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大摩升康哲药业(0867.HK)目标价至11.4港元上半年业绩优于预期
格隆汇 08-21 10:54

摩根士丹利发表报告指,康哲药业(00867.HK)今年上半年纯利按年增长22%至11.7亿元人民币,表现优于预期,主要受惠于毛利率提升及销售开支下降。集团管理层预期,今年全年的纯利增长约20%,明年则料有双位数增长。

该行上调康哲药业目标价,由10港元升至11.4港元,重申“增持”评级,并上调集团今年至2021年各年每股盈测分别9%、9%及8%。该行表示,康哲药业在长期将聚焦於创新药,但近期或会注册更多仿制药以推动增长。

大摩认为,康哲药业估值吸引,相当於明年预测市盈率8倍,低于香港上市同业的13倍,股息率料约5%至6%,股本回报率逾20%,料其渠道价值尚未完全显现。

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