CSPC Reports in Line Earnings, but Policy Concerns Remain, FVE Lowered to HKD 17.8
CSPC’s earnings were in line, with revenue growth and margins on top of our full-year estimates. While this year’s Group Purchasing Organization pilot (GPO, or “4+7 policy†as it is known in China) and other drug price reforms weigh on the drugmaker’s stock price, at this time we do not think these policy concerns will significantly affect CSPC’s profitability over the next two years. However, we revise our fair value estimate downwards from HKD 19.9 to HKD 17.8, since the new policy environment...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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