosciences (2162.HK) - We Have High Hopes for Keymed, but Valuation Is Expensive

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Equity Bottom-Up

<ul>
<li>Abrocitinib/Upadacitinib/Dupilumab will all exert great pressure on the future commercialization space of CM310 in China. If Keymed doesn't run head-to-head trials with dupilumab, CM310’s internationalization outlook would be gloomy.</li>
<li>Compared with IL-4 that has been almost occupied by dupilumab, Keymed has more opportunity on TSLP. Even with Keymed-AstraZeneca deal, our valuation of CMG901 is cautious based on our analysis. </li>
<li>The current valuation of Keymed is not cheap. The next big catalyst to share price is a new license-out deal with MNC on CM310/CM326, marking the beginning of qualitative changes. </li>
</ul>


Abrocitinib/Upadacitinib/Dupilumab will all exert great pressure on the future commercialization space of CM310 in China. If Keymed doesn't run head-to-head trials with dupilumab, CM310’s internationalization outlook would be gloomy.
Compared with IL-4 that has been almost occupied by dupilumab, Keymed has more opportunity on TSLP. Even with Keymed-AstraZeneca deal, our valuation of CMG901 is cautious based on our analysis. 
The current valuation of Keymed is not cheap. The next big catalyst to share price is a new license-out deal with MNC on CM310/CM326, marking the beginning of qualitative changes. 


Keymed Biosciences (2162.HK) - Looking Forward to the Next Leap in Valuation