[ET Net News Agency, 15 November 2017] Deutsche Bank raised its target price for Sino
Biopharmaceutical (SBP)(01177) to HK$13 from HK$10, and maintained its "buy" rating.
The research house said SBP's 3Q bottom line far exceeded consensus expectations, but it
reminded investors that SBP's operational pattern for 4Q of each year appears conservative
given: (1) 4Q revenue was lower than 3Q for the past 10 years; and (2) 4Q revenue was the
lowest for 2015/2016.
However, as 9-month-year-to-date reported EPS growth reached 39%, DB expects investors
to be tolerant of 4Q results while focusing on prospects in 2018.
The research house spoke with management, which believes the company has reached an
inflection point for revenue growth given: (1) a low base for entecavir franchise in 2017
per Guangdong/Fujian exit; (2) near-term approval of tenofovir/anlotinib and other key
drugs; and (3) positive impact from NRDL inclusion. (KL)
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01177 SINO BIOPHARM
Nominal 
2.770 +0.030 (+1.095%) Others
15/11/2017 15:40
[I-bank focus]DB raises Sino Biopharm (01177) to HK$13
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