BUZZ-WuXi AppTec's Hong Kong stock near 5-week low after earnings miss

Reuters03-19

** WuXi AppTec's Hong Kong shares drop 9.9% to HK$38.50, lowest since Feb. 16

** Stock is biggest loser in Hang Seng Index , Hang Seng Composite Index , Hang Seng Commerce & Industry Index

** Shanghai shares fall 3.8%

** WuXi AppTec's 2023 net profit rose 9% YoY, revenue up 2.5% YoY and it expected its 2024 revenue to reach 38.3-40.5 billion yuan

** Nomura says 4Q23 sales largely in line, margins beat, earnings missed and FY24 guidance falls short of market expectations

** Nomura trims target price of WuXi AppTec's Hong Kong stock to HK$54.56 from HK$86.23, Shanghai shares to 62.75 yuan from 99.16 yuan

** CITI says WuXi AppTec's FY23 revenue was in-line, net profit missed consesus while management guide 2024 revenue was lower than consensus estimates

** WuXi Apptec's Hong Kong stock down 50.7% YTD, Shanghai shares down 29.3% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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