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Comment
Recommendation
The out-licensing agreement is a significant breakthrough for the company to monetise its Wafermine drug with a recurring revenue stream. It also frees up its resources to develop other exciting products in its pipeline which can then be monetised in the same manner. This is made possible as the company maintains ownership of its WaferiX platform technology. Maintain BUY with a higher DCF TP of S$0.355 (previously S$0.335) as we increase the upfront fee and raise the expected development income.
Paul has 20 years of experience as a fund manager and sell-side analyst. During his time as fund manager, he has managed multiple funds and mandates including capital guaranteed, dividend income, renewable energy, single country and regionally focused funds.
He graduated from Monash University and had completed both his Chartered Financial Analyst and Australian CPA programme.