Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Equity Bottom-Up

<ul><li>Wuxi Apptec reported a revenue increase of 28.8% y/y in 1Q26.</li><li>Wuxi AppTec (2359 HK, NR) announced that it achieved total revenue of RMB12.44bn in 1Q26, up 28.8% y/y.</li><li>The company expects total revenue to reach RMB51.3–53.0bn in 2026, with continuing operations revenue growing 18%–22% y/y.</li></ul>

Wuxi Apptec reported a revenue increase of 28.8% y/y in 1Q26.Wuxi AppTec (2359 HK, NR) announced that it achieved total revenue of RMB12.44bn in 1Q26, up 28.8% y/y.The company expects total revenue to reach RMB51.3–53.0bn in 2026, with continuing operations revenue growing 18%–22% y/y.

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>WuXi AppTec reported impressive financial results for 2025, with revenue growing by 15.8% YoY (including 21.4% YoY growth for continuing operations) and adj. non-IFRS attributable net profit expanding at a remarkable 41.3% YoY.</li><li>The Company's 2025 revenue and adj. net profit beat our estimates by 2.7% and 18.2%, respectively.</li><li>Looking ahead, mgmt. projects 2026 revenue to reach RMB 51.3-53.0bn, along with 18-22% YoY revenue growth for continuing operations, while the adj. non-IFRS net profit margin is expected to remain stable.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi AppTec reported impressive financial results for 2025, with revenue growing by 15.8% YoY (including 21.4% YoY growth for continuing operations) and adj. non-IFRS attributable net profit expanding at a remarkable 41.3% YoY.The Company's 2025 revenue and adj. net profit beat our estimates by 2.7% and 18.2%, respectively.Looking ahead, mgmt. projects 2026 revenue to reach RMB 51.3-53.0bn, along with 18-22% YoY revenue growth for continuing operations, while the adj. non-IFRS net profit margin is expected to remain stable.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi AppTec (603259 CH) - Strong CDMO Demand to Fuel 2026 Growth

<ul><li>Hong Kong market commentary</li><li>A-share market commentary</li><li>Wuxi Apptec reported a revenue increase of 15.8% y/y in 2025</li></ul>

Hong Kong market commentaryA-share market commentaryWuxi Apptec reported a revenue increase of 15.8% y/y in 2025

<ul><li>WuXi AppTec reported strong 3Q25 results, with revenue increasing by 15.3% YoY (including 19.7% YoY growth for continuing operations) and adj. non-IFRS net profit surging by 42.0% YoY.</li><li>Revenue from continuing operations in 9M25 accounted for 73.8% of our full-year forecast, in line with historical average of 72%, while adj. non-IFRS net profit in 9M25 represented 85.7% of our full-year forecast, significant higher than the historical average of 72%.</li><li>WuXi AppTec delivered strong operational execution, despite ongoing macro uncertainties. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi AppTec reported strong 3Q25 results, with revenue increasing by 15.3% YoY (including 19.7% YoY growth for continuing operations) and adj. non-IFRS net profit surging by 42.0% YoY.Revenue from continuing operations in 9M25 accounted for 73.8% of our full-year forecast, in line with historical average of 72%, while adj. non-IFRS net profit in 9M25 represented 85.7% of our full-year forecast, significant higher than the historical average of 72%.WuXi AppTec delivered strong operational execution, despite ongoing macro uncertainties. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

WuXi AppTec (603259 CH) - Rising Demand for Small Molecule D&M Business

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>We recommend taking profits on WUXIAT80 with a 19.7% return, along with exiting positions in DDOG19 and NETO3, and cutting losses on BIREN23.</li><li>We also suggest initiating a new position in SHOPO6, driven by upside from Muse Al integration and strong fund inflows into US software equities.</li><li>Our KTX Tactical DR Port posted a return of -0.85% amid heightened US stock market volatility and rising US Treasury yields.</li></ul>

We recommend taking profits on WUXIAT80 with a 19.7% return, along with exiting positions in DDOG19 and NETO3, and cutting losses on BIREN23.We also suggest initiating a new position in SHOPO6, driven by upside from Muse Al integration and strong fund inflows into US software equities.Our KTX Tactical DR Port posted a return of -0.85% amid heightened US stock market volatility and rising US Treasury yields.

China

WuXi AppTec Co., Ltd. manufactures medical products. The Company produces biological agents, antibodies, biological diagnostic reagents, and other products. WuXi AppTec also provides biological analysis, technical study, and other services.

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WuXi AppTec (603259 CH)

Quam Morning Note (28 Apr) - Wuxi AppTec

Wuxi Apptec reported a revenue increase of 28.8% y/y in 1Q26. Wuxi AppTec (2359 HK, NR) announced that it achieved total revenue of RMB12.44bn in...

Quam Securities