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大行评级|花旗:下调复星医药目标价至20港元 下调收入及每股盈利预测

Major bank rating | Citigroup: Lowered Fosun Pharma's target price to HKD 20, and lowered revenue and EPS forecasts.

Gelonghui Finance ·  Aug 29 15:36  · Ratings

Citi released a research report on August 29th, stating that Fosun Pharma's revenue and net income for the first half of the year exceeded the bank's and market expectations. The management team maintains a double-digit revenue growth guidance, and aims to reduce the proportion of administrative expenses to 8% and improve the net income margin to 10% in the medium term. The bank mentioned that the management team stated that the growth of non-COVID-19 related products was lower than expected, and the goal is to expand the product portfolio to accelerate sector growth. In addition, the medical care service business is expected to turn losses into profits in the fourth quarter of this year. Citi has downgraded its revenue forecasts for Fosun Pharma for the years 2021 to 2026 by 5%, 5%, and 3% respectively, and lowered its EPS forecasts by 23%, 26%, and 18% respectively. The target price has been lowered from HKD 24 to HKD 20, and the rating remains "buy".

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