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Nomura predicts that Kangfang Bio will turn from loss to profit in the second half of the year and raises the target price to HKD 120.64.
Jin10 data reported on July 18 that Nomura published a report predicting that CanSino Biologics (09926.HK) will have a mid-term revenue increase of 42% year-on-year to 1.45 billion RMB, which is 3% lower than market expectations. The bank expects sales of COVAXIN and Ad5-nCoV to accelerate, with mid-term revenues of 800 million and 600 million RMB, respectively. The mid-term operating expenses are expected to be 1.3 billion RMB, with an overall mid-term net loss attributable to shareholders of 8 million RMB, close to break-even, compared to losses of 239 million and 276 million RMB in the first and second halves of last year, respectively. The bank forecasts that the company's revenue in the second half will be 1.9 billion RMB, driven by the sales of COVAXIN and Ad5-nCoV, with a predicted net profit of 271 million RMB in the second half. The bank has lowered its revenue forecast for the company this year by 9.6%, based on a downward revision of the sales and collaboration revenue estimates for Anika, while the full-year net profit forecast has been raised by 97.2%, based on higher gross margin assumptions. The target price for CanSino Biologics has been raised from 99.66 HKD to 120.64 HKD, maintaining a neutral rating.