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汇丰:下调国药(1099.HK)目标价至42.2港元 维持“买入”评级
格隆汇 08-29 10:19

汇丰发表研究报告称,国药控股(1099.HK)上半年收入及盈利分别同比增长23%及6%,盈利表现逊市场预期,但仍然看好该股,预期集团将受惠于2019至2021年的市场整合趋势。该行下调国药目标价10.6%,由47.2港元降至42.2港元,相当于2019年预测市盈率17倍,维持“买入”评级。

该行表示,留意到“4+7”试点城市的现金循环周期少于35日,虽然药品降价或影响毛利率,但随着集体采购扩大,相信有助改善经营现金流。在2010至2015年,国药的市占率由9.6%上升至14.1%,预期集团将利用市场整合,到2024年市占率将上升至24%,且有较强的议价能力。

该行指出,上调对国药2019至2021年收入预测7.6%、14.5%及19%,以反映药品分销及零售市场的增长,但下调盈利预测2.7%、1.9%及1.6%,主要基于营运支出增加及上半年非控制性盈利高。 

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