Strong Recommendations for Two Stocks – Updated
Date: September 24, 2025
Baillie Tianheng-U (688506) Significant Event Commentary: The latest data for BL-B01D1 was presented at the WCLC conference, which has the potential to reshape the first-line treatment landscape for EGFR mutation NSCLC. On September 24, a strong buy rating was assigned to Baillie Tianheng (688506).
Investment Recommendation: The clinical data from the 2025 WCLC conference is positive, and we maintain a “strong buy” rating. Based on the company’s licensing agreements and the progress of its core pipeline, along with its interim report and operational conditions, the institution forecasts the company’s revenues for 2025-2027 to be ¥2.188 billion, ¥2.525 billion, and ¥2.182 billion respectively (-62.4%, +15.4%, and -13.6%); the net profit attributable to the parent company is projected to be -¥5.32 billion, -¥10.14 billion, and -¥18.31 billion. Using a risk-adjusted discounted cash flow method for the valuation of innovative drug pipelines, the company is estimated to have a valuation of ¥183.763 billion, leading to a target price of ¥458.30.
Risk Factors: Potential risks include clinical progress not meeting expectations, underperformance in commercialization, and fluctuations in partnership agreements. Over the past six months, this stock has received 11 buy ratings, 1 buy-A rating, 1 buy-B rating, 1 strong buy rating, and 1 hold rating from various institutions.
Kosdar (002518): Equity Incentives Reflect Confidence in Company Development
On September 24, a strong recommendation was given for Kosdar (002518).
Investment Recommendation: The company’s operational trend is upward, with estimated net profits attributable to the parent company for 2025-2026 projected to be ¥579 million and ¥756 million, corresponding to PE ratios of 40.3X and 30.9X. We maintain a “strong buy” rating.
Risk Factors: Risks include the potential for data center construction to fall short of expectations, slower-than-anticipated storage reductions, and intensified market competition. In the last six months, the stock has received 9 buy ratings, 2 outperform industry ratings, 2 strong buy ratings, 1 hold rating, and 1 “buy” investment rating.
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