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<Research> CMBI Raises APPTEC (603259.SH) TP to RMB143, Rates Buy
Recommend 5 Positive 3 Negative 6 |
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CMBI said in a research report that APPTEC (02359.HK) (603259.SH) recorded revenue of RMB12.44 billion in 1Q26, up 28.8% YoY. Among which, revenue from continuing operations rose 39.4% YoY, while adjusted non-IFRS net profit attributable to shareholders increased 71.7% YoY to RMB4.6 billion. Revenue and adjusted net profit in 1Q26 accounted for 24.1% and 25.6% of the brokers full-year forecasts respectively, significantly higher than historical averages. Management maintained its full-year guidance, expecting revenue to reach RMB51.3 billion to RMB53.0 billion, with revenue from continuing operations growing 18% to 22% YoY. The non-IFRS net profit margin is expected to remain stable. Management added that it may raise its earnings guidance in due course depending on business development. The broker believes APPTECs mature global capacity network and ongoing capacity expansion will further strengthen its leading position in the global pharmaceutical outsourcing industry. CMBI raised its earnings forecasts for the group, projecting revenue to grow 15.2%, 16.3% and 14.8% YoY for 2026 to 2028, respectively. Revenue from continuing operations is expected to increase 20.6%, 16.3% and 14.8% YoY, while adjusted non-IFRS net profit is forecast to grow 26.2%, 18% and 15.8% YoY. Based on the current share price, the corresponding adjusted P/E ratios are 17.5x, 14.8x and 12.8x. Accordingly, the TP for APPTECs A shares has been raised from RMB133 to RMB143, with a Buy rating maintained. (hc/u) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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