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01093 CSPC PHARMA
RTNominal up6.400 +0.180 (+2.894%)
Research Report

21/11/2019 17:19

{I-bank focus}Morgan ups CSPC Pharma (01093) to HK$25

[ET Net News Agency, 21 November 2019] Morgan Stanley raised its target price for CSPC
Pharmaceutical (01093) to HK$25 from HK$18 and maintained its "overweight" rating.
The research house raised its 2020-21 net profit forecasts by 1-4% and outer years by a
greater magnitude to reflect robust 3Q results, more pipeline value from key
near-commercialization candidates and volume upside for some generics in light of
centralized
procurement.
Morgan said CSPC is trading at 24x 2020 earnings versus 35x for Sino Biopharmaceutical
(01177) and 41x for Hansoh Pharmaceutical (03692) despite comparable growth. It believes
the valuation gap will narrow gradually as CSPC reduces reliance on NBP and generics. (KL)

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