[ET Net News Agency, 20 January 2021] Morgan Stanley raised its target price for China
Resources Pharmaceutical (03320) to HK$4.9 from HK$4.8 and maintained its "equal-weight"
rating.
The research house said CR Pharma is a conglomerate with distribution/retail and
manufacturing businesses, which contributed 37% and 63% of CR Pharma's gross profit in
2019, and the entire manufacturing business is captured by the four A-share subsidiaries.
The combined valuation of CR Pharma's A-share subsidiaries account for CR Pharma's
ownership stakes of 63.6%, 60%, 22.2%, and 21.9%, amounting to US$4.7bn, versus CR
Pharma's own US$3.2bn.
Assuming A shares are fairly valued, CR Pharma's current valuation appears to assign to
its distribution segment a negative valuation of US$1.5bn, Morgan noted. (KL)
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03320 CHINARES PHARMA
Nominal 
5.020 +0.060 (+1.210%) Others
20/01/2021 18:01
{I-bank focus}Morgan ups CR Pharmaceutical (03320) to HK$4.9
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