[ET Net News Agency, 30 June 2020] Morgan Stanley lowered its target price for CSPC
Pharmaceutical Group (01093) to HK$18 from HK$22.5 and maintained its "overweight" rating.
The research house said the target price cut reflects an adjustment for the 6:5 stock
split effective 18 June. Morgan also factored in 1Q results, and trimmed its earnings
forecasts slightly on slower oncology drug sales growth and lower gross margin for the
finished drug business in light of centralized procurement, while also cutting selling
expense ratio assumptions accordingly. (KL)