Yamato: Raising the target price of Conoa-B (02162) to HK$110 and reaffirms the “buy” rating

The Zhitong Finance App learned that Yamato released a research report saying that Conoa-B (02162)'s performance for the first half of 2026 is generally in line with previous profit forecasts and the bank's estimates. Management raised Stapokibart's 2026 sales guidelines to RMB 850 million. Yamato reaffirmed its “buy” rating and raised the target price from HK$101 to HK$110. Yamato lowered Connoah's 2026 earnings per share forecast by 19%, but increased its 2027-2028 earnings per share forecast by 65% to 128%, as it changed the milestone payments for the Ouro acquisition from a focus on 2026 to confirmation over multiple years. At the same time, the projected revenue for 2026 was raised by 6%.