Bocom International Raises CSPC PHARMA (01093) Target Price to HK$8.7, Keeps "Neutral" Stance

Stock News03-31

Bocom International has revised its target price for CSPC PHARMA (01093) upward to HK$8.7, citing reasonable current valuation, while maintaining a "Neutral" rating. The adjustment to the company's 2026-2027 profit forecasts is based on updated projections for the timing of license fee revenue recognition, leading to the target price increase. Although fourth-quarter 2025 results fell short of expectations due to the pace of license fee revenue recognition, sales of formulated drugs continued to show marginal improvement. In 2026, new product sales expansion and significant license fee income are expected to be key performance drivers. The company maintains efficient execution in research and development and global expansion, accelerating the realization of value from its innovative pipeline. However, the core business may still require time to overcome the impact of regulatory and competitive pressures, justifying the maintained "Neutral" rating.

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