CICC International: Raises target price for AKESO (09926) to 90 Hong Kong dollars, maintains "outperform" rating.

Bank of China International released a research report stating that it has raised the target price of AKESO (09926) by 6%, from 85 HKD to 90 HKD, and maintains an "outperform" rating. The bank raised AKESO's adjusted profit forecast for 2026 by 3% to 1.2 billion RMB, and expects AK112 to submit a market approval application to the US FDA by the end of 2025, with a possible approval by the end of 2026. The report indicates that due to AKESO's lower operating expenses and sales ratio, the Group's performance in 2024 and the second half of the year exceeded expectations. The bank stated that after adjusting the gross margin and sales expenses forecast, it now expects AKESO to achieve its first net profit under international financial reporting standards and adjusted in 2025, with 23 million RMB and 103 million RMB respectively.