CSPC reports In-Line Earnings for an Uneventful Quarter, FVE Lowered to HKD 17.40
Narrow-moat CSPC had another in-line quarter, with no surprises in revenue or margins. Unlike last quarter, this period did not have any negative policy surprises, and we think it is unlikely 2019 earnings will be seriously affected by the latest changes.Because of the new timing assumptions for NBP’s loss of exclusivity, we are revising our fair value to HKD 17.40 per share from HKD 17.80. However, our thesis is unchanged, and we think CSPC is undervalued by the market, even after considering ...
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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