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RTNominal down14.860 -0.440 (-2.876%)
Research Report

01/04/2020 15:51

{I-bank focus}CS lowers CSPC Pharma (01093) to HK$19.88

[ET Net News Agency, 1 April 2020] Credit Suisse lowered its target price for CSPC
Pharmaceutical (01093) to HK$19.88 from HK$21.91 and maintained its "outperform" rating.
The research house said CSPC's 4Q 2019 results missed Credit Suisse's expectations, due
to less-than-expected sales of common generics and bulk drugs and higher-than-expected
R&D spending.
Credit Suisse believes COVID-19 has a negative impact on the sales of most finished
drugs. It estimated sales to be dragged down by 6-8% for the whole year. But Credit Suisse
expects innovative drug sales to grow at 18% in 2020, driven by the continued quick growth
of NBP oncology drug sales.
In addition, the first batch GPO (group purchasing organization) would bring Rmb300mn
add-on sales of Clopidogrel. For the pipeline drugs, Credit Suisse expects two new drugs
to be launched and bring Rmb200 mn sales in 2020. (KL)

Remark: Real time quote last updated: 25/09/2020 17:59
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