[ET Net News Agency, 16 March 2021] CMB International Securities (CMBIS) lifted its
target price for CSPC Pharmaceutical (01093) to HK$11.03 from HK$10.1 and maintained its
"buy" rating.
The research house said CSPC's higher-than-expected 2020 bottom line was mainly
attributable to one-off gains, including RMB531mn fair value gains from financials assets,
RMB315mn gain from the disposal of subsidiaries, etc. CMBIS calculated that the recurring
net profit grew roughly 19% in 2020.
CMBIS trimmed its FY2021/22 revenue and attributable net profit forecasts by 8.1%/18%
and 4.5%/13.8%, respectively. It expects net profit to grow 3%/22% in FY2021/22. (KL)