Trinity Delta view: HUTCHMED’s sustainable profitability aim is underpinned by continued commercial and R&D execution. Geographic expansion ex-China, new indications for current China products, and potential new product approvals will support near-term growth, while M&A and/or in-licensing have a role in the mid-term. Accelerated investment in the highly attractive ATTC platform, which could address a wide range of oncology indications with sizeable market potential, should drive longer-term prospects. Our most recent HUTCHMED valuation was $5.98bn/£4.66bn/ HK$46.61bn, or $34.26/ADS and 548p/HK$53.4 per share.
