Innovent Biologics, Inc.

SEHK:1801 Stock Report

Market Cap: HK$58.9b

Innovent Biologics Valuation

Is 1801 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of 1801 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 1801 (HK$35.9) is trading below our estimate of fair value (HK$117.52)

Significantly Below Fair Value: 1801 is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 1801?

Key metric: As 1801 is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for 1801. This is calculated by dividing 1801's market cap by their current revenue.
What is 1801's PS Ratio?
PS Ratio7.3x
SalesCN¥7.46b
Market CapCN¥54.75b

Price to Sales Ratio vs Peers

How does 1801's PS Ratio compare to its peers?

The above table shows the PS ratio for 1801 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average13.4x
6990 Sichuan Kelun-Biotech Biopharmaceutical
17.5x24.2%HK$34.3b
6826 Shanghai Haohai Biological Technology
2.2x11.8%HK$14.5b
9926 Akeso
28.5x33.4%HK$57.4b
9995 RemeGen
5.4x25.9%HK$15.1b
1801 Innovent Biologics
7.3x22.0%HK$58.9b

Price-To-Sales vs Peers: 1801 is good value based on its Price-To-Sales Ratio (7.3x) compared to the peer average (13.4x).

Price to Sales Ratio vs Industry

How does 1801's PS Ratio compare vs other companies in the HK Biotechs Industry?

14 CompaniesPrice / SalesEstimated GrowthMarket Cap
6826 Shanghai Haohai Biological Technology
2.2x11.8%US$1.86b
1530 3SBio
1.5x9.2%US$1.72b
2696 Shanghai Henlius Biotech
1.8x10.4%US$1.42b
775 CK Life Sciences Int'l. (Holdings)
0.8xn/aUS$555.67m
1801 7.3xIndustry Avg. 11.7xNo. of Companies14PS01632486480+
14 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: 1801 is good value based on its Price-To-Sales Ratio (7.3x) compared to the Hong Kong Biotechs industry average (11.7x).

Price to Sales Ratio vs Fair Ratio

What is 1801's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

1801 PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio7.3x
Fair PS Ratio6.9x

Price-To-Sales vs Fair Ratio: 1801 is expensive based on its Price-To-Sales Ratio (7.3x) compared to the estimated Fair Price-To-Sales Ratio (6.9x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst 1801 forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentHK$35.90
HK$54.32
+51.3%
14.7%HK$68.75HK$36.74n/a27
Nov ’25HK$35.05
HK$55.37
+58.0%
14.9%HK$70.04HK$37.10n/a27
Oct ’25HK$47.10
HK$58.81
+24.9%
12.7%HK$77.55HK$37.12n/a27
Sep ’25HK$42.45
HK$58.01
+36.7%
12.6%HK$76.99HK$37.17n/a26
Aug ’25HK$38.95
HK$55.94
+43.6%
13.5%HK$76.43HK$37.00n/a26
Jul ’25HK$36.80
HK$55.57
+51.0%
14.3%HK$76.36HK$37.00n/a25
Jun ’25HK$35.20
HK$55.15
+56.7%
14.7%HK$76.60HK$36.71n/a25
May ’25HK$38.25
HK$55.31
+44.6%
14.8%HK$76.75HK$36.78n/a26
Apr ’25HK$37.70
HK$55.76
+47.9%
14.5%HK$77.00HK$36.90n/a26
Mar ’25HK$39.70
HK$55.21
+39.1%
15.6%HK$78.28HK$34.02n/a25
Feb ’25HK$33.00
HK$55.34
+67.7%
15.4%HK$78.67HK$34.69n/a25
Jan ’25HK$42.75
HK$55.89
+30.7%
14.8%HK$78.69HK$34.69n/a25
Dec ’24HK$44.00
HK$56.13
+27.6%
14.8%HK$78.69HK$34.69n/a25
Nov ’24HK$45.45
HK$51.99
+14.4%
16.5%HK$76.97HK$33.98HK$35.0525
Oct ’24HK$38.25
HK$50.63
+32.4%
15.2%HK$71.64HK$33.97HK$47.1025
Sep ’24HK$35.10
HK$50.78
+44.7%
15.3%HK$72.21HK$34.13HK$42.4526
Aug ’24HK$34.60
HK$49.51
+43.1%
14.5%HK$69.32HK$34.29HK$38.9526
Jul ’24HK$29.60
HK$49.49
+67.2%
14.4%HK$68.95HK$34.11HK$36.8025
Jun ’24HK$36.40
HK$50.55
+38.9%
14.2%HK$70.66HK$34.95HK$35.2025
May ’24HK$37.45
HK$51.39
+37.2%
14.6%HK$74.09HK$35.86HK$38.2525
Apr ’24HK$35.15
HK$52.01
+48.0%
14.0%HK$74.58HK$36.10HK$37.7024
Mar ’24HK$40.55
HK$51.52
+27.1%
16.0%HK$74.57HK$35.28HK$39.7024
Feb ’24HK$45.45
HK$50.04
+10.1%
17.9%HK$75.75HK$35.84HK$33.0024
Jan ’24HK$33.50
HK$47.43
+41.6%
18.8%HK$73.14HK$34.60HK$42.7524
Dec ’23HK$29.65
HK$46.20
+55.8%
18.7%HK$71.12HK$33.65HK$44.0024
Nov ’23HK$27.60
HK$46.15
+67.2%
19.0%HK$70.42HK$33.32HK$45.4523

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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