Citigroup: Raises target price for REMEGEN (09995) to HKD 127.7, retains "Buy/High Risk" rating.

Citigroup released a research report stating that REMEGEN (09995) achieved a year-on-year revenue growth of 433% in the first half of the year, turning a loss into a profit of 4.66 billion RMB. Management indicated that after excluding BD revenue, the net loss for the first half of the year was approximately 26 million RMB, and they expect to achieve breakeven after excluding BD revenue for the fiscal year 2026. The target price has been raised from 105 HKD to 127.7 HKD, maintaining a "Buy/High Risk" rating. The firm stated that Taitasit and Vidisi monoclonal antibodies exhibited strong quarterly sales growth, and they believe that the RC148 transaction can reshape the companys growth trajectory. The firm has raised its revenue forecasts for the company for 2026 to 2028 by 3%, 22%, and 18%, respectively, and revised its earnings per share estimates to 8.5, 2.2, and 2.7 RMB.