德意志银行-xx医疗健康-hutchison china meditech：on the leading edge as chinese biotech comes into focus-20170718-deutschebank.pdfVIP

Hutchison China MediTech Deutsche Bank Markets Research Rating Company Date Buy Hutchison China 18 July 2017 Asia MediTech Forecast Change China Reuters Bloomberg Exchange Ticker Price at 17 Jul 2017 (USD) 23.30 Health Care HCM.OQ HCM US NSM HCM Price target - 12mth (USD) 27.00 Pharmaceuticals / 52-week range (USD) 23.78 - 11.22 Biotechnology S P 500 – On the Leading Edge as Chinese Biotech Comes Into Focus Valuation Risks Andrew Peters Transfer coverage with a Buy We are transitioning coverage of HCM with a new $27 price target at a time Research Analyst when the company is on the cusp of its first product approval and continued +1-415-262-2002 progress on the expansive pipeline which includes both wholly-owned and partnered programs. Indeed, with full data from the phase-3 fruquintinib FRESCO Maryana Breitman, PhD trial recently presented at ASCO, we believe the program is poised to become Research Analyst the first fully China-developed product to be approved and