Yamato: Raised target price of PharmaMar Bio to HK$35.5, reiterates "buy" rating.

Daiwa Securities' research report stated that WuXi Biologics' first half performance met expectations with strong growth in revenue, gross profit margin, and backlog orders. The firm has raised its gross margin forecast for 2025-2027 by 1.5 to 1.6 percentage points and lowered sales and management expense forecast by 7% to reflect the latest trends in the first half of 2025; earnings per share forecast has been raised by 3% to 10%. The firm has raised its target price from HKD 30 to HKD 35.5 and reiterated a "buy" rating.