大摩:升石藥(1093.HK)目標價至25港元 料未來受惠創新藥管道
摩根士丹利發表報告表示,石藥集團(01093.HK)今年第三季收入按年增長27%,勝該行預期,期內純利亦符合預期,基於創新藥管道加強及仿製藥產能上升,決定上調對其目標價,由18港元升至25港元,此相當預測2020年市盈率30.2倍,此基於旗下創新藥品銷售於2018年至2021年預測複合增長率達34%,重申“增持”評級。
該行表示,上調對石藥於2020年至2021年純利預測1至4%,反映其上季業績表現,指該股現股價僅相當於明年預測市盈率24倍,對比同業中生製藥(01177.HK)的35倍,石藥與同業的估值折讓未來可望收窄。
大摩表示,石藥指於2019年至2022年將推出12種創新藥品及67種仿製藥。該行料石藥於2019年至2021年每股盈測分別為0.63元、0.76元及0.92元人民幣。

Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.