《大行報告》瑞銀上調藥明康德(02359.HK)目標價至175元 評級「買入」
瑞銀髮表評報告指,藥明康德(02359.HK)上半年收入177.6億元人民幣,按年增68.5%,優於該行及市場預期;管理層將公司今年收入增長指入,由按年增65%至70%,更新爲按年增68%至72%。
該行表示,受到次季上海封城影響,藥明康德的測試業務和生物學業務的增長放緩,惟該行認爲公司有強大的執行能力,料下半年恢復速度加快;另外,管理層強調透過中國、歐洲及美國建設新產能工廠,在海外拓展業務方面呈良好進展,並額外在新加坡投資約14.3億美元,建立新的研發和製造基地。
瑞銀表示,基於將藥明康德今年盈利預期上調1.5%,將其目標價由173元上調至175元,此按現金流折現率作估值,相當於預測明年市盈率42倍,維持「買入」評級。
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