BOCOM INTL: Raises REMEGEN (09995) target price to HKD 112, maintains "buy" rating.

BOCOM INTL released a research report stating that the target price of REMEGEN (09995) has been raised from 109 Hong Kong dollars to 112 Hong Kong dollars, maintaining a "buy" rating. Focus can be placed on the registration clinical development of taitsupimu and vedicetol UC indications in 2026; RC28 (DME approved, wAMD applied for listing); PD-1/VEGF bispecific antibodies, CLND18.2ADC, new ADCRC278 continue to advance in early clinical trials, with potential BD opportunities. The report pointed out that REMEGEN's third-quarter revenue maintained high growth and narrowed losses. Revenue increased by 33% year-on-year to 620 million yuan, with taitsupim sales revenue of 380 million yuan, up 41% year-on-year and 13% quarter-on-quarter; vedicetol sales revenue of 240 million yuan, up 21% year-on-year and 3.5% quarter-on-quarter. Gross margin increased by 2.5 percentage points, SG&A expense ratio decreased by 9.6 percentage points; research and development expenses decreased significantly by 30%. The company's net loss in the third quarter was 100 million yuan, continuing the trend of decreasing quarter by quarter. The company's total cash reserves at the end of the period amounted to 1.45 billion yuan, and it had an available credit line of approximately 3.5 billion yuan. Management stated that they are confident in achieving a growth target of over 30% in annual product sales revenue, with the upfront payment income from the BD licensing transactions of taitsupim and RC28 expected to be recognized in the fourth quarter.