Update: R&D progress results in valuation uplift
The long standing investment case for China Healthcare remains in place as it taps into the growing domestic demand for healthcare. However, it is the progress in the MediPharma R&D unit that has resulted in our raising our valuation substantially, from $1,021m to $1,477m (1,154p to 1,818p a share). Assuming this progress in the clinical pipeline continues as expected, we should see further material uplifts in valuation. The next 12-18 months could be the defining period as Hutchison China MediTech transitions into a fully-fledged pharmaceutical business.
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