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<Research>Macquarie Recommends Accumulating WUXI APPTEC Shrs, Expects No Impact from US 1260H List
Recommend 3 Positive 5 Negative 3 |
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Earlier, the US unveiled the latest Section 1260H list of Chinese military companies, which included WUXI APPTEC (02359.HK) and was later abruptly withdrawn, Macquarie's research report said. The broker stated that the 1260H list is not an investment ban; companies on the list are primarily prohibited from contracting defense agreements but are not restricted from commercial cooperation with US pharmaceutical companies. In the meantime, the broker's field research found that the operations of China's CDMO industry are not affected by the US Biosecure Act at all. The broker suggested investors take the opportunity to accumulate WUXI APPTEC shares when the stock price pulls back due to the 1260H news. Since the introduction of the 1260H list, Chinese companies included in the list have consistently outperformed the market given their stock prices being more sensitive to market fluctuations. The broker maintained WUXI APPTEC and WUXI XDC (02268.HK) as sector top picks, both rated as Outperform, with target prices of HKD132 and HKD73, respectively. AASTOCKS Financial News Website: www.aastocks.com |
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