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《大行報告》瑞銀升石藥(01093.HK)評級至「買入」 目標價上調至21元
阿思達克 07-16 09:45
瑞銀發表報告表示,上調對石藥集團(01093.HK)的投資評級,由原來的「中性」調高至「買入」,並將目標價由原來的17.3元上調至21元,此按現金流折現率作估值。

該行指出,非常看好石藥2020至2023年的高盈利透明度的前景,因為旗下藥物「恩必普」及抗腫瘤藥的強勁銷售均支持此趨勢。

瑞銀預期,市場會在未來數月對石藥集團股價作出良好反應,這是基於其今年第二季的強勁業績、在下半年推出抗黴菌劑「兩性黴素B」、2020至2022年的盈利年複合增長率料達約20%;中國製藥公司今年來股價落後等原因。公司的估值目前低於過去平均水平及其同業,意味市場仍未將公司第二季的強勁表現及即將在下半年推出抗黴菌劑「兩性黴素B」的因素反映在股價中。

該行預期石藥第二季的收入按年增長18%,較第一季的12%增速有所加快。據管理層所述,公司的藥物銷售在第二季基本恢復正常,尤其是「恩必普」及抗腫瘤藥。在藥品集團採購4月份降價後,「白蛋白紫杉醇」的銷量顯著增加,相信銷售會在下半年保持增長。

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