Conference call takeaways

■ We held a conference call with the Company on June 7.
■ We focused on the Company’s R&D pipeline, and this note provides a detailed
analysis of its innovative candidates expected by 2023F. For an analysis of its other business segments, please refer to our note on May 24, 2021.
■ Our TP of HK$13.6 is based on 22x 2022F P/E, in line with its historical average. We think good execution of its R&D pipeline will support its long-term valuation.