Trinity Delta Lighthouse: HUTCHMED
Trinity Delta view: HUTCHMED has taken a pragmatic and financially disciplined approach to ensuring that the company is well positioned to exploit potential opportunities for near-term value creation despite various challenging external factors. In our view, the fundamentals of the business are sound (September 2022 Outlook) with an attractive pipeline from a partner, as well as patient, physician, and payer perspective (September 2022 Pipeline Review). HUTCHMED’s focus on achieving sustainable profitability could be expedited by leveraging the commercial traction underway in China with ex-China partnerships, given the potential for a first international launch in late-2024. HUTCHMED is well funded with cash resources of c $826m at end-June 2022 and a three-plus year runway which, with these new strategic initiatives, is likely to be extended further through cost savings and potential non-dilutive financing from partners. We intend to revisit our forecasts once management discloses further details on its precise plans. Our HUTCHMED valuation is currently $5.51bn ($31.89 per ADS), £4.6bn and HK$43.1bn (531p or HK$49.83 per share).
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