Morgan Stanley has downgraded its rating on CHINARES PHARMA (03320) to "increase holdings" with a target price reduced to 7.5 Hong Kong dollars.

Morgan Stanley released a research report stating that following the release of the first half financial report by CHINARES PHARMA (03320), profit forecasts for the years 2024 to 2030 have been revised down by 7% to 9% due to a decrease in sales in manufacturing and distribution business. The bank has lowered the target price and forecast scenario value for CHINARES PHARMA by 6% to 9%. The bank has reduced the target price for CHINARES PHARMA from 8 Hong Kong dollars to 7.5 Hong Kong dollars, with a rating of "hold".