高盛：降金斯瑞生物科技(01548)目标价至26.25港元 下调盈测

Group 1 - Goldman Sachs reports that King’s Ray Biotechnology (01548) had a mixed performance in the first half of fiscal year 2025, with gross margins under pressure [1] - Sales performance, excluding Legend Biotech, generally met expectations, leading management to slightly raise the guidance for life sciences business from 10%-15% to 13%-15% for 2025 [1] - Goldman Sachs maintains a "Buy" rating on King’s Ray, lowering the target price from HKD 27.34 to HKD 26.25, and revising earnings per share forecasts for 2025 to 2027 from USD 0.07, USD 0.05, and USD 0.10 to losses of USD 0.03, USD 0.01, and a profit of USD 0.03 respectively, reflecting pressure on profitability [1]