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2026-08-14 18:07:30 UBS released a research report initiating coverage on DUALITYBIO-B (09606.HK) with a Buy rating and a target price of HKD320, based on a risk-adjusted discounted cash flow (DCF) valuation. The target price corresponds to 1.2x risk-adjusted peak sales multiple. The broker believes the company's current valuation is undervalued, with the current share price implying only 0.7x risk-adjusted peak sales multiple, significantly below the peer median of 1.6x, making the valuation attractive. DUALITYBIO-B (09606.HK) is a clinical-stage biotechnology company focused on the research and development of novel antibody-drug conjugates (ADCs). UBS is optimistic about its four proprietary ADC platforms, which have established a broad pipeline comprising 10 clinical-stage candidates covering monospecific (DITAC platform), bispecific (DIBAC), dual-payload (DUPAC), and non-oncology (DIMAC) areas. Several candidates rank among the global top three in development progress, and the company has established partnerships with global pharmaceutical companies including BioNTech, GSK, BEONE MEDICINES (06160.HK) and Avenzo, with total deal value exceeding USD6 billion. The broker expects DB-1311 (B7-H3 ADC) to become the major valuation driver, forecasting peak sales of RMB38.3 billion, above market consensus of RMB28.6 billion. UBS believes the market has yet to fully price in upcoming key data, including proof-of-concept combination therapy data for DB-1311 combined with PD-L1/VEGF bispecific antibody in lung cancer at WCLC 2026 and non-lung cancer at ESMO 2026, as well as the global biologics license application (BLA) filing for HER2 ADC (DB-1303). The broker forecasts total revenue (unadjusted) to increase from RMB1.8 billion in 2025 to RMB22.8 billion in 2035, while EBITDA is expected to turn positive in 2030. (da/a)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |