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《大行報告》大和:藥明生物(02269.HK)股價過度調整帶來「撈底」機會 重申「買入」
阿思達克 03-10 11:01
大和發表研究報告,指藥明生物(02269.HK)較歷史高位累跌逾33%,其市值對積壓訂單比率由三周前的6.1倍降至4.1倍,過去三年均值則為5.5倍。該行稱,未見公司基本面改變,近期大幅調整主要反映疫情後市場情緒偏好舊經濟股;藥明生物是其康健板塊覆蓋股份中最具防守性,近期股價過度調整帶來「撈底」機會,重申「買入」,目標價135元,並為行業首選。

報告稱,醫藥研發及生產外包(CXO)屬康健板塊相對具防守力的子板塊,收入快速增長具可可見度。該行留意到美國Vir Bio(VIR.US)作為藥明生物數以百計客戶其中之一,本月初公布其新冠中和抗體第三期測試不成功。即使如此,作為服務供應商,無論項目是否成功,藥明生物亦可根據已訂立合約取得服務費。管理層亦稱,Vir Bio臨床測試失敗不影響收入。而該項目屬現時312個進行中項目其中之一,料單次項目失敗對整間公司影響有限。該行相信藥明生物仍有強勁基本面。

大和料藥明生物在公布年度業績時,將披露總積壓訂單新數據,該行對其2021至2022年收入增長預測較公司管理層指引更樂觀,達分別67%及55%,高於公司指引分別50%及40%,主要受新冠相關項目推動。

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