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01093 CSPC PHARMA
RTNominal up6.520 +0.300 (+4.823%)
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03/08/2020 10:05

{I-bank focus}Daiwa starts CSPC Pharma (01093) at HK$12

[ET Net News Agency, 3 August 2020] Daiwa Research initiated coverage of CSPC
Pharmaceutical Group (01093) with a "sell" rating and a target price of HK$12.
The research house is the only broker with a "sell" rating on CSPC; it believes CSPC's
pipeline is too weak to sustain earnings growth in the medium term post its NBP
(butylphthalide) drug's patent expiry over 2022/23.
Daiwa believes NBP will be included in the group purchasing organization (GPO) and sees
a severe price cut in 2023, and hence forecast the drug's sales to decline to CNY2.8bn for
2024 from a peak of CNY8bn in 2023. (KL)

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