China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

ZaiLab's DLL3 ADC Is a Major Positive, but the Market Over-Reacted to Its Prospects

[Zai LAB (ZLAB US, SELL, TP US$20) TP Change]: Two Positive News Drove up 2024 Growth Target

[Zai LAB (ZLAB US) Target Price Change]: Demonstrating Directionally Business Model to Profit

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

Equity Bottom-Up

<ul>
<li>Zai Lab reported C2Q15 top line, non-GAAP operating loss and GAAP net loss 1.5% above, 31% narrower and 38% narrower than our estimate, and 12% below, </li>
<li>We cut ZEJULA's peak sales by 12% due to sustained competition. We are also concerned on the slow ramp up of AUGTYRO, which will likely persist.</li>
<li>However, ZLAB has several catalysts ahead, including Bemarituzumab, KarXT, and ZL1310. We keep TP unchanged and maintain BUY.</li>
</ul>


Zai Lab reported C2Q15 top line, non-GAAP operating loss and GAAP net loss 1.5% above, 31% narrower and 38% narrower than our estimate, and 12% below, 
We cut ZEJULA's peak sales by 12% due to sustained competition. We are also concerned on the slow ramp up of AUGTYRO, which will likely persist.
However, ZLAB has several catalysts ahead, including Bemarituzumab, KarXT, and ZL1310. We keep TP unchanged and maintain BUY.


[Zai LAB (ZLAB US, BUY, TP US$40) Review]: Past Is Holding ZLAB Back but Future Is What Matters

Zai Lab Ltd

[Zai LAB (ZLAB US, BUY, TP US$40) Review]: Past Is Holding ZLAB Back but Future Is What Matters