《大行報告》摩通上調藥明生物(02269.HK)目標價至220元 評級「增持」
摩根大通發表研報指,與藥明生物(02269.HK)管理團隊溝通,以及審視研究結果後,認為疫苗及中和抗體等疫情相關項目的潛力尚未體現,因此保守地維持2020年度盈利預測,並上調2021至2022年盈利預測約4%,維持「增持」評級。
該行指,現時疫苗的產能可能不足以在2021年下半年之前實現群體免疫,為藥明生物等全球合同生產服務(CDMO/CMO)企業提供巨大發展潛力。該行預期,現時全球需求激增,藥明可以改造3座現有生產設施,料可新增疫苗收入約5.1億至6.8億美元,將目標價由200港元升至220港元。
摩通補充,藥明生物本年至今股價累升105%,大幅跑贏同業86%及MSCI中國醫藥衛生指數約44%,現估值相當於明年預測市盈率110倍(動態市盈增長率2.7倍),高於同業均值的70倍(動態市盈增長率2.3倍)。該行認為,藥明生物相較同業值得獲溢價,因服務領先同業及強勁增長前景。
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