[ET Net News Agency, 22 January 2021] Daiwa Research lifted its target price for Wuxi
Biologics Cayman (02269) to HK$135 from HK$118 and reaffirmed its "buy" rating.
WuXi Bio has announced a series of collaboration achievements with global customers over
the past three months. The research house believes that the global COVID-19 pandemic is
driving more customers to embrace WuXi Bio's platform and the company will see continually
strong contract demand over 2021-22.
Daiwa expects WuXi Bio to book a full-year backlog of US$11bn in 2020, representing 116%
growth. This three-digit backlog growth is supported by the company's 20-year US$3bn
vaccine CDMO (contract development and manufacturing company) deal with a global vaccine
manufacturer, as well as mounting orders for COVID-19 related projects on vaccines and
neutralising antibodies. (KL)