Shanghai Pharmaceuticals Faces Increasing Margin Pressure; FVE Lowered to HKD 22.5 Per H-Share
Shanghai Pharmaceutical announced annual results that were in line with our expectations, with organic revenue growth and net profit on top of our full-year estimates. However, core operating margins and profit fell below our expectations due to higher SG&A costs. We lower our fair value estimate to HKD 22.5 per H-share from HKD 24.0 and CNY 19.5 per A-share from CNY 21.0. The H-shares trade at a 23% discount to our fair value estimate.The company reported annual revenue of CNY 159.1 billio...
Shanghai Pharmaceuticals Holding is a pharmaceutical group engaged in the pharmaceutical business, pharmaceutical distribution and supply chain solutions and pharmaceutical retail. Co. manufactures and markets a range of pharmaceutical products, spanning chemical drugs, modern Chinese medicines, biopharmaceutical products and other pharmaceutical products. Co. provides distribution, warehousing, logistics and other pharmaceutical supply chain solutions and related services to pharmaceutical manufacturers and dispensers, such as hospitals, distributors and retail pharmacies. Co. operates and franchises a network of retail pharmacies across provinces, municipalities and autonomous regions.
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