M Stanley updated its forecasts for SBP GROUP due to the expected revenue contribution from the newly in-licensed bepirovirsen starting in 2027, while also removing the assumption of dividend income from Sinovac LS from 2026. This led to a reduction in EPS forecasts for 2026 to 2028 by 8%, 7%, and 7%, respectively, and adjustments to working capital and capital expenditure assumptions. Consequently, the target price was lowered from HKD8.3 to HKD7.8, maintaining an Overweight rating.
