HK Stock Market Move | GIANT BIOGENE (02367) rose more than 4%. Morgan Stanley believes that the company's business is still in a strong expansion cycle.

GIANT BIOGENE (02367) rose more than 4%, closing at a 4.31% increase at HK$48.35, with a turnover of HK$3146.62 million as of the time of writing. Morgan Stanley released a research report stating that they expect the stock price of GIANT BIOGENE to rise by approximately 70% to 80% in the next 15 days, and have set their target price at HK$65, giving it a "overweight" rating. The bank forecasts a profit growth of 37% and 23% for the company in the fiscal years of 2024 and 2025, respectively, suggesting that the upcoming full-year performance is expected to be stronger than other companies covered by the bank. The report mentions that GIANT BIOGENE's stock price has fallen by about 12% since mid-December last year, with no fundamental reason seen by the bank, but rather attributing it to market sentiment. The bank believes that trading at an estimated 18 times earnings in 2025 could present a convincing risk and return due to the company being in a strong expansion phase.