麦格理:维持华润医药(3320.HK)“跑赢大市”评级 目标价11.72港元
麦格理发表报告指,华润医药(3320.HK)
今年上半年的分销业务增长仍然强劲,主要受惠于整合及相关协同效应。不过,旗下东阿阿胶(0423.SZ)上半年的表现令人失望,收入下跌37%至19亿元人民币,核心盈利更下跌82%至1.4亿元人民币,毛利率亦下降7.6个百分点。
该行表示,管理层期望东阿阿胶在下半年的经营可见稳定,但并无承诺近期业务表现可转向。该行料东阿阿胶占华润医药今年盈利的6%,而该公司的表现继续拖累投资者对润药的股价情绪。
由于东阿阿胶的问题,麦格理下调对润药今年至2021年的盈利预测分别14%、8%及6%,股份目标价下降18%至11.72港元,维持评级“
跑赢大市
”。
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