CSPC Pharma 1093

Re: CSPC Pharma 1093

Postby winston » Fri Nov 23, 2018 10:33 am

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CSPC Pharmaceutical (1093 HK): Bitter pill to swallow now; focus medium term

CSPC Pharmaceutical Group [1093 HK] posted 3Q18 net earnings of HK$881m, below Bloomberg consensus estimate of HK$994m.

For the 9-month period, gross margin improved from 58.5% to 65.1%.

As 3Q18 were slightly below our expectations, we lowered our FY18 estimates from HK$3,845m to HK$3,625m, down 5.7%.

The China Healthcare sector was recently sold down due to impending policy changes which could affect some products, including 3 from CSPC.

Management has shared that its market shares for these 3 products are small and are unlikely to impact overall group sales.

With the de-rating of the sector, the sector is trading at about 31x 2-year blended earnings.

Earnings growth is projected at 30.8% this year and 25.9% next year.

Our fair value estimate for the stock is HK$20.35.

Source: OCBC
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Re: CSPC Pharma 1093

Postby winston » Tue Mar 19, 2019 9:45 am

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CSPC Pharmaceutical (1093 HK): Wait for clarity

CSPC Pharmaceutical Group Ltd released its 2018 results which were broadly in line with market expectations.

Sales rose 36.0% to HK$21.03b, while net profits improved 31.9% to HK$3.66b.

All segments reported YoY improvements in FY18 sales.

The bulk of sales came from Finished Drugs (78.7% of group revenue), of which 49.2% came from Innovative drugs and 29.5% from Generic Drugs.

Management declared a significantly higher proposed final dividend of 18 HK cents per share for 2018 versus 15 HK cents in 2017.

Several policy changes in 2018 dented the performance of the sector, with the MSCI China Healthcare Index down 27% in 2018. However, the trend has reversed and the index is up 23% this year.

Management is focusing on R&D and new products. Due to lingering policy uncertainty, we prefer to be prudent.

Our fair value estimate is HK$14.81, based on 18x blended earnings. The historical sector 10-year average is 22.9x earnings and if market conditions revert to normal, our FV could potential go up to as high as HK$18.92.

Maintain HOLD with a fair value estimate of HK$14.81.

Source: OCBC
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Re: CSPC Pharma 1093

Postby winston » Wed May 22, 2019 9:38 am

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CSPC Pharmaceutical: Innovative drugs led growth

CSPC Pharmaceutical Group [1093 HK] posted 1Q19 net earnings of RMB952m, up 28.7% YoY.

Revenue grew 25.6% to RMB5493m.

Finished Drugs generated strong double-digit revenue growth of 33.7% to RMB4245m which accounted for 77% of total group revenue.

Gross profit margin improved from 64.3% in 1Q18 to 69.9% in 1Q19.

Management is still fairly positive about its outlook and is retaining its guidance of 20-30% growth.

Its key innovative drug, NBP (butylphthalide soft capsules and injections), is expected to continue to enjoy strong growth momentum, largely from the increase in its sales force from 1500 to 1800.

As its 1Q19 results are fairly in line with our full year expectations, we are maintaining our earnings projections.

With the uncertainty on the global front over the current trade situation, there will be a near term cap on its share price performance.

We are maintaining our HOLD rating and fair value estimate of HK$14.81.

Source: OCBC
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Re: CSPC Pharma 1093

Postby winston » Wed Jul 17, 2019 11:52 am

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CSPC PHARMA(1093)

Analysis:

After more than 20 years of development, CSPC has successfully transformed from the most important raw material drug manufacturer in China into a high-tech enterprise led by innovative brand drugs.

The innovative medicines of CSPC are mainly aimed at cardiovascular and anti-tumor.

In the field, the company has high marketing efficiency, large investment in R&D, and leading in per capita output and R&D.

In the first quarter of 2019, revenue increased by 25.6% to 5.493 billion yuan, of which the growth of innovative drugs was rapid (+54.4%), gross profit margin increased b y 5.6pp to 69.9%, and net profit increased b! y 28.8%.

Strategy:
Buy-in Price: $13.50, Target Price: $16.70, Cut Loss Price: $11.80

Source: Phillips
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Re: CSPC Pharma 1093

Postby winston » Mon Aug 19, 2019 2:17 pm

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CSPC PHARMA(1093)

Analysis:

After more than 20 years of development, CSPC has successfully transformed from the most important raw material drug manufacturer in China into a high-tech enterprise led by innovative brand drugs.

