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<Research>M Stanley Trims CSPC PHARMA's TP to HKD10.4 After Updating Risk-Reward Assessment
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Morgan Stanley has issued a research report updating the risk-reward assessment for CSPC PHARMA (01093.HK) with the incorporation of the company's 3Q25 results.

The broker has cut its 2025-26 sales forecasts for CSPC PHARMA by 1% and 2%, while keeping the 2027 sales forecast unchanged. Operating expenses have also been revised based on management guidance and observed trends. Accordingly, the estimates for recurring net profit have been lowered by 4% for 2025-26, while the 2027 estimate remained intact.

CSPC PHARMA's target price decreased to HKD10.4 from HKD11, with a rating of Overweight.
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