[ET Net News Agency, 24 October 2019] Morgan Stanley lowered its target price for
Beijing Tongrentang Chinese Medicine (03613) to HK$16.6 from HK$18.5 and maintained its
"overweight" rating.
The research house said the retail environment in HK has worsened since July, causing
a number of TRT stores to close intermittently. Morgan assumed 2019 is an anomaly,
however, and continues to project teens growth for its key products from 2020 onwards.
It noted that HK accounted for 61% of TRT sales in 1H. Morgan cut 2019 full year profit
growth to 5.6% but continues to project teens growth for 2020 and 2021 (13.1% and 13.2%).
(KL)
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03613 TONGRENTANGCM
Nominal 
9.260 0.000 (0.000%) Research Report
24/10/2019 15:12
{I-bank focus}Morgan trims Tongrentang CM (03613) to HK$16.6
| Remark: | Real time quote last updated: 25/04/2024 09:24 |
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