The innovative medicines of CSPC are mainly aimed at cardiovascular and anti-tumor.

In the field, the company has high marketing efficiency, large investment in R&D, and leading in per capita output and R&D.

In the first quarter of 2019, revenue increased by 25.6% to 5.493 billion yuan, of which the growth of innovative drugs was rapid (+54.4%), gross profit margin increased by 5.6pp to 69.9%, and net profit increased by 28.8%.

Strategy:
Buy-in Price: $11.80, Target Price: $14.90, Cut Loss Price: $9.80
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Re: CSPC Pharma 1093

Postby winston » Tue Aug 20, 2019 10:41 am

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CSPC PHARMA Leaps 8% on C Suisse Sanguine View, CN Exclusive Rights to Asthma Targeted Therapy Drug

CSPC PHARMA (01093.HK) was sought after this morning, with rating upgraded to Outperform by Credit Suisse on 25% interim net profit surge.

Being the strongest blue chip, CSPC PHARMA soared 7.9% to $13.98, on volume of 32.47 million shares and turnover of $447 million.

CSPC PHARMA announced that its wholly-owned subsidiary CSPC Baike shall be granted the exclusive rights to omalizumab biosimilar (SYN008), the first targeted therapy for asthma in the world, in Mainland China by Synermore Biologics.

Source: AAStocks Financial News
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Re: CSPC Pharma 1093

Postby winston » Tue Aug 20, 2019 10:43 am

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<Research Report>C Suisse Upgrades CSPC PHARMA (01093.HK) to Outperform on Enticing Valuation

Credit Suisse in its report upgraded CSPC PHARMA (01093.HK) to Outperform from Neutral at the target price $15.84, up from $14.45;

2019-2021 net profit projections were revised up by 0.7%, 1.9% and 3.5% on strong drug sales in 2Q19.

The broker mentioned that CSPC PHARMA's current market price is trading at 13.5 times to 2020 P/E estimate, much more attractive relative to its peers.

Source: AAStocks Financial News
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Re: CSPC Pharma 1093

Postby winston » Wed Aug 21, 2019 11:30 am

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What’s New

1H19 earnings 5% below consensus due to higher selling and R&D expenses

Strong pipeline of over 29 innovative drugs to support long term earnings growth

Penetration into lower tier medical institutes to drive 21% earnings CAGR in 2019F-21F

Attractive entry point, stock is trading at 18x FY19F PE which is 30% below its 5-year
average

Maintain BUY and HK$22.00 TP

Source: DBS

https://researchwise.dbsvresearch.com/R ... =ehejdkhfi
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Re: CSPC Pharma 1093

Postby winston » Mon Sep 23, 2019 11:53 am

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CSPC PHARMA(1093)

Analysis:

After more than 20 years of development, CSPC has successfully transformed from the most important raw material drug manufacturer in China into a high-tech enterprise led by innovative brand drugs.

The innovative medicines of CSPC are mainly aimed at cardiovascular and anti-tumor.

In the field, the company has high marketing efficiency, large investment in R&D, and leading in per capita output and R&D.

In 2019H, revenue increased by 27.6% to 11.2 billion yuan, of which the growth of innovative drugs was rapid (+55.4%), gross profit margin increased by 6pts to 69.9%, and net profit increased by 24.8%.

Strategy:
Buy-in Price: $14.90, Target Price: $16.00, Cut Loss Price: $12.60

Source: Phillips
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Re: CSPC Pharma 1093

Postby winston » Mon Oct 14, 2019 11:33 am

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CSPC Pharmaceutical Group (1093 HK)
Zhejiang Monitoring List Poses Insignificant Impact On NBP Capsule, BUY on Weakness


The Zhejiang Drug Monitoring List will have little impact on CSPC as its market penetration effort will continue to support the robust revenue growth of NBP.

Moreover, CSPC sees future GPOs offering great market expansion opportunities and expects
Clopidogrel to bring in sales revenue of Rmb500m in 2020.

Its focus on innovation and R&D is gradually bearing fruit.

We forecast revenue and earnings to grow at a 20.0% and 17.5% CAGR in 2019-21 respectively. BUY on weakness. Target: HK$18.80.

Source: UOBKH

https://research.uobkayhian.com/content ... 2ff8bdb520
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