Morgan Stanley lowered its target price for Shenzhen Hepalink Pharmaceutical (09989) to HK$17.1 from HK$18.3 and maintained its "overweight" rating.
The research house cut its 2020-22 earnings forecasts by 3-5%, driven by lower heparin API sales estimates due to slight disruptions in global procurement during Covid-19 and higher R&D spending in 2020 to advance late-stage programs.
Morgan expects stable ASP and volume growth to support sales recovery in 2020-2021. It noted the company's rising exposure to fast-growing biologics and gene therapy CDMO (contract development and manufacturing organization). Its diversified novel drug pipeline also offers potential upside. Morgan forecasted it to deliver an earnings CAGR of 49% for 2019-22.
15/01/2021 17:38
{I-bank focus}Morgan trims Hepalink (09989) to HK$17.1
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