Citigroup: Upgrade of Sino Biopharmaceutical (02367.HK) target price to 93.7 Hong Kong dollars, rated as "Buy"

Zhixin Financial APP learned that Citibank released a research report stating that Juzi Biotech (02367.HK) had a good start to the "618" promotion on the Tmall platform, with a significant improvement in ranking. The bank raised its earnings forecast for the company from 5% to 18% for each year from 2021 to 2027, to reflect the upward revision of revenue forecasts. The target price was raised from the original HK$78.1 to HK$93.7, equivalent to an increase in the forecasted P/E ratio from 28 times to 34 times this year, reflecting better growth prospects and consistent valuation multiples with Chinese mainland peers. The bank maintained a "buy" rating for Juzi Biotech.