[ET Net News Agency, 3 December 2020] Credit Suisse cut its target price for Sino
Biopharmaceutical (01177) to HK$9.4 from HK$10 and retained its "outperform" rating.
The research house said 3Q sees continued impact from GPO (group purchasing
organizations) implementation and COVID-19, with revenue declined by 19.4% and net profit
declined 21.4%.
Although new CEO Mr. Li did not speak on the earnings call, management emphasised three
corporate development directions: (1) innovative R&D; (2) manufacturing efficiency and
quality; and (3) globalisation with enhanced business development (BD). Credit Suisse
lowered its FY2020/21/22 earnings forecasts by 18%/17%/13%. (KL)