BUZZ-China's WuXi Apptec jumps as broker lifts target price

Reuters
2024-10-25

** Hong Kong shares of WuXi Apptec jump 6% to HK$52.95, their highest since Oct. 15

** Stock is the fifth biggest pct gainer in Hang Seng Index

and Hang Seng Commerce & Industry Index , up 1.1% and 1.4%, respectively

** Nomura maintains "buy"; raises TP of Hong Kong stock to HK$63.12 from HK$43.45, and Shanghai shares to 63.82 yuan from 57.73 yuan

** Says improving sentiment with 3Q24F growth to further accelerate on non-covid basis

** Adds, it slightly lifts FY24F/25F revenue estimates and earnings forecasts to reflect a stronger growth outlook for its chemistry segment, which is expected to offset the softening growth of its other segments

** Shanghai shares rise 5.3% to 52.8 yuan, highest since Oct. 11

** In China, the blue-chip CSI 300 Index gains 1.2% and the Shanghai Composite Index adds 0.8%

** Hong Kong shares fell 37.1% YTD, Shanghai-listed stock down 31.1% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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