Sino Biopharm 1177

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BofAS Lifts SINO BIOPHARM TP to $14.73, Yet to Reflect Sinovac’s Vaccine Contribution

BofA Securities restated SINO BIOPHARM (01177.HK) at Buy, raising its target from $9.79 to $14.73.

Valuation of China's big healthcare firms hit record-highs, rendering investors more prudent on drugmakers.

SINO BIOPHARM is the broker's high conviction pick compared with other leaders, given understated profit contribution from Sinovac and underestimated vaccine assets.

SINO BIOPHARM's valuation has yet to factor in profit contribution from Sinovac.

Source: AAStocks Financial News

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Sino Biopharm's profit up 15pc to 7.19b yuan

by Victor Zhong

Chinese vaccine maker Sino Biopharmaceutical's (1099) net profit increased by nearly 15 percent to 7.19 billion yuan (HK$8.58 billion) year-on-year in 2020.

The company declared a final dividend of 0.69 yuan per share.

Revenue rose 7.32 percent to nearly 456.42 billion yuan, with the gross profit margin standing at 8.83 percent.

Revenue from pharmaceutical distribution rose 3.25 percent, making up 74.18 percent of the total.

Revenue from retail pharmacy rose by 22 percent, accounting for 5.15 percent and revenue from medical devices, which comprises 19 percent of the total, grew by 29 percent.

The company received government grants of over 652 million yuan, up nearly 48 percent from the previous year.

Source: The Standard

https://www.thestandard.com.hk/section- ... 7.19b-yuan

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Sino Biopharmaceutical (1177 HK)
2020: Adjusted Net Profit Above Estimates; Pipeline Enters Harvest Season

Sino Biopharm’s reported 2020 sales and adjusted net earnings declined by 2.4% yoy
and 0.3% yoy respectively.

The results are above our estimates.

We believe the company will deliver stronger revenue growth in 2021 supported by the improved business environment.

Moreover, its pipeline has entered into harvest season.

The innovative product launches will support a stronger earnings growth from 2021
onwards.

Maintain BUY with a higher target price of HK$11.00.

Source: UOBKH

https://research.uobkayhian.com/content ... 62e228b458

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ANNUAL RESULTS ANNOUNCEMENT FOR THE YEAR ENDED 31 DECEMBER, 2020

FINANCIAL HIGHLIGHTS

For the year ended 31 December, 2020, the Group recorded the following audited results:

– Revenue was approximately RMB23,647.22 million, dropped marginally by approximately 2.4% over the last year;

– Profit attributable to the owners of the parent was approximately RMB2,771.09 million, a slight increase of approximately 0.3% over the last year;

– Basic earnings per share attributable to the owners of the parent were approximately RMB14.74 cents, a slight increase of approximately 0.4% over the last year;

– Underlying profit(Note 1) attributable to the owners of the parent was approximately RMB3,114.34 million, a slight decrease of approximately 0.3% over the last year;

– Earnings per share, based on the underlying profit(Note 1) attributable to the owners of the parent, were approximately RMB16.57 cents, a slight decrease of approximately 0.2% over the last year;

– Sales of new products(Note2) accounted for approximately 38.1% of the Group’s total revenue; amounted to approximately RMB9,010.65 million, an increase of approximately 79.3% over the last year;

– Sales of oncology medicines amounted to approximately RMB7,618.37 million, an increase of approximately 40.3% over the last year; and

– Cash and bank balances as at 31 December, 2020 was approximately RMB11,259.08 million.

https://www1.hkexnews.hk/listedco/listc ... 300403.pdf

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SINO BIOPHARM 1Q Net Profit RMB1.913B, Up 118.5%; QoQ Div Kept at HK2 Cents

SINO BIOPHARM (01177.HK) announced the first quarter result ended March 2021.

The revenue rose 16.4% year on year to RMB7.243 billion.

The net profit amounted to RMB1.913 billion, up 118.5%. EPS was 10.19 fen.

A quarterly dividend of HK2 cents was declared, flattish yearly.

