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花旗:予国药控股(01099)“买入”评级 目标价下调至26港元

Citigroup: Buy rating on Sinopharm (01099) with target price lowered to 26 Hong Kong dollars

Zhitong Finance ·  Aug 27, 2024 11:11  · Ratings

The management expects that the financial expense ratio of Sinopharm will decrease in the second half of the year in a low interest rate environment.

According to the Zhitong Finance APP, Citigroup's research report states that the target price of Sinopharm has been lowered from HK$30 to HK$26 due to the latest slower income growth and profit margin trend, with each year's earnings forecast for 2024 to 2026 being 12%, 12%, and 12% respectively. The report recommends a "buy" rating.

During the first half earnings conference call, the management pointed out that the revenue started to recover in July and recorded year-on-year growth. The momentum of recovery is expected to continue in the second half of the year, and the gross margin is expected to improve compared with the first half of the year. The financial expense ratio of the company decreased by 11 basis points to 0.36% in the first half of the year. The management expects that the financial expense ratio will decrease in the second half of the year in a low interest rate environment.

The translation is provided by third-party software.


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