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03320 CHINARES PHARMA
RTNominal down5.000 -0.090 (-1.768%)
Research Report

16/04/2020 10:25

{I-bank focus}Goldman cuts CR Pharma (03320) to HK$6.3

[ET Net News Agency, 16 April 2020] Goldman Sachs lowered its target price for China
Resources Pharmaceuticals (03320) to HK$6.3 from HK$6.5 and maintained its "buy" rating.
The research house sees challenges ahead in 2020 for CR Pharma, given (1) the COVID-19
impact in 1H for both manufacturing and distribution business, (2) persistent sales
pressure on Dong-E-E-Jiao (DEEJ)(Shenzhen code: 000423), with channel destocking to
potentially last until 3Q, and (3) pipeline drugs still in an early stage of clinical
development.
However, looking beyond the virus impact, Goldman expects growth resilience in CR
Pharma's distribution and manufacturing (+20% in 2019 excluding E-Jiao), with potential
upside from M&A.
It revised down its 2020/21 EPS forecasts by 25%/28% to factor in (1) extended sales
destocking of DEEJ, which results in gradual sales recovery in 2021, (2) COVID-19 impact
in 1H with major impact in manufacturing business, especially OTC drug sales (3) higher
finance cost. (KL)

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