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大行評級|摩根士丹利:華潤醫藥及國藥估值見底 予“增持”評級

摩根士丹利發表報吿指,華潤醫藥及上海醫藥所受醫藥反腐影響,較國藥控股為小,因為兩者有一半盈利來自制造業務及其他附屬。雖然上半年行業增長較預期略慢,但國藥盈利仍有雙位數增長,主要受惠財務成本比率改善。報吿認為華潤醫藥及國藥估值見底,估值僅相當於預測今年市盈率分別7倍及6.7倍,建議在業績期前建倉,各予“增持”評級,目標價分別7.8港元及30港元。報吿指兩企今年大概率達成純利雙位數增長,下行風險料有限。倘月度行業數據改善,在基本情境下該行料預測市盈率可擴至9倍。大摩稱,特別是華潤醫藥,考慮製藥附屬前景改善,或令其預測未來一年市盈率可擴至10倍;華潤醫藥獲重新納入MSCI中國指數將持續擴大其投資者基礎。現時內地醫療保健板塊估值相當於預測未來一年市盈率21.5倍。

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