CMSC International: Da Sheng Ji Shi Pharmaceutical Industry (02616) target price raised to HKD 16.9, maintaining "buy" rating.

CMSC International released a research report stating that the target price of CSPC Pharmaceutical Group (02616) has been raised by 131.5%, from HK$7.3 to HK$16.9, maintaining a "buy" rating. The firm raised its asset valuation of PD-1/VEGF/CTLA-4 TsAb (CS2009), although there is uncertainty in the future clinical development of this asset, the firm believes that the company's management has a clear research and development direction, strategic clarity, and the possibility of deep cooperation with large overseas pharmaceutical companies. CS2009's triple antibody therapy is expected to stand out. The market is re-evaluating and starting to anticipate BD based on the excellent early data of CS2009. The firm organized a post-event meeting with CSPC Pharmaceutical Group's management, who expressed confidence in the expansion of the triple antibody therapy's Phase 2 dose and future Phase 3 MRCT.