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<Research> BOCI Raises PHARMARON (03759.HK) TP to HKD26, Maintains Buy
Recommend 3 Positive 1 Negative 0 |
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BOCI issued a report stating that PHARMARON (03759.HK) recorded revenue of RMB3.58 billion in 1Q26, up 15.5% YoY, while adjusted net profit increased 16.2% YoY. Newly signed orders rose by more than 30% YoY, of which laboratory services grew by over 20% and small-molecule CDMO expanded by more than 50%. Management maintained its full-year revenue growth target of 1218%. BOCI raised its revenue forecasts for PHARMARON for 20262027 by 3.6% and 6.5%, respectively, reflecting faster project conversion driven by accelerating new orders and robust demand for small-molecule CDMO services. Adjusted profit is expected to remain broadly stable in the near term. The broker slightly lifted its TP from HKD25 to HKD26, implying 20x 2026 PE, broadly in line with WuXi AppTec. Compared with high-growth CDMO peers such as Asymchem, the company still trades at a discount, mainly due to its relatively weaker positioning in new molecule deployment. Considering that the company is in a phase of rising CDMO contribution and improving profitability, BOCI maintained its Buy rating. (ha/u) Auto-translated by AI This article was automatically translated by AI, the original language 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. More Details
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