Nomura Maintains 'Neutral' Rating on Hansoh Pharmaceutical (03692.HK), Raises Target Price to HK$18.36

According to the Zhicheng Finance APP, Nomura released a research report stating that it maintains a "Neutral" rating for Hansoh Pharma (03692), and raised the target price from HK$17.95 to HK$18.36. Meanwhile, it expects Hansoh Pharma's revenue in the second half of fiscal year 2024 to fall by 0.5%, with profit declining 35% year-on-year.

Nomura adjusted its revenue and profit forecasts for Hansoh Pharma for the 2024 fiscal year, reducing them by 0.6% and 4.2%, respectively; while raising forecasts for the 2025 fiscal year by 4.5% and 1.8%, respectively. This is primarily due to the company's licensing of HS-10535 to Merck in December last year, as well as better-than-expected sales performance. The firm noted that its revenue forecasts for Hansoh Pharma for the 2024 and 2025 fiscal years are 0.4% and 2.1% higher, respectively, than market consensus estimates; while profit forecasts are 3% and 1% lower than market consensus estimates.