[ET Net News Agency, 9 April 2020] Morgan Stanley lowered its target price for CSPC
Pharmaceutical Group (01093) to HK$22.5 from HK$23.2 and maintained its "overweight"
rating.
The research house lowered its 2020-22 estimates by 2-3% to reflect the weaker 1Q
outlook due to the Covid-19 outbreak, and the soft performance of common generics amid
policy headwinds.
Morgan said CSPC's various R&D and technology platforms support the launch of two to
three new drugs and 10+ generics annually in the next few years. Its near-term pipeline of
10+ new products also has the potential to drive earnings upside. (KL)