花旗首予泰格医药「买入」评级,目标价226元
花旗发表研究报告,首予泰格医药(03347.HK)「买入」评级,目标价226元。该行指其为内地最大临床CRO(合同研究组织)企业,以收入计市占达8.4%;全球计则排名第九,市占0.8%。公司具全面而整合服务,涵盖临床测试解决方案,临床相关及实验室服务、涉及临床前研究、IND(临床试验申报)、临床发展、NDA/BLA(新药申请/生物制品许可申请),以至药品及医疗器材获许可後研究。
报告称,泰格医药具行业领先的服务质素及良好往绩。公司曾处理逾400项目,录国家药品监督管理局(NMPA)及美国食品药品监督管理局(FDA)零拒绝率。公司依靠整合服务、广泛临床网络及行业专家,可快速提供项目。花旗另称,公司重视科技创新,计划提升整体科技平台及数据基建,以提升效率。
该行料泰格医药2020至2022年各年纯利分别14.91亿、13.94亿及16.71亿元人民币,相应每股盈测分别1.709元、1.598元及1.915元人民币。
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