《大行報告》野村下調泰格醫藥(03347.HK)目標價至108.33元 評級「買入」
野村發表研究報告指出,考慮到疫情對泰格醫藥(03347.HK)臨床試驗解決方案業務的影響,該行預期公司第二季收入按年增長1%至12億元人民幣。加上首季數據,估計上半年收入按年增長45%。另預測公司上半年的臨床試驗解決方案業務將錄得銷售15.5億元人民幣,按年增長50%;臨床相關和實驗室服務業務實現銷售14億元人民幣,按年增長40%,主要受利好的匯兌影響及實驗室服務業務復甦。
該行預期,泰格醫藥上半年毛利率按年跌6個百分點至41%,營業利益率跌2個百分點至25%,料經營溢利按年增長33%至7.46億元人民幣,或第二季跌11%。估計公司上半年純利達9.9億元人民幣,按年跌21%,當中第二季按年跌42%。
此外,野村維持對泰格醫藥「買入」評級,但將其2022及2023財年收入預測各下調3%,盈利預測分別下調1%及3%,以反映受疫情影響的業務。目標價由115.13元降至108.33元。
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