[ET Net News Agency, 6 October 2021] Morgan Stanley lowered its target price for
Everest Med (01952) to HK$96.24 from HK$105 and maintained its "overweight" rating.
The research house said it has expanded losses from 2021-24 by 4-13%, as well as
trimming earnings in 2026-30 by 2-8% considering: (1) recent licensing deals to be
executed by Everest, including COVID-19 mRNA vaccine, BTK asset, and biologics; (2)
expanded costs of roadmap to full-integration, including in-house discovery engine and
commercial team; (3) updated R&D and administrative costs for 2021-22 based on 1H21 and
historical trends; and (4) updated currency changes within its model. (RC)