Initiating Coverage of CR Pharma With Narrow Moat Rating and HKD 13.20 FVE
We initiate coverage on China Resources Pharmaceutical Group with a narrow moat rating and a fair value estimate of HKD 13.20 per share. This implies a 2018 adjusted P/E of 20.5 times and enterprise value/EBITDA of 7.2 times. The market is currently pricing CR Pharma at a 9% discount to our fair value estimate.CR Pharma is a top-three drug distributor in China and vertically integrated with a diversified drugmaking segment and a retail distribution franchise. The large scale of its distribution...
China Resources Pharmaceutical Group Ltd. CHINA RESOURCES PHARMACEUTICAL GROUP LIMITED is a Hongkong-based investment holding company. The Company, along with its subsidiaries, is principally engaged in the research and development, manufacturing, distribution and retail of pharmaceutical and other healthcare products. The Company mainly operates through three segments. Pharmaceutical Manufacturing segment is engaged in the research and development, manufacturing and sale of pharmaceutical and other healthcare products. Pharmaceutical Distribution segment is engaged in the provision of distribution solutions to pharmaceutical manufacturers and dispensers, such as hospitals and other medical institutions, distributors and retail pharmacies. Pharmaceutical Retail segment is involved in the operation of retail pharmacies in China and Hongkong.
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