Huatai Securities pointed out that UNITED LAB's UBT251 Phase II data is stunning, catalyzing global potential, and maintains a "Buy" rating

AASTOCKS
2026.02.27 03:20

Huatai Securities research report points out that UNITED LAB (03933.HK) announced its domestic Phase II weight loss data for UBT251 (GLP-1/GIP/GCGR), which performed impressively overall, catalyzing global potential. Its weight loss rate at a lower dose over 24 weeks outperformed Eli Lilly (LLY.US)'s retatrutide, with safety showing mostly mild to moderate (mainly gastrointestinal reactions). The firm is optimistic about the group based on the impressive Phase II data in China, as well as the recent initiation of global Phase II data with Novo Nordisk (NVO.US), which may enhance certainty, and is optimistic about the sales potential of UBT251 overseas.

The firm maintains its earnings per share forecasts for the company at RMB 1.28, 1.19, and 1.42 for 2025 to 2027 respectively, and assigns a price-to-earnings ratio of 16 times for 2026, but lowers the target price from HKD 22.26 to HKD 20.92, maintaining a "Buy" rating

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