Dividend History
Announce Date Event Particular
2021/03/23 Final D:HKD 0.0200
2020/11/30 Quarter 3 D:HKD 0.0200
2020/08/28 Interim D:HKD 0.0200
2020/06/10 Special B:1-for-2

Source: AAStocks Financial News

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FIRST QUARTERLY RESULTS ANNOUNCEMENT FOR THE THREE MONTHS ENDED 31 MARCH, 2021 FINANCIAL HIGHLIGHTS

For the three months ended 31 March, 2021, the Group recorded the following unaudited results:

– Revenue was approximately RMB7,243 million, an increase of approximately 16.4% over the same period last year;

– Profit attributable to the owners of the parent was approximately RMB1,913.50 million, an increase of approximately 118.5% over the same period last year;

– Basic earnings per share attributable to the owners of the parent were approximately RMB10.19 cents, an increase of approximately 118.7% over the same period last year;

– Sales of new products (Note) accounted for approximately 47.4% of the Group’s total revenue; amounted to approximately RMB3,433.69 million, an increase of approximately 67.0% over the same period last year;

– Sales of oncology medicines amounted to approximately RMB2,638.42 million, an increase of approximately 31.8% over the same period last year; and

– Cash and bank balances as at 31 March, 2021 was approximately RMB7,932.11 million.

The Board of the Company has declared the payment of a quarterly dividend of HK2 cents per share for the three months ended 31 March, 2021.

https://www1.hkexnews.hk/listedco/listc ... 400293.pdf

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Sino Biopharmaceutical (1177 HK)
1Q21: Adjusted Net Profit Above Estimates; SinoVac Continues to Support Robust Earnings Expansion

Sino Biopharm’s reported 1Q21 revenue grew 16.4% yoy, in line with our full-year
estimates.

Adjusted net earnings surged 134.7% yoy in 1Q21.

We believe SinoVac will support robust earnings growth for the company in the next few years. Moreover, its pipeline has entered the harvest season.

Its innovative product launches will support a stronger earnings growth from 2021 onwards. Maintain BUY with a higher target price of HK$13.00.

VALUATION/RECOMMENDATION

Maintain BUY with a higher target price of HK$13.00, based on SOTP valuation,
comprising:
a) HK$4.99/share at 14x 2021F PE for existing drugs and
b) NAV-derived pipeline value of HK$8.01/share (9.4% WACC, 5% perpetual growth rate).

Source: UOBKH

https://research.uobkayhian.com/content ... ec7892a0c2

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Macquarie Upgrades SINO BIOPHARM (01177.HK) to Outperform on Strong Vaccine Gains

SINO BIOPHARM (01177.HK) booked extremely strong vaccine earnings in 1Q21, mentioned Macquarie in its report.

The implied 1Q vaccine profit was RMB1.2 billion for SINO BIOPHARM, and RMB8 billion for its 15%-owned Sinovac Biotech Ltd (SVA.US).

SINO BIOPHARM was upgraded from Neutral to Outperform, with target lifted from $8.39 to $10.46.

Related NewsSINO BIOPHARM 1Q Net Profit RMB1.913B, Up 118.5%; QoQ Div Kept at HK2 Cents

Source: AAStocks Financial News

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SINO BIOPHARM(1177)

Analysis：

Sino Biopharmaceutical`s (1177) products comprise a variety of biopharmaceutical and chemical medicines for treating tumors, liver diseases, orthopedic diseases, infections and respiratory system diseases.

For the three months ended 31 March, 2021, the Group recorded revenue of RMB7,243 million, an increase of approximately 16.4% over the same period last year.

Profit attributable to shareholders was RMB1,913.50 million, an increase of 118.5% over the same period last year.

Sales of new products amounted to RMB3,433.69 million, an increase of 67%, accounting for 47.4% of the Group`s total revenue as compared to 32.9% last year.

The Group has continued to focus its R&D efforts on new hepatitis, oncology, respiratory system and cardio-cerebral medicines.

Its product lines under development have strong reserves of new products to add to every year. (I do not hold the above stock)

Strategy：
Buy-in Price: $8.60, Target Price: $9.50, Cut Loss Price: $8.20

Source: Phillips

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SINO BIOPHARM Vice Chair Adds 1.38M Shrs with $12.37M

SINO BIOPHARM (01177.HK) announced that Vice Chairman and Executive Director Zheng Xiangling increased 1.38 million shares of the company at an average price of $8.9672 per share on 27 May, involving approximately $12.3747 million.

Related NewsSINO BIOPHARM 1Q Net Profit RMB1.913B, Up 118.5%; QoQ Div Kept at HK2 Cents

Source: AAStocks Financial News