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02196 FOSUN PHARMA
RTNominal up22.200 +0.250 (+1.139%)
Others

29/08/2019 14:04

{I-bank focus}Goldman cuts Fosun Pharma (02196) to HK$28.8

[ET Net News Agency, 29 August 2019] Goldman Sachs lowered its target price for
Shanghai Fosun Pharmaceutical (02196) to HK$28.8 from HK$35.47 and maintained its "buy"
rating, given upside potential from newly launched drugs.
The research house said Fosun Pharma's 2Q sales of Rmb7.4bn beat. Gross margin continued
to expand, with revenue mix shifts to pharma, which was also undergoing gradual product
mix upgrade, partially offset by higher SG&A with a new commercial team for biosimilars
and a US sales team. But earnings of Rmb804m missed as widening loss from business
incubators in the US/EU led to higher effective tax/minorities.
Goldman revised up its 2019 EPS forecast by 26.8% to factor in primarily a one-off gain
from the disposal of United Family Hospital in 4Q (Rmb1.6bn, based on company filings,
with the timing of the gain to be booked announced during the 2Q results conference call).
(KL)

Remark: Real time quote last updated: 06/12/2019 17:59
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