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《大行報告》高盛料防守性中資醫藥股可錄較佳回報 看好藥明康德(02359.HK)等
高盛發表報告指,內地醫藥行業反腐,將會令行業轉向更高水平的企業管治,但相信投資者關注政策前景不明朗,以及短期對盈利的影響。近期的正面訊息包括,當局重申措施針對關鍵崗位及機構,令外界清晰措施打擊的範圍可控,另外9月初開始,一些醫學會議重啟,以及8月底以來銷售及推廣開支復甦。 該行仍然認為,具防守性的中資醫藥股份,在反貪腐措施下可以提供最強回報,當中包括委託開發製造服務(CDMO)股份,例如藥明康德(02359.HK)﹔有顯著全球覆蓋的生物科技股,例如百濟神州(06160.HK)、科倫藥業(002422.SZ)﹔私家醫院如海吉亞(06078.HK)﹔血液製品如華蘭生物(002007.SZ)﹔中藥股如片仔(黃)(600436.SH)。 高盛又認為,部分股份的估值,已反映反貪腐的短期影響、明年具強勁增長前景,例如醫療設備股邁瑞醫療(300760.SZ)、愛康醫療(01789.HK)、諾輝健康(06606.HK)﹔針對內地市場的生物科技股信達生物(01801.HK)﹔醫學檢測股金域醫學(603882.SH)、零售藥房益豐(603939.SH)。上述股份評級均為「買入」。
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