[ET Net News Agency, 6 October 2021] Morgan Stanley lowered its target price for Luye
Pharma (02186) to HK$3.6 from HK$3.9 and maintained its "underweight" rating.
The research house said it has trimmed earnings from 2021-30 by 7-11%, largely due to
the impact of the VBP on Luye's oncology (Lipusu's substantial price cut) and CNS
segments. It has also lowered selling costs and COGS to account for volume discount and
VBP impact. (RC)