[ET Net News Agency, 18 October 2018] Nomura lowered its target price for Sino
Biopharmaceutical (SBP)(01177) to HK$4.7 from HK$7.4, and maintained its "reduce" rating.
The research house lowered SBP's FY2018-21 revenue forecasts from drugs in the 33-drug
GPO list due to price cuts on bidding, and potential loss of market share. Hencet, it
revised its FY2018-21 earnings estimates by +3%/-3%/-14%/-17%.
Nomura said SBP has six drugs in the 33 GPO list, and most of them do not have any
competitive advantage. For most of the drugs, SBP needs to either lower their prices
significantly to maintain market share, or lose market share to smaller players who tend
to bid more aggressively. (KL)
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01177 SINO BIOPHARM
Nominal 
2.530 -0.150 (-5.597%) Others
18/10/2018 13:48
[I-bank focus]Nomura cuts Sino Biopharm (01177) to HK$4.7
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