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02196 FOSUN PHARMA
RTNominal up12.800 +0.080 (+0.629%)
Others

04/09/2018 15:49

[I-bank focus]Citi lowers Fosun Pharma (02196) to HK$50

[ET Net News Agency, 4 September 2018] Citi Research lowered its target price for
Shanghai Fosun Pharma (02196) to HK$50 from HK$58.4, and maintained its "buy" rating.
The research house noted that Fosun Pharma's Chairman responded at Citi's Conference to
a recent media report about a subsidiary: (1) Chongqing FDA has confirmed no bribery issue
in the case; (2) whistleblower's identity is not confirmed; and (3) Management is
confident about its internal quality controls while waiting for the result of the final
investigation. Meanwhile, the subsidiary involved contributes only 0.4% of the company's
total revenue.
Management noted the medical service was interrupted by Chancheng hospital's JCI
assessment and it is expected to recover in 2H.
Meanwhile, a total of 9 monoclonal antibody products (including 4 biopharmaceutical
innovative drugs) and 13 indications have obtained approval for clinical trial in China.
Citi adjusted its 2018/19/20 net profit forecasts downward to reflect the latest
business trends. (KL)

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