C&O Pharm

Re: C&O Pharm

Postby winston » Fri Dec 03, 2010 6:35 pm

Not vested. From Phillips:-

Valuation and Recommendation

We are maintaining our Buy recommendation and our fair value estimate of S$0.65 using the discounted cash flow model (unchanged). There is no change to our earning estimates for now until we receive more information regarding the type of drugs to be introduced into the Chinese market.

C&O is currently trading at a P/E of 11.8X FY10 earnings and 10.6X FY11 expected
earnings, which is a steep discount to its peers who are trading at an average of 42X trailing 4 quarters EPS.

Our fair value of S$0.65 translates to a P/E of 13.7X FY11E expected earnings.

http://www.remisiers.org/cms_images/copt120310.pdf
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Re: C&O Pharm

Postby winston » Thu Jan 27, 2011 6:43 pm

Vested

Date of announcement of C&O’s unaudited results for the 3 months ended 31 December 2010 (2QFY2011)

SINGAPORE – 27 January 2011 – Mainboard-listed C & O Pharmaceutical Technology (Holdings) Limited (“C&O”) will be announcing its unaudited results for the 3 months ended 31 December 2010 (2QFY2011) on 10 February 2011 (Thursday) during lunch time trading break of the Singapore Exchange.

http://info.sgx.com/webcoranncatth.nsf/ ... penelement
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Re: C&O Pharm

Postby winston » Thu Feb 10, 2011 12:55 pm

Vested

C&O achieves net profit of HK$29 million in 2QFY11ï‚·

Gross profit margin improves from 62% to 63%
Application for production of Edaravone Injection approved by SFDA


SINGAPORE – [10] February 2011 – Mainboard-listed C & O Pharmaceutical Technology (Holdings) Limited (“C&O” or the “Company” and together with its subsidiary companies, the “Group”) reported a 3% drop in net profit to HK$29 million on revenue of HK$154 million for the three months ended 31 December 2010 (“2QFY11”).

Group revenue decreased 10% year-on-year to HK$154 million, largely due to a 9% decline in sales of both Exclusive products and C&O Branded products. This was attributable to the uncertainty in the government’s healthcare reform policies, which resulted in many of its customers adopting a wait-and-see stance and maintaining a lower inventory in anticipation of the potential price adjustment of drugs by the PRC government.

Said Mr Gao, “Leveraging on Sumitomo’s expertise in C&O corporate management, global network and experience in developing international markets, C&O is in a strong position to take on the growing China healthcare market as well as explore export markets in Southeast Asia. We have exciting plans on the drawing board and will update investors via announcements in due course.”

“Having approved by the SFDA for the production permit of Edaravone Injection, we are a step closer to launching this new prescriptive drug. Edaravone Injection is a neuroprotective agent administered to protect the brain from injury induced by stroke.”

http://info.sgx.com/webcoranncatth.nsf/ ... penelement
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Re: C&O Pharm

Postby winston » Mon Feb 14, 2011 3:11 pm

Vested. From Phillips:-

Valuation and Recommendation

We are maintaining our Buy recommendation and our fair value estimate of S$0.65 using the discounted cash flow model (unchanged).

Despite the uncertainties surrounding the government’s healthcare policies, we are bullish on C&O for its long term growth prospects with the introduction of Edaravone and partnership with Sumitomo Corporation.

They are likely to announce more new drugs in the coming quarters after the introduction of Sumitomo Corporation as a major shareholder. XBL China (37.5% stake) is also expected to breakeven in FY11.

C&O is currently trading at a P/E of 9.9X FY10 earnings and 8.9X FY11 expected earnings, which is a steep discount to its peers who are trading at an average of 48X trailing 4 quarters EPS.

Our fair value of S$0.65 translates to a P/E of 13.7X FY11E expected earnings which we think is undemanding.
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Re: C&O Pharm

Postby winston » Thu May 19, 2011 12:47 pm

Vested

Lowers earnings and TP, maintain BUY.

As a result of the lower than expected growth in 9MFY11, we have adjusted our earnings estimates to HK$155.5m in FY11. Pegging a 10x P/E (vs China-listed peer average of 30x) to its FY11/12 earnings, we arrive at a TP of S$0.45.

We continue to like C&O for its extensive distribution network, and its ability to secure exclusive distributorships, the latest being that for Flumarin®. Maintain BUY.


Source: DMG
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Re: C&O Pharm

Postby winston » Sun May 29, 2011 3:11 pm

Vested

Financial Results 3Q

Rev yoy: +3%
Gross profit yoy +1%
Net Margin 20%
Cash HK$97m

http://info.sgx.com/webcoranncatth.nsf/ ... penelement

Pros:-
1) Sumitomo
2) Discount to HK Listed Peers

Cons:-
1) Policy Uncertainties
2) Higher Cost
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Re: C&O Pharm

Postby winston » Wed Jul 20, 2011 10:11 am

vested

C&O PHARMACEUTICAL (BUY, TP: S$0.45).

C&O is an integrated pharmaceutical group in China. It manufactures its own-branded generic drugs, which are distributed by its wide network of over 2,000 distributors.

C&O also distributes some drugs exclusively for third party manufacturers (e.g. Amoxycilin, Pholcotussin syrup). China’s recent price adjustment announcement had resulted in some uncertainty in the pharmaceutical industry and has adversely affected demand for drugs.

Generally, C&O’s ASP has been below the newly set price ceilings, so the dip in demand is expected to be short term.

C&O has a new product (gastrointestinal drug) which is currently undergoing trials and is expected to contribute strongly to revenue as the market demand is huge.

C&O is the first to register this drug in China. Maintain BUY at S$0.45, pegged at 10x FY11/12 P/E.

Source: DMG
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Re: C&O Pharm

Postby winston » Wed Jul 27, 2011 9:50 am

vested

C&O Pharmaceutical (COPT SP, $0.45, NOT RATED)

Sumitomo Corporation of Japan bought a 29% stake in C&O Pharmaceutical last December. The acquisition allows C&O to leverage on Sumitomo’s network to expand its product range and for both companies to tap on each other’s network.

C&O’s business generates strong operating cash flows and the stock currently trades at 12.2x FY Jun10 PER, rather undemanding for a healthcare-related stock.

Source: Kim Eng
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Re: C&O Pharm

Postby winston » Fri Jul 29, 2011 2:25 pm

vested

Suspended.

Normally, I'm quite concerned when there's a suspension for these S-Chips.

But this one was rallying before the suspension, so hopefully, there could be a takeover or something similar :)
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Re: C&O Pharm

Postby winston » Mon Aug 01, 2011 5:05 pm

Vested.

Conditional take over at 0.50. Should have backed up the truck at when it was at 0.36 :(

http://info.sgx.com/webcoranncatth.nsf/ ... penelement
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