野村:維持藥明康德(2359.HK)買入評級 升目標價至270港元
野村發表研究報吿指,藥明康德(2359.HK)早前宣佈收購BMS Couvet生產基地,該基地主要生產膠囊和片劑等藥物製劑。該行認為,此次收購將增強公司的製備藥物生產能力,該業務佔公司2020年CDMO收入的10-15%,又預測公司的CDMO收入將在2021-23年期間實現41%的複合年增長率。該行維持其買入評級,目標價由129港元上調至270港元。
野村預計,2020年底,藥明康德佔全球小分子管道的14%,到2031年的份額很可能超過30%。該行相信,隨着更多的管道項目進入商業化階段,公司可能會繼續在海外市場上收購新的生產基地。該行將2020-22年純利預測分別上調6%、17%及22%。

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