The Morgan Stanley research report reduced the target price of Sinopharm Holdings from HK$29 to HK$28, and the rating was “increased”. After the company announced its 2023 results, the profit estimate for 2024 to 2030 was reduced by 3 to 6% due to low sales and gross margin in the pharmaceutical distribution department. According to the report, in terms of revenue, the company is a leading pharmaceutical distributor in the mainland, and its status as a state-owned enterprise gives the company a clear advantage over its peers. The company provides a strong safety net for the only drug dealer owned by the central government. Furthermore, the recovery in healthcare industry data, the stability of profit margins, and the decline in interest rates support its “gain” rating.
大摩：下调国药控股目标价至28港元 评级“增持”
Damo: Lowering the target price of Sinopharm Holdings to HK$28 to “increase holdings”
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