UBS: Lower CANSINOBIO (06185) target price to 52.4 Hong Kong dollars, first quarter performance in line with expectations.
UBS adjusts its earnings per share forecasts for the company for the years 2026 to 2028, lowering them from the original forecasts of 1.36 yuan, 2.26 yuan, and 3.77 yuan to 0.77 yuan, 2.15 yuan, and 3.58 yuan respectively.
UBS released a research report stating that CANSINOBIO (06185) achieved in line results in the first quarter of this year. During the period, revenue was 190 million yuan, a year-on-year increase of 38.7%, slightly higher than the bank's forecast of 34% growth for the full year in 2026;
Net loss was 40 million yuan, compared to the bank's forecast of a full-year profit of 337 million yuan this year. UBS adjusted the group's earnings per share forecast for 2026 to 2028 from the original 1.36 yuan, 2.26 yuan, and 3.77 yuan to 0.77 yuan, 2.15 yuan, and 3.58 yuan respectively. The target price was lowered from 59.8 Hong Kong dollars to 52.4 Hong Kong dollars; rated "buy".
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