[ET Net News Agency, 3 April 2020] Huatai Research cut its target price for Sinopharm
Group (01099) to HK$23.84 from HK$34.65 and maintained its "buy" rating.
The research house said Sinopharm's 2019 results miss. Huatai cut 2020/21 EPS forecasts
by 8%/7% to HK$2.62/HK$2.95, given slower industry growth amid COVID-19 and negative
impact of a pandemic on hospital rebate recognition in 1Q.
Huatai anticipates revenue growth to moderate in 2020, given low recognition of rebates
in 1Q (net profit declined by 50% in the first two months of 2020). However, Huatai
expects its market share to increase in 2020, given its exclusive delivery rights for
certain bidding varieties in national GPO, and top-ranking (by revenue market share in
2019) in 19 provinces, with expansion in Anhui/Guizhou via M&A. (KL)
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01099 SINOPHARM
Nominal 
21.600 +0.700 (+3.349%) Research Report
03/04/2020 17:26
{I-bank focus}Huatai cuts Sinopharm (01099) to HK$23.84
| Remark: | Real time quote last updated: 24/04/2024 17:59 |
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