Citigroup: Uphold "buy" rating for Xiangpiaoyi (02359.HK), target price of HK$95.

According to the Wise Finances APP, Citigroup released a research report stating that in the first half of the year, WuXi AppTec (02359.HK) saw a 21% year-on-year increase in revenue to 20.8 billion RMB, and a 102% increase in net profit to 8.6 billion RMB. Excluding one-time gains, the growth rate was 26%, in line with previous profit announcements. The management has raised the full-year revenue guidance from the original expectation of 41.5 to 43 billion RMB to 42.5 to 43.5 billion RMB, expecting a continuous business growth of 13% to 17%, up from the original expectation of 10% to 15%. They are confident in further improving the adjusted net profit margin. Citigroup has given WuXi AppTec a target price of 95 HKD based on valuation, with a "buy" rating, and will provide updates after the earnings conference call.