Core Viewpoint - Citigroup's research report indicates that He Yu's current valuation is undervalued, supported by the high certainty of its two late-stage candidates, pimicotinib and irpagratinib, along with a differentiated innovation pipeline that is expected to achieve external licensing opportunities [1] Group 1: Drug Candidates and Clinical Trials - The firm anticipates a high success rate for the phase III clinical trial of irpagratinib for second-line hepatocellular carcinoma, which should be factored into the valuation [1] - Key catalysts for He Yu are expected in 2025 and 2026, focusing on the approval and commercialization performance of pimicotinib, the announcement of phase III data for irpagratinib, and updates on multiple candidates such as ABSK043 and ABSK061, along with potential commercial collaborations [1] Group 2: Financial Projections - The revenue forecast for He Yu in 2026 has been adjusted down from 289 million to 280 million, while the earnings per share loss estimate has been revised from 0.38 to 0.39 [1] - For 2027, the projected revenue and earnings per share loss are expected to be 452 million and 0.34, respectively [1] - The firm maintains a "Buy" rating, raising the target price from 10 HKD to 17.5 HKD [1]
大行评级｜花旗：上调和誉目标价至17.5港元 维持“买入”评级