[ET Net News Agency, 2 September 2019] Citi Research lowered its target price for Lee's
Pharmaceutical (00950) to HK$7 from HK$12 and maintained its "buy" rating.
The research house said both Lee's 1H revenue and net profit miss consensus mainly on
impairment loss on capitalized R&D cost of Pexa-Vac. GM decreased by 40bps to 66.2%. Both
SG&A expenses ratio and R&D expenses ratio increased.
Management guided that sales recovered after the completion of the channel sales
compliance matters consolidation, and targeted full-year top-line growth of +20%. Citi
revised down its 2019-21 EPS forecasts by 39%, 17%, and 17%. (KL)
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00950 LEE'S PHARM
Nominal 
1.150 -0.010 (-0.862%) Research Report
02/09/2019 17:50
{I-bank focus}Citi cuts Lee's Pharmaceutical (00950) to HK$7
| Remark: | Real time quote last updated: 24/04/2024 17:59 |
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