CCB International: The target price of ShengwuXi XDC is HK$52, and the fundamentals and outlook are clearer

Jin10 data reported on March 31 that a research report from Jianyin International indicated that WuXi AppTec (02268.HK) had better-than-expected performance last year and in the second half of the year, with steady rise in innovative drug projects. The bank raised its total revenue forecast for the company for this year and next by 3% and 4% respectively, to 5.7 billion RMB and 7.9 billion RMB, and adjusted this year’s adjusted profit up by 2% to 1.5 billion RMB. The bank’s forecast for the company’s revenue growth this year is 41% year-on-year, higher than the company’s guidance of 35% year-on-year; it raised the target price from 43 HKD to 52 HKD, maintaining the rating of ‘outperform’.