HUTCHMED (China) Ltd (0013.HK): ATTC Reframes Antibody-Conjugate; Business Inflection Point Taking Shape in 2026

HUTCHMED's business inflection is taking shape, with ATTC adding differentiation and BD optionality. We expect the company to lead global next-gen ADC development, given leading position in functional payload ADC. ATTC platform value is not yet priced in. Positive late-stage asset data readouts, clinical progress and new product launches and potential BD opportunity could build strong business inflection throughout FY26-27. We raise TP to HK$40.1 (from HK$39). Maintain Buy/High Risk. ATTC moves antibody conjugates from selective chemotherapy towards selective pharmacology by replacing conventional cytotoxic payloads with targeted small-molecule inhibitors. HMPL-A830 has unique molecule design enabling vertical pathway inhibition, reduced free systemic exposure and bystander effect, and entered global Ph1 within one month after the GSK deal. Beyond initiation of global trials of 3 ATTC assets, the company delivered meaningful progress across its late-stage portfolio. We expect mild sale