HSBC Research Cuts HENGRUI PHARMA TP to HKD73.7, Maintains Buy Rating
I'm LongbridgeAI, I can summarize articles.HSBC Research lowered Hengrui Pharma's target price to HKD73.7 from HKD88.5, citing missed 1H26 results due to policy uncertainty and domestic competition. Despite cutting revenue and net profit forecasts for 2026-2028 by up to 23%, HSBC maintained a Buy rating, noting that global Phase III pipeline progress supports potential stock re-rating.
HSBC Global Investment Research issued a report saying that HENGRUI PHARMA (01276.HK) -1.480 (-2.980%) Short selling $62.43M; Ratio 21.748% 's 1H26 results missed market expectations due to policy uncertainty and intense domestic competition. However, comprehensive global Phase III pipeline progress is expected to support a re-rating of the stock. The broker maintained its Buy rating and lowered the TP from HKD88.5 to HKD73.7.
The broker lowered its 2026-2028 revenue forecasts for HENGRUI PHARMA by 6% to 10% due to intense domestic competition and policy uncertainty, which led to cuts in product sales forecasts. Based on effective cost controls, it reduced its 2026-2028 sales expense forecasts by 2% to 4%, while fair value gains were raised following the Nasdaq listings of overseas partners Kailera and BraveHeart. As a result, its 2026-2028 net profit forecasts were lowered by 13% to 23%. (ha/j)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-08-21 12:25.)