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01099 SINOPHARM
RTNominal down21.550 -0.200 (-0.920%)
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29/08/2018 14:34

[I-bank focus]Credit Suisse ups Sinopharm (01099) to HK$41.3

[ET Net News Agency, 29 August 2018] Credit Suisse raised its target price for
Sinopharm Group (01099) to HK$41.3 from HK$37.9 to factor in improved gross margin, and
maintained its "neurtal" rating as the company already re-rated by 20% since the bottom in
April.
The research house said the strong 1H results was mainly due to higher direct sales
ratio and outpaced retail sales growth, which have higher gross margins. Finance cost
increased by 68% YoY in 1H reaching Rmb1,678mn. As the overall leverage is increasing,
Credit Suisse expects the financial cost will remain largely unchanged in 2H.
Credit Suisse raised its 2018/19/20 EPS forecast by 2%. (KL)

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