[ET Net News Agency, 16 March 2021] UOB Kay Hian lifted its target price for CSPC
Pharmaceutical Group (01093) to HK$12.3 from HK$10.76 and maintained its "buy" rating.
The research house said CSPC reported steady revenue growth of 12.8% to Rmb24.94bn and
robust net profit growth of 38.9% to Rmb5.16bn in 2020. Excluding fair value gains and
disposal income, core earnings hit Rmb4.37bn, up by 18%, in line with UOBKH's estimate.
With a strong product pipeline and pending approvals for a few potential blockbusters in
the near term, the company's long-term outlook remains bright, UOBKH said. It expects CSPC
to see slower growth in 2021 due to price pressure for NBP but the long-term outlook
remains unharmed. (KL)