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<Research>Citi Initiates 90-Day Positive Catalyst Watch on PHARMARON w/ Rating Buy
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Citi has published a research report initiating a 90-day positive catalyst watch on PHARMARON (03759.HK). The primary catalysts include the group's upcoming announcement of last year's full-year results and accelerated order growth, leading to more optimistic guidance for this year.

The broker has given PHARMARON a Buy rating and a target price of HKD45, considering it as a global leader in drug research and development, benefiting from the growth trend of China's CRO industry. While maintaining its leadership in drug research and development, PHARMARON is also expanding into downstream late-stage clinical development and commercial production, as well as venturing into the biopharmaceutical field.

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