Genscript Biotech Corp Class H

01548: XHKG (HKG)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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GenScript’s Non-Cell Therapy Businesses Shine, Growth Trajectory To Continue

Jay Lee

Aug 25, 2021

No-moat GenScript’s interim results demonstrated excellent growth in the non-cell therapy, or NCT, businesses. NCT revenue was USD 196 million in the first half, or 37% year-on-year growth. Operating profit margin fell by 3.3 percentage points, mostly due to exchange rate fluctuations, elevated shipping costs, and lower sales from higher-margin COVID-19 products. However, much of this is transient and we think margins are healthy for such fast-growing businesses. Our fair value estimate is unchanged at HKD 20.50 per share.

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