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02186 LUYE PHARMA
RTNominal down2.610 -0.010 (-0.382%)
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02/09/2019 11:48

{I-bank focus}CS lowers Luye Pharma (02186) to HK$7.2

[ET Net News Agency, 2 September 2019] Credit Suisse lowered its target price for Luye
Pharma Group (02186) to HK$7.2 from HK$7.5 and maintained its "neutral" rating.
The research house said Luye's 1H revenue/net profit grew 42% and 36% to Rmb3,131mn and
Rmb767mn, partially due to add-on sales of Seroquel since June 2018. Gross margin dipped
2.0 pp to 77.7% due to higher sales of slightly lower-margin products. Seroquel
amortisation cost of US$18.2mn per year for 30 years will continue to impact GPM.
Credit Suisse lowered its 2019/20 earnings forecasts by 3.3% and 2.3% to Rmb1,661mn and
Rmb1,995mn on the higher cost of goods sold. (KL)

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