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If you had been weighing Akeso in late 2025, the headlines were about bispecific antibodies, late stage trials and a packed clinical calendar, not about capital raises and pricing pressure. Holding Akeso over the past year would have meant a 30.7% loss, including dividends. With that outcome now visible, which assumptions in those 2025 bull and bear cases could you have pressed harder before committing money for the year that followed?

Akeso has already moved. Pinpoint other ways to investigate the theme among 123 healthcare AI stocks.

The Two Akeso Stories Investors Had To Weigh

The shares cost HK$122 at the start of the period, and you were choosing between two very different stories about Akeso.

On the optimistic side, one narrative put Fair Value at HK$169, a level that reflected assumed revenue growth of 59.0% and profit margin of 40.8% within about three years.

The more cautious view pointed to a Fair Value of HK$88.38, based on concerns about deep price cuts in China and heavy reliance on a small group of late stage drugs.

What The Evidence Around Akeso Actually Tested

Ivonescimab cleared multiple Phase III hurdles across NSCLC and biliary tract cancer and secured NMPA approval in China. This supported the Akeso bull case that late stage data could open new markets. At the same time, the business still reported a loss of ¥424.22 million and a net margin of 23.5% negative in H1 2026, so the profitability targets in the optimistic story were not yet met. Overall, the evidence cut both ways.

The key lesson is simple. When a thesis rests on high future margins, you need to track net income and net margin alongside every upbeat trial headline and ask whether the loss is shrinking fast enough to justify those earlier margin assumptions.

What You Would Be Paying For In Akeso Today

Akeso now trades at HK$82.3 after a 30.7% loss over the past year. The bullish analyst Narrative on Simply Wall St places its Fair Value above that level and frames the story around multiple oncology, hematology and dermatology franchises rather than a single drug bet.

That view leans on expanding approved therapies, late stage trials and early sales for drugs like ivonescimab and gumokimab. For the fall to look like an opening rather than a warning, a buyer today would need confidence that these franchises can translate clinical and regulatory progress into a broader, more durable revenue base.

"Bullish analysts expect Akeso to turn its expanding portfolio of approved therapies and late-stage oncology trials into a larger, more diversified revenue base over time. The main requirement is continued clinical and regulatory success for key oncology assets such as ivonescimab and cadonilimab, together with effective commercial execution in newly approved indications."

That disagreement has a full argument behind it. → Uncover the higher Fair Value this Narrative argues for

How Could You Get There Earlier?

This company's disappointment is already part of the story. Your next idea could come from looking where the price and the possibilities still seem far apart. Here are three companies priced below our estimates.

• Company 1 - 38% below our estimate - turns a long dated defense order book into higher margin electronics and services work.
• Company 2 - 21% below our estimate - builds a higher margin profit pool by layering credit, insurance and payments onto discount retail traffic.
• Company 3 - 34% below our estimate - ties AI features, cloud infrastructure and subscription pricing into a single usage based ecosystem.

That is three of the list. See the full list of 198 companies trading below our fair value estimates →