大摩:普遍上調醫藥股目標價 予藥明生物(2269.HK)等藥企“增持”評級
大摩發佈報告稱,認為內地醫藥行業面對的政策挑戰及壓力將持續到今年,主因藥品4+7採購計劃擴展實施、下一階段仿製藥集中採購幾乎會有落敗者,及高端醫療消耗品也集中採購,預期今年對仿製藥企業會是顛簸的一年。
該行預計,醫藥股今年的定價能力會持續受壓,股份估值倍數的擴展空間有限,特別是仿製藥企業。同時,零加成、藥物收入控制及報銷控制將繼續限制醫院的財政表現。
該行稱,普遍上調對醫藥股目標價,並稱喜好業務模式對有關挑戰更具抵抗力的企業,例如研發服務公司如藥明生物(2269.HK)、藥明康德(2359.HK)及泰格醫藥。該行維持對藥明生物的“增持”評級,目標價由94港元升至124港元;藥明康德評級也維持“增持”,目標價由87.86港元升至124港元。
該行還表示,創新藥企如果可給出產品線進度,該行認為,也可受惠於監管環境利好,包括恆瑞醫藥、翰森製藥(3692.HK)及信達生物(1801.HK),其中翰森製藥目標價由29港元升至30.3港元,信達生物目標價由35港元升至36港元,兩企評級均為“增持”。
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