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03320 CHINARES PHARMA
RTNominal up4.980 +0.020 (+0.403%)
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01/02/2018 11:45

[I-bank focus]Nomura starts CR Pharma (03320) at HK$11.7

[ET Net News Agency, 1 February 2018] Nomura initiated coverage on China Resources
Pharmaceutical (03320) at "neutral", with a target price of HK$11.70, based on 16x P/E on
FY2019 earnings, given a net profit CAGR of 13.1% from 2019-21.
It looks at both CAGR and financing ability to determine the target P/E multiple. The
company's two major businesses are drug distribution, mainly to public hospitals, and OTC
drug manufacturing, which Nomura doesn't see as high-growth opportunities.
On the other hand, it likes CR Pharma's management for good corporate governance and
strong execution. It believes the stock is fairly priced, but still sees upside potential
from any future acquisitions. The stock is currently trading at 14.2x FY2019 P/E. (KL)

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