《大行報告》匯豐研究下調翰森製藥(03692.HK)目標價至43.5元 評級「買入」
匯豐研究發表報告,預期翰森製藥(03692.HK)今年收入增長達20%以上,料20%的收入和盈利增長可於2021至23年維持,主因新藥推售、藥品集中採購(GPO)對現有藥物影響逐步減少。
該行指,公司積極透過研發及與其他夥伴合作,擴張產品組合。現價相當於預測市盈率42倍,對比內地同業37倍,認爲溢價合理,估值吸引,因其收入、盈利增長清晰;銷售壓力已大致於現價反映;以及收入組合的變動快速。目標價由43.8元降至43.5元,評級維持「買入」。
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