[ET Net News Agency, 11 February 2021] Morgan Stanley lifted its target price for China
Traditional Chinese Medicine (CTCM) (00570) to HK$6 from HK$5.3 and maintained its
"overweight" rating.
The research house raised its earnings forecasts over 2021-2025 by 5% to 12%, mainly
from increased sales estimates for formula granules; the highest rise is in the terminal
year. This is prompted by a much-awaited document from the government opening up the
market to all tiers of hospitals. As it is the market leader, CTCM is expected to benefit
from the new policy.
Morgan noted that TCM is a large segment with moderate growth (single digits) but is
strongly supported by the Chinese government. Concentrated formula granules are likely
to record 20% sales growth annually in 2020-23 as hospitals develop new revenue streams
outside of Western prescription drugs. (KL)
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00570 TRAD CHI MED
Nominal 
4.310 0.000 (0.000%) Others
11/02/2021 14:36
{I-bank focus}Morgan lifts Trad Chi Med (00570) to HK$6
| Remark: | Real time quote last updated: 19/04/2024 07:51 |
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