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<Research>M Stanley Lowers Rev./ NP Forecasts for HENGRUI PHARMA (01276.HK), Elevates TP to $92
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Morgan Stanley lowered its 2025-2027 total revenue forecasts for HENGRUI PHARMA (01276.HK) by 2.1%/ 3.7%/ 1.8% each, primarily reflecting lower commercial development income from GlaxoSmithKline (GSK) assets and a decline in contributions from the generic drug business, partially offset by higher innovative drug sales forecasts. The broker also reduced its net profit forecasts by 7.4%/ 8.9%/ 6.5%, respectively. After updating the valuation time benchmark and adjusting its RMB/ HKD assumption, Morgan Stanley elevated its target price for HENGRUI PHARMA from $86 to $92, with rating kept at Overweight. AASTOCKS Financial News Website: www.aastocks.com |
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