[ET Net News Agency, 8 December 2017] HSBC Global Research lifted its target price for
CSPC Pharmaceutical Group (01093) to HK$18.2 from HK$13.3 considering progression of
pipelines and sales gains in grass root market, and maintained its "buy" rating.
The research house said CSPC's domestic R&D pipeline is developing both generics and
innovative drugs. With respect to the global R&D pipeline, the company focuses on high-end
generics.
Considering the market of CSPC's best-selling product, NBP, is becoming saturated; HSBC
cut its 2018 and 2019 earnings forecasts by 2% and 7%.
But HSBC believes the sales ramp-up of NBP following NRDL inclusion and the merger of
BMIUR (Basic Medical Insurance for Urban Residents) and NRCMI (New Rural Cooperative
Medical Insurance), as well as the launch of pipeline drugs should be strong catalysts for
the stock. (KL)
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