Wuxi Biologics - Buying Opportunity (BUY, TP HKD125, 11 pgs)
With Wuxi’s share price down by over 50% since July, but very little changing on a fundamental basis, we argue that now is the time to buy. The latest sell-off was sparked by two Wuxi entities being added to the US Unverified List due to the inability of inspectors to verify their status owing to COVID travel restrictions, according to Wuxi. These entities, which we estimate will generate ~30% of revenues in 2024, are now subject to restrictions on certain US exports to China. Management are confident they can continue to deliver an uninterrupted service to customers, as plant construction has finished, so the need for continuing US tech imports is much reduced.For access to the full note and our last note discussing Wuxi’s numerous strategic & cultural advantages over its peers, please contact Naresh Chouhan ( )
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