Pfizer(US:PFE) Zhao Yin Guo Ji·2026-01-28 05:56Group 1: Market Overview - The Hang Seng Index closed at 27,127, up 1.35% for the day and 5.84% year-to-date [1] - The Hang Seng Financial Index rose by 2.51% for the day and 5.88% year-to-date, indicating strong performance in the financial sector [2] - Southbound capital recorded a net sell of 635 million HKD, with notable sell-offs in China Mobile, Zijin Mining, and SMIC, while Tencent and Longi Green Energy saw significant net buying [3] Group 2: Company Analysis - Sanofi - Sanofi's collaboration with Pfizer on the 707/PF'4404 (PD-1/VEGF) has advanced rapidly, with plans to initiate four global Phase III clinical trials by 2026 covering five major indications [4] - The dual antibody PD-(L)1/VEGF is expected to become a cornerstone in next-generation tumor immunotherapy, with Sanofi leveraging its internal pipeline for competitive advantage [5] - Sanofi's robust pipeline includes multiple candidates, with the potential for early assets to be licensed out as clinical data matures [6] Group 3: Financial Projections - The target price for Sanofi is set at 37.43 HKD, based on a DCF model with a WACC of 10.11% and a perpetual growth rate of 2.0% [7] - The company is estimated to have net cash of approximately 13 billion HKD, supporting its growth and development initiatives [7]