Genscript Biotech Corp Class H

01548: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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GenScript’s Full-Year Results in Line, Strong Growth Trajectory Continues

Jay Lee

Mar 22, 2022

No moat GenScript’s full-year results continued the strong performance in noncell therapy, or NCT, businesses, in line with our expectations. Full-year NCT revenue was USD 425 million, or 35% year-on-year growth. Operating profit margin fell by 3.9 percentage points due to exchange-rate fluctuations, elevated shipping costs, and lower sales of high-margin coronavirus products compared with 2021. However, we think margins remain healthy for such a fast-growing business. Our fair value is unchanged at HKD 20.50 per share. Although the market price is at a slight premium to our fair value, it's within 3-star territory.

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