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Research Report

24/05/2021 17:09

{I-bank focus}Morgan lifts CSPC Pharma (01093) to HK$12.7

[ET Net News Agency, 24 May 2021] Morgan Stanley lifted its target price for CSPC
Pharmaceutical (01093) to HK$12.7 from HK$11.6 and maintained its "overweight" rating.
The research house raised its 2021-23 EPS forecasts by 8-10% to adjust for 2020 results.
This is mainly to reflect less conservative near-term projections for NBP, given the
volume growth potential after the NDRL (National Reimbursement Drug List) price cut, and
also higher sales forecasts for the oncology franchise factoring in contributions from
near commercial candidates (e.g. mitoxantrone liposome).
Morgan added that CSPC's near-term pipeline of 10+ new products is expected to drive
earnings upside potential. (KL)

Remark: Real time quote last updated: 03/12/2021 18:00
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