Sino Biopharm 1177

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Sino Biopharmaceutical Ltd (1177 HK) - Solid 1Q21

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.

FY20 revenue contributors by major disease areas were: oncology 32.2%, hepatitis ~15.9%, orthopedic 8.8%, respiratory system 6.2%, anti-infectious medicines 5.6% and others 31.3%.

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 trigger occasional volatility in sector share prices, following Covid-19, there should also be greater policy support for domestic drug innovation, which benefits pharmas (such as SBP) with strong R&D focus and growing pipelines.

SBP has a 15.03% equity stake in Sinovac. BUY.

Source: OCBC

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Sino Biopharm – BUY

Sino Biopharm reported in-line revenue growth of 16.4% yoy in 1Q21, and stronger-thanexpected adjusted net earnings growth of 134.7% yoy in 1Q21, mainly due to the
significant earnings contribution of COVID-19 vaccine (CoronaVac) from SinoVac.

CoronaVac is now being sold to 23 countries. We believe the globalisation of SinoVac’s
vaccine business will continue to generate substantial earnings contributions for Sino
Biopharm in the next few years.

We forecast the earnings contributions from SinoVac at Rmb6.0b in 2021, Rmb7.0b in 2022 and Rmb8.0b in 2023.

The company will have 13 products included in the new round of the GPO tender.

As its current market share is very small and there are less than five competitors for most of these drugs, Sino Biopharm expects the GPO tender to bring market
expansion opportunities.

We believe the fifth round of the GPO tender will have limited or positive impact on Sino Biopharm. Moreover, the savings on selling expenses for GPO drugs will lead to continued margin improvement. Its pipeline has also entered the harvest season.

Its innovative product launches (such as Anlotinib’s new indications and combo therapies, PD-1 mAb, and Recombinant Coagulation Factor VIII for Injection etc) will support stronger earnings growth from 2021 onwards.

Maintain BUY and a target price of HK$13.00.

Share Price Catalyst

Events: 1Q21 adjusted net profit growth above estimates; substantial earnings
contributions from SinoVac; expecting limited or positive impact from the fifth round of the\GPO tender and potential launch of new products

Timeline: 1H21.

Source: UOBKH

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Sino Biopharmaceutical (1177 HK)
New Product Launches To Fuel Growth From 2021

Sino Biopharmaceutical’s R&D efforts are bearing fruit.

It expects to obtain market approval for new innovative drugs, ie PD-1 mAb, Recombinant Coagulation Factor VIII for Injection and the Adalimumab biosimilar, in 2H21.

Moreover, it will benefit from the recent GPO tender through market expansion opportunities.

We believe its guidance of 15-20% yoy growth in revenue and earnings for 2021 is achievable. Maintain BUY.

Target price: HKD13.00.

Source: UOBKH

https://research.uobkayhian.com/content ... b4917b463b

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SINO BIOPHARM (01177.HK) Forecasts 1H Profit to Stretch Over 5x

SINO BIOPHARM (01177.HK) announced that the group’s profit attributable to the owners of the parent for the six months ended 30 June 2021 is expected to increase by over 500% as compared to the same period last year (profit attributable to the owners of the parent for the same period last year was RMB1.241 billion).

Dividend History
Announce Date Event Particular
2021/05/24 Quarter 1 D:HKD 0.0200
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

Source: AAStocks Financial News

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SINO BIOPHARM Interim NP Leaps 5.8x to RMB8.48B; Quarterly Div. HK2 Cents

SINO BIOPHARM announced the interim results.

Net profit was RMB8.48 billion, an increase of 580% over the same period last year.

EPS was RMB45.15 cents.

Dividend History
Announce Date Event Particular
2021/05/24 Quarter 1 D:HKD 0.0200
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

The Company has declared the payment of a quarterly dividend of HK2 cents per share. T

ogether with the first quarterly dividend of HK2 cents per share paid, the total dividend of 1H21 amounted to HK4 cents per share.

Source: AAstocks.com

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Sino Biopharmaceutical (1177 HK)
1H21: Results In Line; Aims To Become A Significant Global Drug Innovator

Sino Biopharm’s reported revenue grew 13.5% yoy and adjusted net earnings increased
22.9% yoy in 1H21.

The results are in line with our estimates.

Supported by new product launches, the company is likely to generate steady revenue growth of approximately 18.4% CAGR in 2021-23.

Focusing on enhancing innovation capabilities, Sino Biopharm aims to become a significant global drug innovator in 2030.

Maintain BUY and target price of HK$9.00.

Source: UOBKH

https://research.uobkayhian.com/content ... 37b3cf44f0

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Sino Biopharmaceutical Ltd (1177 HK) - New strategic goals announced

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.

FY20 revenue contributors by major disease areas: oncology 32.2%, hepatitis ~15.9%, orthopedic 8.8%, respiratory system 6.2%, anti-infectious medicines 5.6% and others 31.3%.

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 trigger occasional volatility in sector share prices, following Covid-19, there should also be greater policy support for domestic drug innovation, which benefits pharmas (such as SBP) with strong R&D focus and growing pipelines.

SBP has a 15.03% equity stake in vaccine maker Beijing Sinovac. BUY.

Source: OCBC

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Sino Biopharmaceutical (1177 HK)
New Product Launches And BD Efforts To Fuel Long-term Growth

Sino Biopharm’s R&D efforts are bearing fruit. It targets about 100 new product
approvals by end-23.

With this, together with continued business development efforts,
the company believes its new product launches can sustain a steady business
expansion.

Focusing on enhancing its innovation capabilities, Sino Biopharm aims to
become a significant global drug innovator by 2030 with revenue exceeding US$10b.

Maintain BUY and target price of HK$9.00, based on SOTP valuation comprising of:
a) HK$2.80/share at 10x 2022F PE for existing drugs; and
b) NAV-derived pipeline value of HK$6.20/share (10.7% WACC, 5% perpetual growth rate).

Source: UOBKH

https://research.uobkayhian.com/content ... 78b38461bf

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Sino Biopharmaceutical Ltd (1177 HK) - Moving to half yearly reporting

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.

FY20 revenue contributors by major disease areas: oncology 32.2%, hepatitis ~15.9%, orthopedic 8.8%, respiratory system 6.2%, anti-infectious medicines 5.6% and others 31.3%.

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 trigger occasional volatility in sector share prices, following Covid-19, there should also be greater policy support for domestic drug innovation, which benefits pharmas (such as SBP) with strong R&D focus and growing pipelines.

SBP has a 15.03% equity stake in vaccine maker Sinovac Life Sciences, a subsidiary of Sinovac.

Management targets for over USD10bn revenue by 2030E, with half from ex-China market and 80% from innovative products. BUY.

Source: OCBC

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Technical Pulse: Sino Biopharmaceutical Ltd
Recommended: Technical BUY;

Sino Biopharmaceutical (HKEX: 1177) upside is returning based on technicals.
Buy spot: 6.15 Stop loss: 5.50 Take profit 1: 6.70 Take profit: 7.50

Source: Phillips

https://www.stocksbnb.com/tech-pulse/te ... cal-ltd-2/