Edison Investment Research - Hutchison China Meditech (HCM) Hutchison China MediTech - Onwards and upwards

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Edison Investment Research

Susie Jana

Hutchison China MediTech - Onwards and upwards

Hutchison China MediTech (HCM) continues to make progress towards its global strategic aspirations. The interim results highlight the opportunities for Elunate (fruquintinib) capsules in China, with potential inclusion in Chinaâ€™s exclusive NRDL list in Q419, and the breadth of clinical and regulatory catalysts that lie ahead for multiple R&D assets. Surufatinibâ€™s China NDA submission is on track (Q419) and approval in NET would seal HCMâ€™s position as a premier, innovative, China-based oncology company. The years 2021â€“22 are pivotal; partner AstraZeneca (AZN) could launch savolitinib in China for NSCLC (MET exon 14) and it could become HCMâ€™s first asset to launch globally (2022) in combination with Tagrisso for NSCLC (c-Met +ve). Given the recent underperformance of the shares and the real potential for HCM to become a global oncology player, we believe it is appropriate to revisit the shares. We value HCM at $5.7bn.

14/08/2019 8 EN

Underlying

Hutchison China Meditech

Hutchison China MediTech is engaged in researching, developing, manufacturing and selling pharmaceuticals and healthcare products. Co. has research and development facilities and manufacturing plants in Shanghai and Guangzhou in the People's Republic of China and sells its products mainly in the PRC and Hong Kong. Co. operates two operating segments. The Innovation Platform focuses on discovering and developing therapeutics in oncology and autoimmune diseases, and the provision of research and development services. The Commercial Platform involves the manufacture, marketing and distribution of prescription and over the counter pharmaceuticals as well as consumer health products.

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KYG4672N1016 United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Susie Jana

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Hutchison China MediTech - Onwards and upwards

HUTCHMED (China) Ltd: 1 director

Hutchison China MediTech - Elunate receives China NRDL inclusion

Hutchison China MediTech - Elunate receives China NRDL inclusion

discoverIE Group - FY24 EPS in line; good margin progress

Ultimovacs - Steadfast commitment to UV1 progression

OSE Immunotherapeutics - AbbVie deal clears antitrust hurdle

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