[ET Net News Agency, 9 June 2020] Morgan Stanley raised its target price for Sino
Biopharmaceutical (01177) to HK$14.8 from HK$13 and maintained its "overweight" rating.
The research house updated its EPS estimates to reflect 1Q results and pipeline
progress. Morgan projected a 21% CAGR in adjusted net profit for 2020-22. It now assumed a
lower WACC (weighted average cost of capital) of 7.6% (was 8%) to reflect a target
debt-equity ratio of 50% (was 25%).
Morgan said Sino Biopharm is a leader in the hepatitis market, with a solid pipeline in
other key therapeutic areas, such as oncology, respiratory, and diabetes. The impact of
centralized procurement will normalize after 2020. It sees considerable room for sales
expansion of its blockbusters in the medium to long run and it has a robust product
pipeline. (KL)
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01177 SINO BIOPHARM
Nominal 
2.350 -0.080 (-3.292%) Others
09/06/2020 15:57
{I-bank focus}Morgan raises Sino Biopharm (01177) to HK$14.8
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