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<Research>CLSA Sets WUXI APPTEC's TP at HKD143.4; Quarterly Results Beat, Performance Likely to Exceed Mkt This Yr
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WUXI APPTEC (02359.HK)'s 4Q25 revenue/ adjusted non-IFRS net profit grew by 9%/ 36%, surpassing market expectations by 2% and 3%, according to CLSA's research report. CLSA attributed WUXI APPTEC's achievements to its strong integrated CRDMO (Contract Research, Development, and Manufacturing Organization) model, robust growth in its WuXi TIDES business, and China's competitive advantage in the global small molecule supply chain. Looking ahead to 2026, believing that profitability will be more important than valuation expansion for China's healthcare sector, CLSA estimated that it would be possible for WUXI APPTEC to outperform the market. The broker kept its 2025-27 expectations for WUXI APPTEC unchanged, forecasting its adjusted non-IFRS net profit to rise by a high double-digit percentage (around 16-19%) YoY in 2026, exceeding the market expectation of 15%. Viewing WUXI APPTEC as its top pick for China's CRO/CDMO sector, CLSA gave the company a target price of HKD143.4 and an Outperform rating. AAStocks Financial News |
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