Hutchison China MediTech (HCM)

Business description

Hutchison China MediTech (HCM) is an innovative China-based biopharma company targeting the global market for novel, highly selective oral oncology and immunology drugs. Its established China Healthcare business is growing ahead of the market. HCM is the healthcare arm of CK Hutchison (c 40% listed on AIM and NASDAQ).

Stock data

Market cap.£1887.3m
Last close3,107.50p
High / Low (52 weeks)3252.5p / 1730.0p
Stock market listingUS, LN
Forecast net debt (US$m)N/A
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual5.947.679.6
Relative *2.741.350.4

* % Relative to local index

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Company news

Hutchison China MediTech kicks off first human trial for potential new cancer drug

Tue, 14 Feb 2017 09:22:59 GMT

Hutchison China MediTech shares tipped to hit record high

Mon, 13 Mar 2017 14:26:15 GMT

Why GlaxoSmithKline plc And Hutchison China MediTech Limited Are A Perfect Pairing

Fri, 17 Jul 2015 13:52:30 GMT

Beaufort Securities Breakfast Alert:Everyman Media Group, Hutchison China ...

Tue, 14 Mar 2017 08:15:00 GMT

20.99

Mon, 17 Aug 2009 06:52:26 GMT

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2015A 178.2 (7.8) (10.5) 14.6 274.8 N/A
2016A 216.1 (44.3) (47.4) 19.6 204.7 N/A
2017E 234.2 (48.6) (53.8) (34.9) N/A N/A
2018E 262.5 (30.9) (36.9) (16.0) N/A N/A

Last updated on 11/05/2017

Investment summary

Despite a strong run over the last 12 months, our increased valuation of $2.7bn suggests the market overlooks HCM’s full R&D potential. Multiple catalysts are on the horizon in 2017/18; notably the China FDA filing for fruquintinib in CRC (full Phase III CRC data [China] at ASCO) and overall survival data from the savolitinib Phase II trial in c-Met-driven PRCC (could support a US NDA submission). Further progress of the early to mid-stage pipeline over time should retain investors focus. Ultimately, HCM’s move to commercialize its innovative pipeline in its domestic market (and longer term in international territories) could provide a major source of uplift.

Last updated on 11/05/2017

Industry outlook

HCM’s profitable Chinese healthcare business continues to benefit from the fast-growing domestic market, while the clinical, regulatory and technological environments are highly conducive to novel drug development. In the longer term, if the oncology and immunology pipeline comes to fruition, HCM has the potential to become a global oncology and immunology player.

Last updated on 02/05/2017

Key management

Simon To, Chairman
Christian Hogg, CEO
Johnny Cheng, CFO
Mark Lee, SVP, Corporate Fin & Dev.
Dr Weiguo Su, Chief Scientific Officer

Company address

21st Floor, Hutchison House
10 Harcourt Road
Hong Kong
Hong Kong
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