Daily Brief Health Care: Beijing Tiantan Biological Products, Samsung Biologics , Mirati Therapeutics and more

In today’s briefing:

China Healthcare Weekly (Jan.26)- Stocks Best Buying Point, Tragic PD-L1, Tiantan Biological Product
Samsung Biologics (207940 KS): Stellar Performance in 4Q23; Outlook Remains Strong
Mirati Therapeutics: Initiation of Coverage – Inside the Strategy Poised to Skyrocket KRAZATI’s Market Share in 2023! – Major Drivers

China Healthcare Weekly (Jan.26)- Stocks Best Buying Point, Tragic PD-L1, Tiantan Biological Product

Even good enterprises could be neglected by the market, leading to low valuation. Many people wonder when is the best buying point for pharmaceutical companies. We shared our views.
If PD-1 sold in China can still achieve a certain scale, the situation of PD-L1 is not the same. In fact, we’re pessimistic about all companies selling PD-L1 in China.
Beijing Tiantan Biological Products (600161 CH) is a good defensive target in unfriendly external environment. The reasonable market value is RMB45-50 billion. We think Tiantan will maintain stable growth ahead.

Samsung Biologics (207940 KS) reported 11% YoY growth in revenue to KRW1.07 trillion in 4Q23 driven by the ramp-up of operation of its Plant 4 and robust sales backlog.
The company closed 2023 with record high revenue and operating profit, bucking the weakening trend in overall global CDMO sector.
The outlook remains strong, with resilient business performance expected to drive a 10–15% annual growth in revenue for 2024.

This is our first report on Mirati Therapeutics Inc., a pharmaceutical firm specializing in cancer treatment.
The company has shown significant potential with a robust pipeline and innovative programs targeting areas of cancer with large unmet needs.
In this report, we have carried out a fundamental analysis of the historical financial statements of the company.

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