Genscript Biotech Corp Class H

01548: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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GenScript’s Interim Results in Line, Bestzyme Turns Profitable, Revenue Growth Remains Strong

Jay Lee

Sep 2, 2022

No-moat GenScript’s interim results were in line with our expectations. Revenue from non-cell therapy, or NCT, businesses was USD 248 million for the six months, which represents 27% year-on-year growth. Gross profit margin for the NCT segments declined 4.8 percentage points, which is the continuation of a trend we saw last year. We expect margins to stabilize around current levels. Our fair value estimate is unchanged at HKD 20.50 per share. The market price is a 20% premium to this and we are bullish on the company’s prospects.

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