UOB Kay Hian lifted its target price for WuXi Biologics (Cayman) Inc (02269) to HK$252 from HK$200 and maintained its "buy" rating.
Amid the COVID-19 pandemic, WuXi Bio has adopted a business strategy which has allowed the company to successfully attract an increasing number of new integrated projects from customers and competitors, said the research house.
UOBKH noted that WuXi has added 72 projects to its pipeline year-to-date. Management has guided for accelerated revenue growth of 40% in 2H and over 50% in 2021. UOBKH revised its revenue and earnings growth forecast upwards for 2020-22 to reflect the potentially stronger-than-expected revenue, and estimate earnings CAGR to increase from 45% to 49% in 2020-22.
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