CSPC Pharma 1093

Re: CSPC Pharma 1093

Postby winston » Wed Nov 13, 2019 11:12 am

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CSPC PHARMA(1093)

Analysis:

For the six months ended 30 June 2019, the Group achieved a revenue of RMB11,178 million, representing a 27.6% growth year-on-year and profit attributable to shareholders of RMB1,878 million, representing a 24.8% growth year-on-year.

The finished drug business continued to achieve satisfactory growth in the first half of 2019 with sales reaching RMB8,766 million, representing a 36.8% growth year-on-year.

Innovative drugs, in particular, delivered a strong growth with sales reaching RMB6,149 million, representing a growth of 55.4%.

The R&D expenses in the first half of 2019 amounted to RMB942 million, representing a 68.5% increase year-on-year and accounting for approximately 10.7% of finished drug business revenue.

At present, there are more than 300 projects in the pipeline, of which 40 are new small molecule drugs and 30 are new target macromolecule biologics, primarily focusing on the therapeutic areas of cardio-cerebrovascular diseases, oncology, diabetes, psychiatry & neurology diseases and anti-infectives.

It is estimated that benefited from second round centralised procurement rule and heavy investment in R&D, the company would achieve a great result in the future.

Strategy:
Buy-in Price: $20.00, Target Price: $23.50, Cut Loss Price: $19.00

Source: Phillips
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Re: CSPC Pharma 1093

Postby winston » Tue Nov 19, 2019 10:19 am

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CSPC Pharmaceutical Group (1093 HK)

9M19: Earnings Growth Remains Strong, Up 24.0% yoy


CSPC reported satisfactory results with revenue and earnings growing steadily by 27.5% yoy and 24.0% yoy respectively in 9M19.

The results are in line with our estimates. Its effective market penetration strategies continue to boost revenue of the innovative product segment and improve gross margin.

As the company transforms itself into an innovative company, we expect CSPC to deliver steady earnings growth in 2019-21.

Maintain BUY and target price of HK$24.70.

Maintain BUY and target price HK$24.70 to reflect the enhanced product pipelines.

Our target price is based on SOTP valuation, comprising:
a) HK$17.70/share at 20x 2020F PE for existing drugs, representing 1x PEG, and
b) NAV-derived pipeline value of HK$7.00/share (9.7% WACC, 5% perpetual growth rate).


Source: UOBKH

https://research.uobkayhian.com/content ... 3d1eacab44
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Re: CSPC Pharma 1093

Postby winston » Tue Nov 19, 2019 12:52 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 2019M9, revenue increased by 27.5% to 16.76 billion yuan, of which the growth of innovative drugs was rapid (+52%), gross profit margin increased by 6pts to 71%, and net profit increased by 24%.

Strategy:
Buy-in Pric e: $20.00, Target Price: $28.00, Cut Loss Price: $16.00

Source: Phillips
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Re: CSPC Pharma 1093

Postby winston » Fri Nov 29, 2019 1:56 pm

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<Research Report>M Stanley: CSPC PHARMA's Paclitaxel Likely in Centralized Procurement, May Cast Drug Price Pressure

Morgan Stanley mentioned in its report that Chinese government has revealed 35 drugs potentially for the next round of centralized procurement.

Out of the blue, albumin-bound paclitaxel is on list.

While CSPC PHARMA (01093.HK), HR (600276.SH) and Celgene/BeiGene are the leading players of albumin-bound paclitaxel, Qilu has recently obtained a relevant approval.

With four drugmakers under the three-winners rule, pricing pressure is set to go much higher.

Source: AAStocks Financial News
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Re: CSPC Pharma 1093

Postby winston » Fri Nov 29, 2019 1:58 pm

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Nov 21, 2019

<Research Report>M Stanley Raises CSPC PHARMA TP to $25; Expects to Ride on Innovative Pipeline

CSPC PHARMA (01093.HK)'s 3Q19 sales hiked 27% YoY, topping Morgan Stanley's forecast.

During the period, the net profit conformed with estimates.

The target price was raised to $25 from $18 on the ride of strengthening innovative pipeline and volume upside for generics.

The rating was reiterated at Overweight.

Source: AAStocks Financial News
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Re: CSPC Pharma 1093

Postby winston » Fri Nov 29, 2019 2:04 pm

<Research Report>BofAML Ramps up CSPC PHARMA (01093.HK) TP to $23; Rated Neutral

Bank of America Merrill Lynch commented in its report that CSPC PHARMA (01093.HK) delivered robust 3Q19 revenue and profit, where the former grew 27.4% yearly to RMB5.6 billion.

The broker retained Neutral on CSPC PHARMA at the target price HKD23, up from HKD16.1.

Source: AAStocks Financial News
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Re: CSPC Pharma 1093

Postby winston » Fri Nov 29, 2019 2:06 pm

Nov 19, 2019

<Research Report>Macquarie Lifts CSPC PHARMA (01093.HK) TP to $25.92, Industry Top-pick

Macquarie elevated the target price of CSPC PHARMA (01093.HK) remarkably by 50% to $25.92 although its share price has rallied approximately 84% YTD vs MSCI China Index rise of only 10% in the same period.

The broker reiterated the drug maker as the sector top pick in light of its ambition to transform into an innovative drug company.

Macquarie's estimates of CSPC PHARMA's 2019 and 2020 earnings implied 30% and 21% yearly growth, on the ride of oncology drugs.

The broker believed diversification of product mix and margin enhancement with innovative/ generic drugs could shore up investors' confidence and underpin further re-rating.

Source: AAStocks Financial News
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Re: CSPC Pharma 1093

Postby winston » Fri Nov 29, 2019 2:07 pm

Nov 19, 2019

<Research Report>C Suisse Lifts CSPC PHARMA (01093.HK) TP to $24.91; Rated Outperform

CSPC PHARMA (01093.HK) reported 3Q19 revenue and net profit of RMB5.593 billion (+27.4% YoY) and RMB933 million (+22.3% YoY).

The firm's 9M19 revenue and net profit achieved 72.3% and 67.7% of Credit Suisse's FY19 estimates, largely in-line.

The broker raised CSPC PHARMA's 2020-21E net profits by 2.1% and 5.6%, reflecting potential sales from innovative drug pipeline with better visibility.

The drugmaker was reiterated at Outperform, with target lifted from $19.17 to $24.91.

Source: AAStocks Financial News
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Re: CSPC Pharma 1093

Postby winston » Fri Dec 06, 2019 1:00 pm

not vested

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 2019M9, revenue increased by 27.5% to 16.76 billion yuan, of which the growth of innovative drugs was rapid (+52%), gross profit margin increased by 6pts to 71%, and net profit increased by 24%.

Strategy:
Buy-in Price: $17.40, Target Price: $20.0 0, Cut Loss Price: $15.50

Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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winston
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Re: CSPC Pharma 1093

Postby winston » Fri Dec 27, 2019 10:58 am

not vested

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 2019M9, revenue increased by 27.5% to 16.76 billion yuan, of which the growth of innovative drugs was rapid (+52%), gross profit margin increased by 6pts to 71%, and net profit increased by 24%.

Strategy:
Buy-in Price: $17.60, Target Price: $22.00, Cut Loss Price: $15.30

Source: Phillips
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
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Posts: 118539
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