《大行報告》麥格理升華潤醫藥(03320.HK)評級至「跑贏大市」 目標價5.1元
麥格理發表報告指,華潤醫藥(03320.HK)股價在過去兩年下跌了64%,對比同期MSCI中國為上升59%。而集團的一年預測市盈率,由13.6倍降至6.5倍,盈利維持非常難以預測,主因其存在多個變動因素,包括藥品集中採購政策及收益不穩。
不過,該行認為,由於疫情導致今年收入有復甦可能,加上非處方藥(OTC)、零售及中藥(TCM)等業務未受政策影響,相信集團的下行風險有限。
麥格理上調華潤醫藥股份評級,由「中性」升至「跑贏大市」,但目標價由5.77元降至5.1元,並調升集團今明兩年盈利預測分別10%及6%,2022年則調低5%,以反映業務在今年第三季開始逐步復甦等因素。
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