SVB Securities raised Tengshengbo Pharmaceutical (2137.HK) expectations to target price of HK$19 per share

SVB Securities recently raised $BRII-B(02137.HK)$ The target price is expected to reach HK$19 per share. SVB's investment arguments are mainly based on the following four aspects: (1) Brii has multiple important clinical projects (HBV, COVID-19, PPD, HIV), the company is positioned by the market as a key biopharmaceutical company with infectious diseases and central nervous system, and has experienced management and drug development management teams. (2) Brii's functional therapeutic combination therapy for hepatitis B — siRNA (BRII-835) and therapeutic vaccine (BRII-179) — is expected to achieve breakthroughs in this field, and some KOLs believe that the mechanisms of these combination therapies have potential for synergy. China is the largest chronic hepatitis B market in the world, with around 87 million patients awaiting treatment, so we forecast a peak revenue of ~RMB¥13 billion. (3) BRIi's long-acting COVID-19 monoclonal antibody against COVID-19 — BRII-196/BRII-198 The estimated peak revenue is ~RMB¥5.8 billion. (4) More clinical data confirm BRII's future expectations for HIV and postpartum depression (PPD) and antibiotics: BRII-732/778, which is administered once a week for HIV, may have a potential peak sales of ~RMB¥6.5 billion, and the potential peak sales of BRII-296 for postpartum depression is about ~RMB¥3 billion. Brii also has the most promising next generation antibiotic combination (BRII-636, BRII-672, BRII-693, BRII-658) to treat multiple drug-resistant (MDR) bacterial infections, but we are not including these early development projects in the estimate for the time being.