Secondary Recommendation

Hutchison China Meditech

March 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Full year results are due on 20 March. Ahead of that, HCM has confirmed its recently joint ventured drug, Volitinib (HMPL-504), has begun phase I trials in Australia. The global US$10m licencing income from the deal with Astra Zeneca has therefore been received and should really boost income in the R&D side of its operations. Meanwhile, HCM is said to be receiving interest on licencing its other flagship drug, HMPL-004 and we suspect it may not be too far off given recent publication of results in an international peer reviewed medical conference. There is also some cheer for the other side of the business, which supplies traditional Chinese medicines, as raw material prices are finally starting to fall. We ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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