[ET Net News Agency, 21 November 2017] UBS Global Research lifted its target price for
CSPC Pharmaceutical Group (01093) to HK$18.4 from HK$14.12, and maintained its "buy"
rating.
The research house increased its short-term revenue growth forecast to factor in the
contribution from new drugs expected to be launched soon and accelerated growth in the
generics portfolio.
These positives will be slightly offset by increased R&D and sales & marketing spending
given CSPC's efforts to solidify its pipeline. Higher R&D investment will increase
longer-term growth sustainability, it added.
Management expects to launch 7-8 generics by end-2018 and foresees a material revenue
contribution from them in 2018. UBS modeled Rmb300m in incremental revenue from new drugs
in 2018 (6% YoY growth versus 2017 innovative drug revenue). (KL)
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01093 CSPC PHARMA
Nominal 
6.600 +0.080 (+1.227%) Others
21/11/2017 18:01
[I-bank focus]UBS lifts CSPC Pharma (01093) to HK$18.4
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