Daiwa: Ascend Stone Pharmaceutical Group (01093.HK) target price raised to HK$11, reiterates "buy" rating.

According to the Zhitong Finance APP, Morgan Stanley released a research report stating that the latest guidance from CSPC Pharmaceutical Group Limited (01093.HK) has reduced its total revenue forecasts for the years 2025 to 2027 by 6.2%, 4.8%, and 2.6% respectively. Based on the latest guidance and trends year-to-date, the bank has lowered the group's gross margin and sales expense ratio forecasts, while increasing the research and development expense ratio forecast. It has also lowered the forecast for recurring net profit for 2025 to 2026 by 10% and 6%, respectively, while raising the forecast for 2027 by 2%. The forecast for net profit for the years 2028 to 2030 has been raised due to the contribution of license income. The bank has raised the group's target price from HK $9.6 to HK $11 and maintains a "hold" rating.