{I-bank focus}Morgan lowers CSPC Pharma (01093) to HKD10.4

  Morgan Stanley lowered the target price for CSPC Pharma (01093) to HKD10.4 from HKD11 and maintained the "overweight" rating.
  The research house said it now projects sales and recurring net profit growth of +5% and +7% in 2026, accelerating to +6% and +10% in 2027, respectively, as new product launches gain traction.