《大行報告》麥格理下調石藥(01093.HK)目標價至22.48元 重申「跑贏大市」評級
麥格理發表報告表示,過去12個月製藥股的股價表現可顯示,公司盈利表現固然重要,但研發進度對市場情緒的影響更大,當中石藥(01093.HK)於去年第三季度期間的股價升近一倍,主因是管理層期間高調介紹其研發中的創新藥物。不過,該行指,除非石藥有新收購,否則預計石藥今年不會有很多正面催化劑。
報告補充,若短期內沒有主要的新產品推出,投資者可能會擔心旗下產品恩必普(NBP)見頂及專利到期,同時旗下之克艾力(Keaili)(注射用白蛋白紫杉醇)在今年第三輪藥品集中採購中有不確定性,因此該行將克艾力今年收入預測由25億元人民幣大降至8億元人民幣。該行下調其2020及2021年每股盈測分別5%及13%,目標價相應降13%,由25.92元降至22.48元,惟重申「跑贏大市」評級。
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