《大行報告》高盛首予方達控股(01521.HK)「買入」評級目標價3.71元
高盛發表的報告指,方達控股(01521.HK)在2004年成立,並在中美兩地有經營,公司屬於提供覆蓋整個藥物開發程序的綜合合同研究機構(CRO),該行認為公司在美國及內地市場均有潛在上行空間,因為其技術及具質素的服務已獲歐美及內地的監管機構認可,而新增產能主要聚焦創新藥,此外公司在生物分析上已獲一定認可,相關業務佔2018財年收入53%,此外該行認為方達控股具可持續且不斷擴張的客群,特別是在內地與泰格醫藥有潛在的協同,首予「買入」評級,目標價3.71元。
該行估算公司2018-2020年銷售年複合增長將達27.8%,而盈利的年複合增長則達44.8%,主要受惠內地生物分析服務需求增加,加上公司有能力將美國的業務模式複製至中國,以及產能提升等。該行認為公司2019-20年具很強的盈利可見性,而截至5月7日今年新簽合同額已達4,500萬美元。
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