《大行報告》瑞銀:醫藥股近期調整因市場氣氛欠佳 投資者對藥店股短期負面
瑞銀發表報告指,醫藥股近期調整因市場氣氛欠佳,投資者普遍對藥房股持有負面的短期看法,並預期未來幾季積極催化劑有限。醫藥股目前遠期市盈率已接近嚴控疫情期間的低位水平,意味著當盈利增長正常化時,將有很大的重估空間,進一步下跌的空間非常有限。
報告指,疫情導致的藥店季度盈利波動可能會持續到明年第一季,該行料屆時投資者可能會願意對醫藥股採取更長期的立場。短期催化劑包括盈利、大規模收購、新冠案例的反彈、完成可轉換債券發行或私募。
瑞銀指,繼續看好大參林(603233.SH)和益豐藥房(603939.SH),因為它們的增長速度較快,2021至2024的盈利年複合增長率約為30%,而同行的盈利年複合增長率低於20%,加上管理穩健,而且在最近的回調後估值亦相當具吸引力。
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