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01093 CSPC PHARMA
RTNominal down17.740 -0.500 (-2.741%)
Research Report

17/01/2020 10:48

{I-bank focus}Jefferies lifts CSPC Pharma (01093) to HK$22.5

[ET Net News Agency, 17 January 2020] Jefferies Research lifted its target price for
CSPC Pharmaceutical (01093) to HK$22.5 from HK$19.7 and maintained its "buy" rating.
The research house said CSPC is Jefferies' top pick for 2020 given its relatively high
growth visibility in the next three years, the progressive launch of more than 70 new
products in 2019-22 and valuation discount over other large HK-listed pharmaceutical
companies.
Jefferies expects share price pressure following the upcoming centralized procurement on
17 January to provide a good entry point for this name.
Even taking into account the potential ASP cut on Keaili starting in 2020, and ASP cut
on other generic products starting in 2021, Jefferies still expects revenue growth of
22.1%/21.5% in 2020/21 and net profit growth of 18.9%/18.5%. (KL)

Remark: Real time quote last updated: 28/02/2020 10:28
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