Core Viewpoint - Cathay Securities has raised the target price for Immune-Oncologics (09606) to HKD 455.56 based on the optimistic progress of its pipeline leading to potential global sales peak for HER2ADC DB1303, B7H3ADC DB1311, and HER3ADC DB1310 [1] Group 1 - The company is expected to have a rich catalyst in 2026, with anticipated data readouts including final results for HER2ADC in EC and BC indications, clinical results for B7H3ADC, HER2ADC, and TROP2ADC combined with PDL1*VEGF dual antibody BNT327, and updates on early clinical data for BD pipeline B7H4ADCEGFR*HER3ADC and CDH17ADC [2] - The company has confidence in the global registration results and NDA for HER2ADC DB1303 in 2026, based on the smooth progress of two registration clinical trials in 2025 and the optimistic attitude from BNTX's latest R&D day [2] - The company anticipates launching the first global registration Phase III clinical trial for B7H3ADC DB1311 targeting 2L CRPC (chemo naïve) in 2026, given its potential for broad-spectrum solid tumors and outstanding efficacy in CRPC [2] Group 2 - The company expects to continue advancing DB1310 in the global clinical development for 2L+HR+/HER2-BC in 2026, based on the initiation of MSD's HER3ADC in the same indication and DB1310's superior clinical performance [3] - The company believes that DB1305's efficacy can be comparable to DATO, based on updates on solid tumors and TNBC data in 2025 [3] - The company is optimistic about the performance of BNTX's PDL1*VEGF dual antibody BNT327 combined with DB1311 and DB1303DB1305, considering the rapid global clinical progress and rich data volume from both BNTX and Immune-Oncologics [3]

Core Viewpoint - Cathay Securities has raised the target price for Immune-Onc Biologics-B (09606) to HKD 455.56, maintaining a buy rating based on the promising progress of its pipeline leading to increased global peak sales expectations for HER2ADC DB1303, B7H3ADC DB1311, and HER3ADC DB1310 [1] Group 1 - The company is expected to have a rich catalyst in 2026, with anticipated data readouts including final results for HER2ADC in EC and BC indications, clinical results for B7H3ADC, HER2ADC, and TROP2ADC combined with PDL1*VEGF dual antibody BNT327, early clinical data updates for B7H4ADCEGFR*HER3ADC, and clinical progress updates for CDH17ADC [2] - Confidence is high for the global registration results and NDA for HER2ADC DB1303 in 2L+EC and 2L HR+/HER2-BC indications in 2026, driven by the smooth progress of two registration clinical trials in 2025 and optimistic attitudes from BNTX's latest R&D day [2] - The company is expected to initiate the first global registration Phase III clinical trial for B7H3ADC DB1311 targeting 2L CRPC (chemo naive) in 2026, based on its demonstrated potential for broad-spectrum solid tumors and notable efficacy in CRPC in 2025 [2] Group 2 - The company anticipates continued global clinical development for DB1310 in the 2L+HR+/HER2-BC indication in 2026, supported by the initiation of MSD's HER3ADC in the same indication and superior clinical performance of DB1310 [3] - The efficacy of TROP2ADC DB1305 is expected to be comparable to DATO, based on data updates for solid tumors and TNBC in 2025 [3] - The company is optimistic about the performance of BNTX's PDL1*VEGF dual antibody BNT327 combined with DB1311 and DB1303DB1305, given the demonstrated effectiveness of various combinations in multiple indications compared to PD(L)1 monoclonal antibody plus chemotherapy [3]