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暗盘前瞻 | 云顶新耀-B:基本面相较嘉和生物更胜一筹,股价表现会更优吗?

uSMART友信智投10月8日消息,今日云顶新耀公布中签结果,并将于16:15-18:30进行暗盘交易。

与嘉和生物一样,云顶新耀也是一家未盈利的生物医药公司,也是港股打新市场的热门标的。从认购火热程度和同行过往表现来看,暗盘及首日的上涨应该是确定的。

申购人数近31万,其中乙组有将近1.3万。顶头槌申购144张,保本涨幅约40%。一手中签率2%,是年内非常低的水平。公开认购约654.41倍,国际发售认购约27倍。星光熠熠的基石团队包括高瓴、清池资本、奥博资本、贝莱德等16名,比嘉和生物更胜一筹。

从基本面来看,相较嘉和生物,云顶新耀也更优质一些。目前云顶新耀的研发管线包括8款候选药物,全部都是从欧美大厂引进授权(license in),这种战略的好处就是快,这也是决定药物能否迅速跑出并占领市场的关键因素之一。

这八款药物全部都处于临床后期,覆盖肿瘤、免疫学、心肾疾病和感染性疾病,具备全球同类首创或同类最佳疗法的潜力,与嘉和生物相比,潜在发展空间更大,赛道也不那么拥挤

根据安信证券研报,云顶新耀授权引进的核心产品Trodelvy(靶向trop2的ADC药物)在多种实体瘤中具有广阔应用前景,获国际制药巨头看好。公司的合作伙伴Immunomedics (Trodelvy原研厂家)获得吉利德210亿美金认购,产品在非小细胞肺癌等大适应症上的应用前景获得国际制药巨头背书。

从市值来看,云顶新耀上市之初市值为156亿港元,在目前已上市的20多只生物医药股中处于中间位置,康方生物约210亿,沛嘉医疗180亿,嘉和生物140亿。安信证券认为云顶新耀的合理市值在200亿港元以上。

新股配售 | 云顶新耀-B:1手中签率2%,公开认购654.41倍,国配认购27倍

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