瑞银首予翰森制药(3692.HK)“中性”评级目标价24.9港元
瑞银发表研究报告,翰森制药(3692.HK)
是一间高素质的制药公司,但估值不低,故首予
“中性”
评级。预料公司2018年至2023年收入及盈利年均复合增长率分别为21.5%及24.1%,同时,新药的潜在销售增长及计划推出的新药渠道,足以抵销集团因集中采购引起的潜在仿制药降价影响有余。
该行以市盈增长率(PEG)约1.6倍为翰森制药估值,属同业中生制药(1177.HK)
、石药(1093.HK)
及三生制药(1530.HK)
的1.1倍至1.8倍水平范围内,并接近中生制药约1.8倍的水平,相应给予翰森制药目标价24.9港元。
瑞银称,现时翰森制药股价相当于2020年预测市盈率
35倍及PEG为1.6倍,分别高于同业平均的18倍及1.3倍,估值略高,或反映市场对具有长期历史、内部研发能力的稀有、高质量药厂的胃纳较大。该股主要的下行风险可能是集中采购的快速扩张。
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