UBS Keeps Buy Rating on Tigermed with HK$52.60 Target Price

Deep News11-10

UBS has issued a research report maintaining a "Buy" rating and a target price of HK$52.6 on Tigermed (03347).

Tigermed announced that it will participate in the privatization and business spin-off of Frontage Holdings (01521) through its wholly-owned subsidiary Hong Kong Tigermed.

UBS believes that if the transaction is completed as planned, Tigermed may acquire the non-target business in mainland China and approximately RMB 1.81 billion in cash, and will be entitled to receive additional consideration payments from Charles River Laboratories. The transaction could help Tigermed divest non-core businesses and focus on clinical CRO services.

The report notes that the cancellation price per share of Frontage Holdings is HK$2.37, representing a premium of approximately 59.1% over the closing price of HK$1.49 on November 9, and a premium of 107.2% over the average share price over the past 360 days, equivalent to a price-to-earnings ratio of approximately 91.6 times for Frontage Holdings in 2025.

After the privatization is completed, Tigermed plans to acquire the non-target business in mainland China at a preliminary valuation of approximately US$205.5 million. Target businesses including bioanalytical and drug metabolism and pharmacokinetics (DMPK) services will be sold to Charles River Laboratories at a preliminary valuation of approximately US$470 million. Li Song, founder of Frontage Holdings, and related trusts may acquire the overseas non-target business at a preliminary valuation of approximately US$84.4 million.

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The transaction could help <b>Tigermed</b> divest non-core businesses and focus on clinical CRO services.<br><br>The report notes that the cancellation price per share of <b>Frontage Holdings</b> is HK$2.37, representing a premium of approximately 59.1% over the closing price of HK$1.49 on November 9, and a premium of 107.2% over the average share price over the past 360 days, equivalent to a price-to-earnings ratio of approximately 91.6 times for <b>Frontage Holdings</b> in 2025.<br><br>After the privatization is completed, <b>Tigermed</b> plans to acquire the non-target business in mainland China at a preliminary valuation of approximately US$205.5 million. 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The transaction could help Tigermed divest non-core businesses and focus on clinical CRO services.The report notes that the cancellation price per share of Frontage Holdings is HK$2.37, representing a premium of approximately 59.1% over the closing price of HK$1.49 on November 9, and a premium of 107.2% over the average share price over the past 360 days, equivalent to a price-to-earnings ratio of approximately 91.6 times for Frontage Holdings in 2025.After the privatization is completed, Tigermed plans to acquire the non-target business in mainland China at a preliminary valuation of approximately US$205.5 million. Target businesses including bioanalytical and drug metabolism and pharmacokinetics (DMPK) services will be sold to Charles River Laboratories at a preliminary valuation of approximately US$470 million. 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