[ET Net News Agency, 17 September 2019] BofA Merrill Lynch lifted its target price for
Sino Biopharmaceutical (SBP)(01177) to HK$12 from HK$10.6 and reiterated its "buy" rating.
The research house updated its SBP model based on 1H results and its most up to date
pipeline. BofAML doesn't expect bidding results for the "4+7" national expansion program
(to be announced on 24 September) and NRDL (National Reimbursement Drug List) negotiation
results to significantly impact our forecast.
BofAML noted that the number of generic drugs included in its generic pipeline sales
forecast is 20/19/28 for 2019/20/21 launch. It expects a generic pipeline to generate
total sales of RMB1.4bn/4.3bn/6.9bn in 2019/20/21, which could support solid top-line
growth and continued R&D investment. (KL)
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01177 SINO BIOPHARM
Nominal 
2.340 -0.090 (-3.704%) Research Report
17/09/2019 17:40
{I-bank focus}BofAML lifts Sino Biopharm (01177) to HK$12
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