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01099 SINOPHARM
RTNominal up21.600 +0.700 (+3.349%)
Research Report

09/06/2021 15:22

{I-bank focus}Morgan lifts Sinopharm Group (01099) to HK$34

[ET Net News Agency, 9 June 2021] Morgan Stanley lifted its target price for Sinopharm
Group (01099) to HK$34 from HK$31 and maintained its "overweight" rating.
The research house raised its earnings forecasts by 1-14% over 2021-2030, mainly on
sales, capturing strong 1Q trends and factoring in distribution sales from Covid-19
vaccines, which the government will start invoicing in the rest of the year.
Morgan said Sinopharm is the leading drug distributor by revenue in China with unmatched
national scale. Its SOE status gives it a distinct advantage over peers; it is the only
drug distributor owned by the central government, which provides a robust safety net. (KL)

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