ab 7 August 2025 Valuation: raise PTs and reiterate Buy on Hansoh and SBP The pharma sector trade at a median 23.7x 2026E PE and 1.7x 2026E PEG. SBP: we raise our DCF-based PT to HK$11.7 (WACC: 10.0%, TGR: 3.0%), which implies 2.3x 2026E PEG. Hansoh: we raise our DCF-based PT to HK$44.0 (WACC: 7.8%, TGR: 3.5%), which implies 2.5x 2026E PEG. Reiterate our Buy ratings on both stocks. Global Research China Pharma H125 earnings preview; licensing upside and ESMO readouts to drive re-rating in H225 BD activities ...