Genscript Biotech Corp Class H

01548: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Innovent and Junshi Fair Value Estimates Lowered; Innovent Our Top Pick

Jay Lee

Mar 16, 2022

We lower our fair value estimates for Innovent to HKD 50.00 per share (from HKD 80.00 per share) and for Junshi to HKD 56.00 per share (from HKD 84.00 per share). The primary driver is a significant downgrade of all fast follower pipeline programs we previously deemed to have global potential. This reflects the scenario where Chinese drugmakers will have great difficulty commercializing fast follower drugs in global markets.

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