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摩通:升国药(1099.HK)评级至“增持” 目标价下调至33港元
格隆汇 09-04 13:12

摩根大通发表报告指,国药(01099.HK)是中国最大的药物及医疗器械产品分销商,并且拥有较佳市场定位,长线而言受惠於市场整合的潜力,将其评级由“中性”升至“增持”

该行补充,国药上半年收益及EBIT(息税前利润)分别升23%及20%,纯利则因一次性拨备拖累而仅升6%,预期2019至2021年每股盈利预测年复合增长率为12%。该公司现价相当于2020年预测市盈率10.6倍,该行下调其今明两年盈利预测约5%,相应目标价由43港元降至33港元,以反映与同业相若的12.6倍市盈率。

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