BOCOM INTL: Raises HANSOH PHARMA (03692) target price to HK$46, maintains "Buy" rating.

BOCOM INTL released a research report stating that it has raised the target price of HANSOH PHARMA (03692) to HK$46, maintaining a "Buy" rating and keeping it as a top pick in the prescription drug sector. The bank also raised its revenue and earnings forecasts for the company for 2026-2028, mainly based on strong revenue and margin performance in the first half of 2026, as well as a new wave of innovative drug launches expected from 2027 onward. The bank noted that products such as Ris-Rez for SCLC and osteosarcoma indications, GLP-1/GIP, RET, and c-MET are expected to be launched in 2027, while a Tyk2 inhibitor and B7-H4 ADC are expected to be approved in 2028. At the WCLC Congress, results from the Phase III ARTEMIS-008 study were presented as a late-breaking abstract. The study evaluated Ris-Rez for 2L SCLC versus standard-of-care topotecan, and the study met the primary OS endpoint at the prespecified interim analysis. In the first half of 2026, the company's revenue grew 12% year-on-year, with drug sales continuing their high-growth momentum, up 14% year-on-year, driven by the continued ramp-up of innovative products; innovative drug revenue grew 15%, raising its contribution to total revenue to 85.4%; other income, including collaboration revenue, remained stable. Management maintained its guidance for double-digit growth in both product and collaboration revenue for the full year 2026, mainly driven by innovative drugs, among which annual sales of Ameile are expected to exceed RMB8 billion before 2030. At the same time, the company will further increase R&D investment, with full-year growth of around 30%, and is expected to advance 8-10 new molecules into clinical trials each year going forward, driving rapid enrichment of its pipeline.