CCB International released a research report stating that while maintaining Rongchang Biotech (09995.HK)'s “outperforming the market” rating, the target price was raised by 30.8% from HK$26 to HK$34. The company's 2023 results were basically in line with expectations, and the fourth quarter of 2023 results exceeded CCB's expectations. Overall net losses for the fourth quarter of 2023 and 2023 reached 1.5 billion yuan (same below) and 481 million yuan respectively. Excluding equity incentive costs, net losses would be $1.4 billion and $365 million respectively, which is less than anticipated.
建银国际:维持荣昌生物(09995.HK)“跑赢大市”评级 目标价调升至34港元
CCB International: Maintaining Rongchang Biotech's (09995.HK) “Outperform the Market” rating and raising the target price to HK$34
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