[ET Net News Agency, 28 August 2019] Credit Suisse lowered its target price for The
United Laboratories (03933) to HK$6.5 from HK$7.2 and maintained its "outperform" rating
on its improving revenue structure from ramping up sales of finished drugs especially
insulin products.
The research house said United Lab's 1H top-line results were in line while bottom line
slightly missed due to higher-than-expected selling cost. GPM, admin cost and R&D cost per
sales remain stable.
Credit Suisse lowered its 2019/20 net profit by 8.5%/7.8% on higher-than-expected
selling expenses. (KL)