麥格理:國藥(1099.HK)第三季收入保持強勁 維持“跑贏大市”評級
麥格理髮表報告指,國藥控股(01099.HK)今年第三季收入保持強勁,錄得27%增長,表現優於該行預期,且高於上半年的增長23%,相信主要是受惠於醫療器械業務的貢獻及零售業務擴展。
麥格理表示,國藥的盈利已達該行全年預測的83%,但毛利率表現受到藥品集中採購政策拖累而表現疲弱,第三季毛利率錄8.8%,低於第二季的9.2%,但高於首季的8.1%。由於集中採購政策使現金回款更快的好處尚未體現,導致應收款項天數延長,使集團今年的經營現金流達收支平衡有挑戰。
因估值吸引及收購機會,該行維持對國藥的“跑贏大市”評級,目標價39.86港元,但由將集團由藥品分銷行業首選中剔除。麥格理提到,集團的盈利增長需由首三季的僅12%,加快至第四季的20%,才可達到該行的盈利預測。

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