[ET Net News Agency, 24 November 2020] BOCOM International Research lowered its target
price for CSPC Pharmaceutical (01093) to HK$10.57 from HK$12.44 due to uncertainties over
price-cut on NBP and oncology drugs and maintained its "buy" rating.
The research house said CSPC's 9-month results are slightly above BOCOM's expectations.
It noted that key products sustained strong growth: Duomeisu +36.3%, Jinyouli +45.2%,
and Keaili +33.1%. The growth rates are expected to persist in FY2021, given the low base
this year. NBP was up 32.1%. Notably, Encun (clopidogrel bisulfate tablets) saw rapid
ramp-up after winning the bid in procurement with target quantity (PTQ).
BOCOM expects the growth for PTQ products to continue to accelerate next year.
Amphotericin B cholesterol sulfate complex/mitoxantrone liposomes are expected to obtain
approval in the near term/next year. (KL)
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01093 CSPC PHARMA
Nominal 
4.990 +0.300 (+6.397%) Research Report
24/11/2020 17:33
{I-bank focus}BOCOM cuts CSPC Pharma (01093) to HK$10.57
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