HSBC Global Research raised its target price for CR Pharmaceutical (03320) to HK$9.3 from HK$8.88, and maintained its "hold" rating.
The research house said CR Pharma's 2016 results are overall in line with its estimates. Going forward, HSBC expects revenue of CR Pharma to increase by 11.5% and 12.6% yoy in 2017 and 2018, respectively.
In 2016, CR Pharma acquired Tian Mai and Hainan Zhong Hua Lian He Pharmaceutical to enrich its pipeline in the biopharmaceutical and chemical medicine area, respectively. HSBC expects CR Pharma to continue adopting this strategy going forward.
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