Insulin Aspart Approval May Arrive Soon, Expects Satisfactory 1H21 Results

TUL may receive market approval for insulin aspart products in the immediate future. It targets 20% share of the insulin aspart market in the next 3-5 years. Moreover, potential GPO tenders bring insulin market expansion opportunities for TUL. We expect TUL to report satisfactory single-digit yoy revenue growth in 1H21. The insulin business may have experienced a temporarily slower growth due to the high base in 1H20, but will regain momentum in 2H21. Maintain BUY. Target: HK$8.90.