CICC International: Raise ORBUSNEICH (06929) target price to 6.45 Hong Kong dollars, maintain "outperform" rating.

In a research report released by China Everbright International, the target price of ORBUSNEICH (06929) has been raised by 17% to 6.45 Hong Kong dollars from 5.5 Hong Kong dollars, with a maintained "outperform" rating. Based on strong sales momentum in the second half of 2024 in the United States and mainland China, the bank has raised its total revenue forecast for the fiscal years 2025/26 by 3% to $187 million and $205 million. The bank has also raised its adjusted profit forecast for the fiscal years 2025/26 by 6% and 14% to $44 million and $63 million. The bank pointed out that the performance in the second half of 2024 and the full year 2024 exceeded expectations, with net profits of $21 million and $40 million, surpassing the bank's expectations by 39% and 18%, respectively. Total revenue increased by 18% and 7% year-on-year, exceeding the bank's expectations by 7% and 3%, respectively.