《大行报告》高盛首予方达控股(01521.HK)「买入」评级目标价3.71元
高盛发表的报告指,方达控股(01521.HK)在2004年成立,并在中美两地有经营,公司属於提供覆盖整个药物开发程序的综合合同研究机构(CRO),该行认为公司在美国及内地市场均有潜在上行空间,因为其技术及具质素的服务已获欧美及内地的监管机构认可,而新增产能主要聚焦创新药,此外公司在生物分析上已获一定认可,相关业务占2018财年收入53%,此外该行认为方达控股具可持续且不断扩张的客群,特别是在内地与泰格医药有潜在的协同,首予「买入」评级,目标价3.71元。
该行估算公司2018-2020年销售年复合增长将达27.8%,而盈利的年复合增长则达44.8%,主要受惠内地生物分析服务需求增加,加上公司有能力将美国的业务模式复制至中国,以及产能提升等。该行认为公司2019-20年具很强的盈利可见性,而截至5月7日今年新签合同额已达4,500万美元。
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