CSPC 3Q Earnings Broadly in Line with our Expectations, FVE Lowered to 19.9 per Share
CSPC Pharmaceutical Group Ltd, or CSPC, released third-quarter earnings that were broadly in line with our expectations. We are also revisiting our model’s growth rate and margin assumptions to incorporate what we know so far about the centralized procurement. We revise our fair value estimate downwards to HKD 19.9 per share and maintain our narrow moat rating.The results are very close to our estimates for key metrics, including revenue growth, operating margins, and R&D spend. Despite the...
CSPC Pharmaceutical is an investment holding company. Through its subsidiaries, Co. is principally engaged in the manufacture and sale of pharmaceutical products. Co.'s operating segments include: Finished drugs; Antibiotics (intermediates and bulk drugs; Vitamin C (bulk drugs); and Caffeine and others (bulk drugs). As of Dec 31 2014, Co. had over 170 products under research and development, with focus on the therapeutic areas of cardio-cerebrovascular, diabetes, oncology, neurology and anti-infective.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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