Xinyao (Criss) Wang

HK/China Healthcare Analyst (ex-Fosun Pharma)

Equity Bottom-Up

<ul>
<li>We update our forecast on CanSino’s performance in 2022, which could be much lower than that in 2021 due to the concerns on commercialization outlook of COVID-19 vaccine and MCV2/MCV4.</li>
<li>However, due to strong R&amp;D and technology platforms, the value of CanSino's pipeline is higher and its products could become the ceiling of pricing power for other homogeneous competing products.</li>
<li>We still think CanSino has investment value in long term despite the headwinds in short term.The market value by May 6 of HK$18.1 billion (PE/TTM at 7.22) is also attractive.</li>
</ul>

CanSino Biologics Inc

CanSino Biologics (688185.CH/6185.HK) -Difficulties in 2022 Cannot Mask Long-Term Investment Value