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The United Laboratories Company Ltd (3933 HK) - A Sub Five PE Bargain!

Innovent Biologics(1801 HK)– More than Just a GLP-1 Play

Healthcare Equity Analyst - Emerging & Dev Markets, daaimon

Avien Pillay

Healthcare Equity Analyst - Emerging & Dev Markets

Independent Insight Provider

Equity Bottom-Up

The United Laboratories International Holdings Limited / Equity Bottom-Up

The United Laboratories International Holdings Limited (3933 HK)

The United Laboratories International Holdings Limited

<ul>
<li>Despite its 96% price appreciation since our initiation, United Laboratories is still trading on a 8.7 FPE, and a 5.5 EV/EVITDA.</li>
<li>A US FDA GLP-1 approval and a potential $ 1.8bn deal with Novo Nordisk demonstrates its successful diabetes and obesity strategy.</li>
<li>With over 80 drugs in the pipeline to be delivered over the next five years, we believe that TUL is about to experience a very material increase in topline growth.</li>
</ul>


Despite its 96% price appreciation since our initiation, United Laboratories is still trading on a 8.7 FPE, and a 5.5 EV/EVITDA.
A US FDA GLP-1 approval and a potential $ 1.8bn deal with Novo Nordisk demonstrates its successful diabetes and obesity strategy.
With over 80 drugs in the pipeline to be delivered over the next five years, we believe that TUL is about to experience a very material increase in topline growth.


The United Laboratories International Holdings (TUL) Ltd (3933 HK) - Retain Buy