Tigermed (3347.HK): Asia Healthcare CDMO Day 2026 Key Takeaways: Strong Order Intake and Pricing Recovery Underpin Growth Outlook

Goldman Sachs hosted Tigermed (3347.HK) at the Asia Healthcare CDMO Day 2026. Sustained order momentum, improving pricing trends, and increasing participation from pharmaceutical customers provide greater revenue visibility, while overseas expansion and AI-driven productivity gains offer additional medium-term growth levers. New orders grew c.30% YoY in 1H26, primarily driven by volume expansion on top of a 5-6% blended price increase; management indicated healthy momentum into 3Q and average pricing increases of c.10% for new contracts in recent months, with pricing recovery and backlog conversion becoming more meaningful earnings contributors from 2027. Biotech remains the core growth engine while MNC and domestic pharma demand accelerates from a smaller base;