PHARMARON (03759) rose more than 3% in Hong Kong trading. At the time of writing, the stock was up 2.6%, trading at HK$19.76 with a turnover of HK$19.002 million. Citi has initiated a 90-day positive catalyst watch on the company. The primary catalysts identified are the upcoming release of PHARMARON's full-year 2025 results and an acceleration in order growth, which is expected to lead to more optimistic guidance for the current year. The report stated that the company is poised to become a leading indicator of recovering client demand and will provide clearer guidance for future revenue growth. This could result in current fiscal year guidance exceeding market consensus, potentially driving a positive re-rating of the stock. Citi's earnings per share forecast for the company this year is 4% above the market consensus. The bank views PHARMARON as a global leader in drug research and development services, benefiting from the growth trajectory of China's CRO industry. While maintaining its leadership in drug discovery, the group is also expanding into downstream late-stage clinical development and commercial manufacturing, including ventures into the biologics sector.