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02607 SH PHARMA
RTNominal up11.260 +0.040 (+0.357%)
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17/11/2017 10:55

[I-bank focus]Citi lowers Shanghai Pharma (02607) to HK$25.5

[ET Net News Agency, 17 November 2017] Citi Research lowered its target price for
Shanghai Pharmaceuticals (02607) to HK$25.5 from HK$27, and maintained its "buy" rating.
Shanghai Pharma has agreed to buy the entire equity interest in Cardinal Malaysia for
US$557m from Cardinal Cayman. Upon completion, Shanghai Pharma will indirectly own 100% of
Cardinal China.
The research house thinks the acquisition is strategically important to Shanghai Pharma,
but higher valuation of Cardinal, expected higher finance cost and amortization could
impose pressure to EPS.
Citi adjusted the revenue, financial cost and amortization upward to factor in the
acquisition of Cardinal. It revised its EPS forecasts to Rmb1.29/Rmb1.47/Rmb1.63 from
Rmb1.27/Rmb1.49/Rmb1.67 in FY2017-19. (KL)

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