[ET Net News Agency, 16 April 2020] Nomura lowered its target price for CSPC
Pharmaceutical Group (01093) to HK$24 from HK$25.9 and maintained its "buy" rating.
The research house expects 1Q earnings to record a moderate decline, followed by a
strong rebound in 2Q. According to the local National Health Commission (NHC), patient
visits in both Shanghai and Guangdong have recovered by more than 70% as of late
March/early April, suggesting accelerated growth of hospital pharmaceutical sales across
China.
Nomura also sees continued momentum in API (active pharmaceutical ingredient) prices
(year-to-date +35% for vitamin C and 45% for penicillin G). It forecast earnings to grow
by 21% for 2020, mainly driven by sales growth of current blockbusters and rebounding API.
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01093 CSPC PHARMA
Nominal 
5.900 +0.090 (+1.549%) Research Report
16/04/2020 14:02
{I-bank focus}Nomura lowers CSPC Pharma (01093) to HK$24
| Remark: | Real time quote last updated: 18/04/2024 14:40 |
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