(Quote)
A 社 issued a research report covering SINO BIOPHARM (01177.HK) 0.000 (0.000%) Short selling $14.43M; Ratio 5.424% , whose interim results were shy of both the bank and market projections. SINO BIOPHARM's income grew 30% during the first half of the year while net profit advanced 24% only as compared with market forecast of a 35% climb.
A社 believes SINO BIOPHARM's valuation is too high at the moment with current share price standing at 39 times of projected 2018 price-to-earnings ratio. SINO BIOPHARM is reiterated Underweight with target price at $7.4.
(Unquote)
N社 preferred CSPC PHARMA (01093.HK) as top pick, with a Buy rating and target price of $22 (down from $30).
3SBIO (01530.HK) was downgraded to Neutral with target price of $12.3 (down from $19.3),
whereas SINO BIOPHARM (01177.HK) was downgraded to Underweight with target price of $4.7 (down from $7.4).
N社 reported that a new trial bidding mechanism will be launched next year by the State Medical Insurance Administration in 11 key cities, covering 24% of China's drug sales.
N社 preferred CSPC PHARMA (01093.HK) as top pick, with a Buy rating and target price of $22 (down from $30).
3SBIO (01530.HK) was downgraded to Neutral with target price of $12.3 (down from $19.3),
whereas SINO BIOPHARM (01177.HK) was downgraded to Underweight with target price of $4.7 (down from $7.4).
N社 reported that a new trial bidding mechanism will be launched next year by the State Medical Insurance Administration in 11 key cities, covering 24% of China's drug sales.
