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RTNominal down3.760 -0.060 (-1.571%)
Research Report

30/03/2021 14:32

{I-bank focus}Goldman cuts ChinaRes Pharma (03320) to HK$5.9

[ET Net News Agency, 30 March 2021] Goldman Sachs lowered its target price for China
Resources Pharmaceuticals (CRP) (03320) to HK$5.9 from HK$6.3 and maintained its "buy"
The research house said CRP's 2H sales of HK$111bn and operating income of HK$4.05bn
were largely in-line with Goldman's estimates, with post-COVID-19 business recovery on
track, and higher R&D spending offset by selling expenses control.
Goldman expects revenue to accelerate in 2021, driven by emerging device distribution
and online B2B business, E-Jiao rebound after completion of destocking, retail DTP (direct
to patients) pharmacies expansion, and more potential M&As.
It revised down its 2021/22 net profit forecasts by 10%/12% to factor in lower gross
margin and higher finance costs. (KL)

Remark: Real time quote last updated: 27/10/2021 17:59
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