《大行报告》大和:药明生物(02269.HK)股价过度调整带来「捞底」机会 重申「买入」
大和发表研究报告,指药明生物(02269.HK)较历史高位累跌逾33%,其市值对积压订单比率由三周前的6.1倍降至4.1倍,过去三年均值则为5.5倍。该行称,未见公司基本面改变,近期大幅调整主要反映疫情後市场情绪偏好旧经济股;药明生物是其康健板块覆盖股份中最具防守性,近期股价过度调整带来「捞底」机会,重申「买入」,目标价135元,并为行业首选。
报告称,医药研发及生产外包(CXO)属康健板块相对具防守力的子板块,收入快速增长具可可见度。该行留意到美国Vir Bio(VIR.US)作为药明生物数以百计客户其中之一,本月初公布其新冠中和抗体第三期测试不成功。即使如此,作为服务供应商,无论项目是否成功,药明生物亦可根据已订立合约取得服务费。管理层亦称,Vir Bio临床测试失败不影响收入。而该项目属现时312个进行中项目其中之一,料单次项目失败对整间公司影响有限。该行相信药明生物仍有强劲基本面。
大和料药明生物在公布年度业绩时,将披露总积压订单新数据,该行对其2021至2022年收入增长预测较公司管理层指引更乐观,达分别67%及55%,高於公司指引分别50%及40%,主要受新冠相关项目推动。
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