Hutchmed (China) (0013.HK): Company initiated the ph1a part of ph1/2a KRAS-EGFR ATTC (HMPL-A830) global trial for solid tumour

UBS Fast Take on Hutchmed (China) (0013.HK). The company initiated the ph1a part of the ph1/2a KRAS-EGFR ATTC (HMPL-A830) global trial for solid tumours. Progress is well on track after the partnership with GSK announced on 3 September, with the first patient enrolled in China on 24 September and planned enrolment of 147 patients; per the agreement, Hutchmed will lead the phase 1 study. UBS maintains a Buy rating with a 12-month price target of HK$29.50 (share price HK$21.92 on 25 Sep 2026), based on a risk-adjusted DCF methodology, forecasting diluted EPS of US$0.05/0.08/0.09 for 2026E/27E/28E. Key downside risks include failure of trials for core assets such as fruquintinib, savolitinib and sovleplenib in major indications; more severe-than-expected price reductions of launched drugs due to fierce competition or unfavourable NRDL negotiation outcomes; weaker-than-expected overseas sales and potential challenges in collaboration with global MNCs;