UBS: Raises the target price for Columbus Life Sciences to HKD 678, reiterates "Buy" rating.

UBS released a research report indicating that the revenue of Kelun-Botai Biological for the first half of the year was 978 million yuan, a year-on-year increase of 3%, which was lower than the bank's and market's forecasts of 1.2 billion and 1.3 billion yuan, respectively. Product sales soared by 112% to 657 million yuan, surpassing the bank's expectation of 550 million yuan and partially offsetting the impact of lower licensing revenue. During this period, net profit was 388 million yuan, significantly exceeding the bank's original estimate of a net loss of 134 million yuan and the market expectation of a net profit of 128 million yuan. The bank has raised its product sales forecast for Kelun-Botai Biological from 1.38 billion yuan to 1.43 billion yuan, leading to increases in its earnings per share estimates for 2026 to 2028 to 2.41, 2.09, and 8.29 yuan, respectively. The target price has been adjusted from 667 Hong Kong dollars to 678 Hong Kong dollars, reaffirming a "Buy" rating.