Sino Biopharm 1177

[winston]

not vested

Sino Biopharmaceutical Ltd: Flat 1Q supported by oncology

• SBP reported flat 1Q revenues and net profit from a year ago amidst disruptions from Covid-19.

• Oncology drugs helped to drive growth, contributing a solid 32% of revenues (from ~20% a year ago).

• Mixed 2H outlook with growth recovery post Covid-19 and potential sector volatility due to concerns over drug pricing pressures from sector reforms.

• Continuous stream of new drug approvals and growth of product offerings however should help to mitigate centralized procurement policy concerns.

Source: OCBC

[winston]

not vested

Sino Biopharmaceutical Ltd (1177 HK) - Adjusting for stock dividends

Headquartered in Hong Kong and Beijing, Sino Biopharmaceutical (中国生物制药有限公司, SBP) is a leading drug manufacturer in China with a competitive drug portfolio, strong sales force and promising pipeline.

FY19 revenue contributors by major disease areas were:
1. Hepatitis ~24%
2. Oncology 22%
3. Cardio-cerebral 13%
4. Orthopaedic 8%
5. Digestive 6%
7. Respiratory 5% &
8. Anti-infectious 4%

SBP is the industry leader for liver diseases drugs, a segment with annual sales revenue exceeding CNY 1bn and accounts for about a quarter of the overall sales of the liver disease market in China.

While ongoing healthcare reforms focusing on price and quality controls should weigh on margins and may continue to cause volatility in sector share prices, following Covid-19, there should be greater policy support for domestic drug innovation, which benefits pharmas (such as SBP) with strong R&D focus and growing pipelines. HOLD.

Source: OCBC

[winston]

not vested

G Sachs Raises SINO BIOPHARM (01177.HK) TP to $11.6; Rated Buy

The market has recognized the bellwether position of SINO BIOPHARM (01177.HK) in pharmaceutical sector, and is looking forward to the company to unlock commercial value of innovative assets, with long-term investment thesis, Goldman Sachs mentioned in its report.

The broker axed the company's 2020E EPS by 3.2%, while raising the 2021E and 2022E EPS by 0.9% and 4.8%.

The rating was retained at Buy with target price lifted to $11.6.

Source: AAstocks.com

[winston]

not vested

<Result Ann>SINO BIOPHARM (01177.HK) 1Q20 RMB862M, DPS HK2 Cents

SINO BIOPHARM (01177.HK) announced the first quarter results ended March 2020.

Net profit amounted to RMB862 million, up 0.6% yearly.

EPS equaled 6.85 fens.

Dividend was HK2 cents.

Source: AAStocks Financial News

[winston]

vested

Apr 22, 2020

<Research Report>Nomura Sees SINO BIOPHARM 2Q20 Results to Rebound, 2020-22F Earnings CAGR at 24%

Despite weak 1Q20 drug sales, Nomura expected SINO BIOPHARM (01177.HK) to deliver a 2Q20 sales rebound on a faster recovery of China's patient visits to hospitals.

The broker forecast SINO BIOPHARM's 2020-22 earnings CAGR at 24%, but lowered the firm's 2020-21E earnings by 10%.

Overall, SINO BIOPHARM was restated at Buy with a $14.5 target.

Source: AAStocks Financial News

[winston]

not vested

Feb 13, 2020

<Research Report>Macquarie Predicts Drug Makers on Secular Structural Growth; Top Pick SINO BIOPHARM

The number of confirmed novel coronavirus cases exceeded 40,000 with a rising trend, having a graver impact on social and stock market sentiment.

Therefore, Macquarie believed any successful new drug or vaccine development would not be too meaningful in the coming six months.

Seeing ongoing structural growth for the drugmaking sector, the broker preferred SINO BIOPHARM (01177.HK) the most.

The firm was rated at Outperform, with a target of $13.68.

Source: AAStocks Financial News

[winston]

vested

Sino Biopharmaceutical (1177 HK)
Extensive Innovative Pipelines To Boost Long-term Growth

With the steady recovery of patient visits to hospitals from 2Q20, potential positive impact from GPO tenders and the robust innovative pipelines, we believe Sino Biopharm will embrace strong earnings growth in the next few years.

With innovation skewed efforts bearing fruit not only in small molecules but also in biologics, the company aims to become a key player in the biosimilar segment in China.

Maintain BUY and target price of HK$12.53.

Source: UOBKH

https://research.uobkayhian.com/content ... 22274223b5

[winston]

not vested

SINO BIOPHARM(1177)

Analysis：

Sino Pharmaceutical (1177) announced that“Rivaroxaban Tablet”(brand name: Qingruixin)), a new oral anticoagulant developed by the Group, has obtained drug registration certificate granted by the National Medical Products Administration of the People`s Republic of China and is deemed to have passed the Consistency of Quality and Efficacy Evaluation for Generic Drugs.

Rivaroxban is an oral drug that is highly selective and directly inhibits coagulation factor Xa, which is suitable for preventing and reducing venous thrombosis events for patients who undergo elective hip or knee replacement surgeries, patients with deep vein thrombosis or pulmonary embolism, and patients with non-valvular atrial fibrillation.

The successive approval for launch of multiple anticoagulants of the Group symbolizes the continuous upgrade of the Group`s comprehensive strength in the field of cardio-cerebrovascular therapy. (I do not hold the above stock)

Strategy：
Buy-in Price: $9.50, Target Price: $10.50, Cut Loss Price: $8.80

Source: Phillips

[winston]

vested

Sino Biopharm – BUY

With the continued recovery of patient visits to hospitals, we expect Sino Biopharm to
experience significant revenue and earnings growth from 2Q20.

Its blockbuster, Anlotinib, registered sales of Rmb2.1b in 1H20. We believe its sales target of Rmb4.2b in 2020 is easily achievable. The product has already obtained approval for three indications, and is expecting approvals for the fourth indication for the treatment of medullary thyroid carcinoma in 2H20 and the fifth indication for first-line NSCLC treatment in 2020.

Management believes Anlotinib’s potential sales revenue (including combination therapies) may reach over Rmb10b/year.

In addition, other potential blockbusters, ie, PD1, biosimilars (Rituximab and Adalimumab etc), Budesonide Suspension, and Salemeterol fluticasone will also support robust revenue growth in the next two years.

Seeing innovation efforts bearing fruits not only in small molecules but also in biologics, the company aims to become a key player in the biosimilar segment in China.

With the highest number of drug candidates (10 drugs) included in the third round of GPO
programme, Management believes that winning GPO tenders will help the related products to quickly ramp up sales and market share.

Share Price Catalyst

Event:
a) Solid 2Q20 results;
b) innovation to support future growth;
c) generics’ sales and market share expansion through GPO tenders

Timeline: 2H20.

Source: UOBKH

[winston]

vested

<Research Report>Nomura Axes SINO BIOPHARM (01177.HK) TP to $11.6; Rated Buy

Nomura expected SINO BIOPHARM (01177.HK) to post a 0-5% revenue growth for 1H20, driven by hospital market recovery, further Anlotinib penetration, and ongoing sales ramp-up of FTM generic drugs launched in 2019-20.

SINO BIOPHARM was kept at Buy, with target cut from $16.9 to $11.6.

Source: AAStocks Financial News