Daiwa: WuXi AppTec's (02359.HK) first quarter performance exceeded expectations, fundamentals remain strong, rating "buy"

According to the Smart Finance and Economics APP, Morgan Stanley released a research report stating that WuXi AppTec (02359.HK) recorded a first quarter adjusted net profit of RMB 9.65 billion and RMB 2.68 billion respectively, exceeding the bank's expectations. The main driving force behind this was the American and European markets, with revenue increasing by 28% and 26% respectively year-on-year, contributing almost 80% of the revenue. The bank set a target price of HK$85 for its H shares with a rating of "Hold".