[ET Net News Agency, 27 July 2021] Morgan Stanley lowered its target price for
Sinopharm (01099) to HK$30.6 from HK$34 and maintained its "overweight" rating.
The research house said it cuts earnings by 3-9% for 2021-2030, in view of more intense
centralized procurement price cuts on generic drugs observed recently. The earnings cuts
result from a lower revenue growth rate for the drug distribution segment and lower
overall gross margins. (RC)