《大行報告》大摩下調東陽光藥(01558.HK)目標價至5.8元 評級「與大市同步」
大摩發表報告,將東陽光藥(01558.HK)2021年和2022年的盈利預測分別下調38%和28%,主要下調治療及預防流感抗病毒藥物可威(Kewei)的銷售額預測,其他治療領域如糖尿病、心血管藥物的銷售增長部分彌補了上述削減。目標價由8.3元下調至5.8元,相當於2021年每股盈利預測11倍,評級「與大市同步」。
大摩指,東陽光藥潛在推動因素包括奧司他韋(Oseltamivir)銷售在2022年的潛在復甦;第二代和第三代胰島素在即將到來的集中採購中市場份額增加;其新的仿制藥組合的銷售上升;以及與母公司研究簽訂長期產品許可協議。如果能鞏固合作關係,並且看到兩者之間涉及最新階段臨床試驗中的新藥的實際許可協議時,將對該股持更積極的態度,目前修訂後的預測意味著2020年至2024年的盈利年複合增長率為6%。
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