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《大行》建銀國際:醫療保健與生物科技板塊估值雖高 但行業驅動力依然強勁
建銀國際報告指出,醫療保健與生物科技板塊估值雖高,但行業驅動力依然強勁。今年以來,本港主要生物科技公司股價平均累計上漲137%,板塊市銷率從去年12月的8.7倍攀升至18.8倍。這一輪上漲主要受到創新藥海外授權交易帶來的豐厚現金回報,以及市場預期行業可能免受美國關稅政策影響的雙重推動。 然而近期板塊出現明顯回調,主要受到兩方面因素影響:一方面,再鼎醫藥(09688.HK)、和黃醫藥(00013.HK)等企業上半年藥物銷售表現不及預期;另一方面,市場擔憂美國可能對中國藥品實施階梯式關稅,稅率或將在一年半內升至150%,最終可能達到250%。 該行在板塊內首選信達生物(01801.HK),其將於8月27日公佈上半年業績。該行預期其虧損將大幅收窄,並有望實現經調整後盈利500萬元人民幣。該行將其目標價從100港元上調至110港元。評級「跑贏大市」。
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