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《大行報告》麥格理上調三生製藥(01530.HK)目標價至10.45元 評級「跑贏大市」
阿思達克 01-08 10:16
麥格理發表報告指,三生製藥(01530.HK)曾經是生物科技的代表,罕見地集齊市場推廣能力、創新研發及收益增長,但面對超過50間生物製藥同業新上市,集團在市場上變得不再獨一無二,其估值在過去兩年半中預測市盈率估由30倍降至10倍。其去年股價表現在行業中最差的股票之一,股價下跌了30%,對比生物科技同業為上升30%。

該行表示,三生製藥最近三大主要貢獻中有兩個受到打擊,包括佔收入22%的「益賽普」為保持競爭力在去年10月自願降價50%,而佔收入44%的「特比澳」在12月進行了國家藥品目錄價格談判,預期降價60%或會導致今年的收入下降。

不過,麥格理認為三生製藥所有的負面消息現已出現,正提供了良好的買入點,上調其股份目標價6%至10.45元,評級「跑贏大市」,估計集團盈利將於2022年恢復增長26%。

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