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01099 SINOPHARM
RTNominal up21.650 +0.750 (+3.589%)
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13/07/2018 10:53

[I-bank focus]UOBKH cuts Sinopharm (01099) to HK$42.48

[ET Net News Agency, 13 July 2018] UOB Kay Hian cut its target price for Sinopharm
Group (01099) to HK$42.48 from HK$44.84, and reiterated its "buy" rating.
Although Sinopharm might still record an earnings decline in 2Q (given the high base in
2Q17), the research house estimated the company's growth rate will pick up starting from
2H given: (a) profit contribution from newly-acquired medical device subsidiary, (b)
improving operating margin because revenue mix has shifted to the direct distribution
business, and (c) potential improvement in finance expense.
UOBKH revised up its 2018/19 earnings forecast by 6.7%/5.9%. (KL)

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