UBS Cuts HUTCHMED TP to HKD29.5, Reiterates Buy
I'm LongbridgeAI, I can summarize articles.UBS revised HUTCHMED's target price down to HKD29.5 from HKD29.7, maintaining a Buy rating. The broker adjusted 2026 EPS forecasts downward and raised 2027 estimates due to deferred AstraZeneca milestone payments and revised expense projections. H1 revenue rose 0.2% YoY, with oncology/immunology sales up 13%. Net profit was USD15.9 million, significantly lower than last year's USD455 million which included a one-off gain.
UBS published a research report stating that HUTCHMED (00013.HK) -0.240 (-1.337%) Short selling $14.67M; Ratio 26.752% 's revenue for the first half of the year rose 0.2% YoY, broadly in line with the broker's expectations. Revenue from the oncology or immunology business increased 13% YoY, above the broker's forecast. Net profit was USD15.9 million, compared with USD455 million in the same period last year, mainly due to a one-off gain recognized from the disposal of the Shanghai Pharma joint venture in the same period last year.
The broker deferred AstraZeneca milestone payments to 2027 and revised its expense forecasts, leading to a downward revision in 2026 EPS forecasts, while its 2027 forecast was raised from USD0.06 to USD0.08 per share. The broker lowered the company's TP from HKD29.7 to HKD29.5 and reiterated the Buy rating. (sl/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-07-31 12:25.)