[ET Net News Agency, 27 October 2020] Goldman Sachs raised its target price for
Sinopharm Group (01099) to HK$26 from HK$25 and maintained its "buy" rating.
The research house said both Sinopharm's 3Q sales and earnings were above Goldman's
expectations, driven by (1) stronger momentum of medical device distribution and retail
pharmacy, (2) gross margin improvement due to product mix to higher-margin medical device
business and retail pharmacy, (3) lower financial expenses with an average interest rate
of 0.58%, and an additional Rmb48mn in interest subsidy from the government for 9-month.
Goldman now has better visibility for earnings acceleration in 4Q with increasing
hospital patient flows and improving hospital financial positions. It refined its 2020-22
EPS forecasts by 5.1%/1.1%/0.3%. (KL)
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01099 SINOPHARM
Nominal 
21.600 +0.700 (+3.349%) Research Report
27/10/2020 17:55
{I-bank focus}Goldman Sachs lifts Sinopharm (01099) to HK$26
| Remark: | Real time quote last updated: 24/04/2024 17:59 |
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