BOCOM INTL raises CSPC PHARMA (01093) target price to HK$8.7, maintains "Neutral" rating.
The company maintains high efficiency in research and development and overseas expansion, promoting the rapid realization of the value of the innovation pipeline. However, the core business still needs time to overcome the impact of regulatory and competitive pressures, therefore maintaining a "neutral" rating.
BOCOM INTL released a research report stating that they have raised the target price of CSPC PHARMA (01093) to HKD 8.7, believing that the current valuation is reasonable, and maintaining a "neutral" rating. The bank adjusted the profit forecast for the company for 2026-2027, based on the latest forecast of the pace of recognition of licensing revenue, thus raising the target price.
Due to the impact of the pace of recognition of licensing revenue, the performance in the fourth quarter of 2025 did not meet expectations, but sales of branded drugs continued to show marginal improvement. In 2026, the core drivers of performance will be the volume sales of new products and significant licensing revenue. The company maintains strong execution in research and development and international expansion, driving the rapid realization of value from the innovative pipeline. However, the core business may still need time to overcome regulatory and competitive pressures, hence the maintenance of a "neutral" rating.
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