[ET Net News Agency, 28 August 2020] Morgan Stanley raised its target price for Fosun
Pharmaceutical (02196) to HK$40 from HK$33.9 and maintained its "overweight" rating.
The research house raised its revenue forecasts by 5-6% in 2020-22, in light of a solid
recovery trend after Covid-19. Its net profit estimates are up 1.5% in 2020, but down 8-9%
in 2021-22 due to potentially higher selling and R&D expenses for new products.
Morgan said Fosun in 1H spent Rmb1.54bn in pharmaceutical R&D (incurred as expense +
capitalized), which represented 28% growth and 15% of the pharma segment revenue. It has
248 R&D projects (innovative + generic) under development, including 11 novel
small-molecules, 9 innovative biologic candidates and 9 biosimilar products (mostly from
Henlius) in clinical development in China. (KL)
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02196 FOSUN PHARMA
Nominal 
12.000 +0.140 (+1.180%) Research Report
28/08/2020 10:48
{I-bank focus}Morgan raises Fosun Pharma (02196) to HK$40
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