[ET Net News Agency, 18 October 2018] Nomura lowered its target price for CSPC
Pharmaceutical Group (01093) to HK$22 from HK$30, and maintained its "buy" rating.
The research house lowered its 2019/20/21 forecasts by 4%/6%/9%, on potential price cuts
for Xuanning, Duomeisu and Albumin-bound PTX starting from 2020.
It said the target price cut reflects its lowered 2019-21 CAGR (29.9% to 26.4%)
forecasts, and uncertainty on more potential rounds of drug price cuts.
But Nomura thinks highly of CSPC's management team, particularly for its strong
execution, including: (1) continuous delivery of guided growth, (2) license-in of foreign
innovation drugs, and (3) potential winner of common generics in GPO bidding. (KL)
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01093 CSPC PHARMA
Nominal 
6.520 +0.300 (+4.823%) Others
18/10/2018 13:37
[I-bank focus]Nomura lowers CSPC Pharma (01093) to HK$22
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