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RTNominal down7.850 -0.250 (-3.086%)
Research Report

02/12/2020 16:59

{I-bank focus}BOCOM lowers Sino Biopharm (01177) to HK$8.62

[ET Net News Agency, 2 December 2020] BOCOM International Research lowered its target
price for Sino Biopharmaceutical (SBP) (01177) to HK$8.62 from HK$10.37 due to
uncertainties over price-cut on anlotinib and PD-1 in upcoming NRDL (national reimbursed
drug list) negotiation and maintained its "buy" rating.
The research house said SBP's 9-month revenue and adjusted attributable net profit both
declined on pandemic disruption and price slash on PTQ (procurement with target quantity)
products. Due to price cuts, gross/net profit margins dropped ~3ppts.
For 2021, BOCOM expects a growth rebound, in light of (1) the low base from FY2020; (2)
the ramp-up of 140 new products (to be) launched in FY2018-22; (3) commercialization of
high-margin innovative/complex generic drugs.
BOCOM trimmed its 2020-22 net profit by 3%-5% to reflect higher-than-expected margin
contraction. (KL)

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