《大行報告》法巴:藥明生物(02269.HK)被嚴重低估 每股合理價值為76.8元
藥明生物(02269.HK)今早(11日)股價彈高近6.6%報47.7元。法巴發表報告表示,認為藥明生物可受益於轉換成本。由於監管要求,最黏性的業務是其商業製造服務,儘管其臨床階段服務黏性較低,但由於技術轉移困難,轉換成本仍然存在。
該行指,予藥明生物「買入」評級及合理價值預測為每股76.8元,潛在上升空間41%。該行認為藥明生物被嚴重低估,公司過去八年的複合年增長率為61.4%,預計未來三年複合年增長率約為29%。該行指公司旗下201億美元的未來訂單總收入也支持了該行對公司增長前景預測。
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