WuXi AppTec's Hong Kong stock near 5-week low after earnings miss

WuXi Biologics (Cayman)

19/03/2024 02:53

** WuXi AppTec's Hong Kong shares  2359.HK  drop 9.9% to
HK$38.50, lowest since Feb. 16 
    ** Stock is biggest loser in Hang Seng Index  .HSI , Hang
Seng Composite Index  .HSCI , Hang Seng Commerce & Industry
Index  .HSNC  
    ** Shanghai shares  603259.SS  fall 3.8% 
    ** WuXi AppTec's 2023 net profit rose 9% YoY, revenue up
2.5% YoY and it expected its 2024 revenue to reach 38.3-40.5
billion yuan  
    ** Nomura says 4Q23 sales largely in line, margins beat,
earnings missed and FY24 guidance falls short of market
expectations 
    ** Nomura trims target price of WuXi AppTec's Hong Kong
stock to HK$54.56 from HK$86.23, Shanghai shares to 62.75 yuan
from 99.16 yuan 
    ** CITI says WuXi AppTec's FY23 revenue was in-line, net
profit missed consesus while management guide 2024 revenue was
lower than consensus estimates
    ** WuXi Apptec's Hong Kong stock down 50.7% YTD, Shanghai
shares down 29.3% YTD 

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))