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17/03/2020 12:36

{I-bank focus}Nomura starts CSPC Pharma (01093) at HK$25.9

[ET Net News Agency, 17 March 2020] Nomura initiated coverage on CSPC Pharmaceutical
Group (01093) with a "buy" rating and a target price of HK$25.9.
The research house is optimistic about sales of albumin paclitaxel post its GPO (group
purchasing organization) inclusion and forecast group revenue to record a 27% CAGR over
2020-22.
Nomura expects the impact of COVID-19 to be moderate, partly offset by the growth of the
API (active pharmaceutical ingredients) business. Its analysis of Keaili's market suggests
that by substituting paclitaxel injection and paclitaxel liposome, the revenue of the
product could still grow at an 18% CAGR during 2020-22. (KL)

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