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分拆眼科藥物業務 李氏大藥廠股價見頂?

醫藥眼科股近期備受市場力捧,李氏大藥廠(SEHK:950) 透過分拆釋放眼科藥物業務的價值後,股價會否更上一層樓? –

李氏大藥廠 (SEHK:950) 從7月起股價累升46%,加上集團公佈分拆China Ophthalmology Focus Limited(COPFL)獨立上市,令股價居高不下。

中美衝突升級令港股出現波動,但醫藥板塊持續成為市場焦點。近月先後有內地眼科醫藥新股–歐康維視(SEHK:1477)首日上市爆升1.5倍,再有希瑪眼科 (SEHK:3309) 股價持續造好,醫藥眼科股在受捧下,到底李氏大藥廠能否釋放眼科藥物業務的投資價值?

重磅眼科產品上市

筆者前文“一隻被市場遺忘但具爆發力的醫藥股”提到李氏大藥廠2020年初已進軍中國眼科,與IACTA Pharmaceuticals 開發、製造及商品化IC-265及IC-270的獨家權利,把治療乾眼症的Syk激酶抑制劑上市。

另一方面,作為亞洲生物製藥集團,集團分拆的COPFL 開始支援21種以上專利產品,新藥及仿製藥專治乾眼、青光眼、濕性老年性黃斑部病變、糖尿病性視網膜病變,以至角膜損傷,及炎症疾病等各種眼科適應症。其中一項重點產品環孢霉素A眼凝膠,已進入關鍵的第三期臨床測試,對治療中至重度淚液缺乏型乾眼病患者,對其有效性和安全性很重要。

中國乾眼症市場龐大

此外,中國醫藥市場龐大,中國患者人群過2億人。根據同仁眼科基金會的數據,中國與亞洲市場乾眼症的發病率高於歐洲及美國,尤其是陝西、青海及新疆等西北地區發病率高達59%。李氏大藥廠已在廣州南沙建設最先進的開發及生產設施,這些藥物生產設施將為巨大的市場潛力提供基礎。

愚人錦囊

國內眼科的崛起離不開近年消費水平的提升。除了消費升級,愈加嚴苛的教育環境,令青少年近視率飆升,加速的老年化帶來的視覺障礙,還有乾眼症的增長,都有利李氏大藥廠所分拆眼科藥物業務。筆者認為,李氏大藥廠未來的增長潛力有望在產品上市後釋放,而公司往績市盈率未達30倍,仍有水位。惟商業化過程可受外在因素影響,所以價值投資者買入也要小心衡量風險。

編輯:Cyrus Li

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者Edmund R沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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