Akeso, Inc. 9926

Akeso has seen sharp swings in sentiment over the past few years, and investors now have fresh clinical data and a discounted cash flow lens to test whether the current share price is actually supported by the cash the business may generate. With the stock trading around HK$90.50 after a mixed run, the key issue is how those cash flows compare with the optimism reflected in the recent news flow. Akeso has delivered a 141.3% return over the past 3 years, which puts real weight on the question...

Akeso (SEHK:9926) has put fresh attention on its pipeline after securing Phase I clinical trial clearance in China for AK158D1, a bispecific antibody drug conjugate targeting EGFR and TROP2 in advanced solid tumors. Against that backdrop, Akeso’s HK$90.5 share price has seen a modest 3.37% 90 day share price return. The stock remains down 20.12% on a year to date share price basis, while longer history still shows a very large 3 year total shareholder return, pointing to momentum that has...