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大摩:降同仁堂国药(03613)目标价至14.8港元 维持“增持”评级

DBS has lowered its target price for tongrentangcm (03613) to HKD 14.8 and maintained its "shareholding" rating.

Zhitong Finance ·  Jul 22 14:55

Morgan Stanley has lowered the profit forecast for tongrentangcm for the years 2024-2030 by 8-11% due to the decline in traditional Chinese medicine sales.

According to the report published by Morgan Stanley on the Zhītōng Cáijīng app, morgan stanley has reduced the target price of tongrentangcm from HKD 15 to HKD 13.5, which is 10% lower. The investment rating remains "shareholding".

Due to the overall weak retail data in Hong Kong (the company's main market) according to government statistics, Morgan Stanley lowered the profit forecast for tongrentangcm for the years 2024-2030 by 8-11% due to the decline in traditional Chinese medicine sales.

Morgan Stanley also reduced the most bullish target price for tongrentangcm from HKD 16.5 to HKD 14.8, a 10.3% decrease, based primarily on the assumption of accelerated sales growth, registration in new markets, and annual growth of key product sales by 15-20% or more.

Morgan Stanley has also reduced the most bearish target price for tongrentangcm from HKD 7.4 to HKD 6.7, a 9.5% decrease, mainly based on the assumption that sales growth will slow along with the market and market share will be eroded.

The translation is provided by third-party software.


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